The Philippine gaming regulatory authority PAGCOR has recently taken action, officially revoking the temporary gaming license for a major integrated resort and casino project that was planned to be developed on Mactan Island in Cebu. This project was significant, belonging to local tycoon Dennis Uy's PH Resorts Group.
The license was suddenly revoked, and the project officially aborted
This came quite unexpectedly. PH Resorts Group confirmed in a notice submitted to the regulatory authority that the license had been revoked. The project, which was to be developed by Lapu-Lapu Leisure and Land Company, was declared over before it even officially opened. For those who have been following the layout of resorts and gaming industry in the Philippines, this is undoubtedly a significant market signal, indicating that Dennis Uy's "casino pie" in Cebu is completely off the table now.
Limited financial impact, but the market outlook is clouded
Although the project fell through, the group emphasized that since no commercial operations had begun, this revocation of the license "will not have a substantial impact" on the current financial situation. In plain terms, the company hasn't made a penny from this project yet, and its subsidiaries haven't recorded any revenue, so the impact on the existing books is very limited. However, such a large project being shelved will inevitably make the market and investors question its future industrial layout.
Regulation continues to tighten, industry faces transformation
This move by PAGCOR can be seen as another manifestation of the continuous tightening of gaming regulation in the Philippines. In recent years, from combating illegal POGO to strengthening responsible gaming, regulatory efforts have been intensifying. PH Resorts Group also stated that they will continue to evaluate other potential business opportunities and promise to disclose future plans to the public in a timely manner as required by the Philippine Stock Exchange and other regulations. For more authoritative updates on Philippine gaming regulation, keep an eye on the PASA official website.
In summary, this license revocation not only marks the end of a large project but also reflects the stricter scrutiny and adjustment period that the Philippine gaming and integrated resort industry is facing under the new regulatory norm.
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This article is from "PASA-Global iGaming Leader" gaming news channel:https://t.me/pasa_news
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