This is post 1 of 3 in the series Who Are Philippines Largest Casino Tycoons and How They Will Benefit from Dutertes Online Gambling Crackdown <\/p>\n
Alongside his deadly war on drugs, Philippines President Rodrigo Duterte recently started his anti-gambling campaign. Online gambling must stop, were Dutertes words during his very first cabinet meeting on June 30, 2016. The Philippine President has vowed to destroy online gambling and electronic gaming parlors that have been loosely regulated. <\/p>\n
Accordingly, on February 2, 2017, he passed an executive order (EO 13), directing law enforcement agencies to step up the fight against illegal gambling and clarifying the authority of online gambling operators. The license to operate online gambling granted to qualified operators shall not be assigned, shared, leased, transferred, sold or encumbered to any other party. Any gambling operator desiring to operate outside the jurisdiction of the government authority which issued its existing license shall apply for a separate license with the appropriate authority, the EO read. <\/p>\n
While this does cast dark clouds over online gambling operators in thePhilippines (EPHE) (PIE), it raises hopes for casinos owners and operators. Casinos in thePhilippines should gain more prominence with online gambling being curbed, as casino operators in Asia attempt to cash-in on the entertainment needs of the rising middle class of the region. <\/p>\n
Within Asia, casinos operators (BJK) (PEJ) have long focused on Macau as their revenue earner. Companies such as Las Vegas Sands(LVS),Wynn Resorts(WYNN), andMGM Resorts(MGM)already operate properties there. Being the only Chinese territory where casino gambling is legal, Macau has long held the reputation of being one of the most popular and profitable gambling destinations. <\/p>\n
However, the last three years havent bagged much windfall for gaming and casino operators in Macau. Reasons for this slowdown include: <\/p>\n
With sliding revenues from their Macau-based casinos, we may see operators shifting their focus toward the Philippines, which stands to swing to prominence as an alternate entertainment hub. The country is already contending with Macau and Singapore to become a major gambling hub. <\/p>\n
The next article in this series looks more closely at the owners of these gaming companies and their revenue growth prospects. <\/p>\n
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Which Philippine Business Tycoons Benefit Most From Duterte's Online Gambling Crackdown? - Frontera News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" This is post 1 of 3 in the series Who Are Philippines Largest Casino Tycoons and How They Will Benefit from Dutertes Online Gambling Crackdown Alongside his deadly war on drugs, Philippines President Rodrigo Duterte recently started his anti-gambling campaign. Online gambling must stop, were Dutertes words during his very first cabinet meeting on June 30, 2016 Continue reading