The state-owned gaming operator for the Philippines has announced that it is planning to make a pot of cash holding approximately $680,500 available to local cities and towns hosting one of its Casino Filipino-branded properties.
The Philippine Amusement and Gaming Corporation (PAGCor) used an official Tuesday press release to detail that the lucrative dispersal comes after it suspended a range of revenue-sharing agreements with these communities early last year following the appearance of the coronavirus pandemic. The state-run organization, which also serves as the casino regulator for the Asian nation, went on to declare that its own bottom line was then significantly hurt by a temporary nationwide shutdown as well as the subsequent re-opening of its venues under ‘limited operating capacity’ restrictions.
PAGCor had been responsible for running some 19,900 slots alongside over 2,000 gaming tables via an estate of eight Casino Filipino-branded facilities and a chain of about 30 satellite properties spread all across the Philippines. The operator stated that the coming financial aid should help to ‘cushion the impact of the pandemic on the local economy’ and allow these host communities to carry on funding a range of area health, infrastructure and educational programs.
Andrea Domingo serves as the Chairman and Chief Executive Officer for PAGCor and she used the press release to pronounce that her organization resumed honoring its earlier revenue-sharing commitments in January for those communities featuring a re-opened venue that was meeting ‘the minimum target’ or operating ‘at break-even at least.’
Read a statement from Domingo…
“With the approved grant of $680,500, our host cities will be able to receive financial support that is almost equivalent to their host city share allocation under full operational capacity.”
PAGCor furthermore used the press release to divulge that the four years up to the local appearance of the coronavirus pandemic in March of 2020 had seen it disperse more than $37.85 million to communities hosting one of its Casino Filipino-branded facilities. It asserted that these beneficiaries had included the cities of Manila, Davao and Cavite in addition to the largely rural provinces of Ilocos Norte, Negros Occidental and Iloilo.
Domingo’s statement read…
“PAGCor is able to produce revenues that help to boost community development projects by regulating gaming and preventing the proliferation of illegal gambling in the Philippines. Through this sharing, many cities that host a Casino Filipino branch were able to fund sustainable programs such as water filtering systems in their public schools or funding for disaster response initiatives.”