After announcing last month that it intends to “reapply” for licenses to operate its network of e-Games-branded parlors, Philippines online games developer PhilWeb Corporation has now reportedly revealed that it hopes to have completed the process before the end of the year.
According to Asia Gaming Brief citing a report from The Manila Times, the disclosure came from Gregorio Ma Araneta III, Chairman for PhilWeb Corporation, after he explained that the procedure of securing the 286 individual licenses from the Philippine Amusement And Gaming Corporation regulator was “already in process”.
“Yes [we will immediately re-operate] because these operators, they’re losing money,” Araneta reportedly told The Manila Times. “About 5,000 people are expecting this. I told [the Philippine Amusement And Gaming Corporation] that I’m not the one who’s hurting. The business is there, the longer you keep us closed, the harder it would be for the operators [and] there will be lesser revenues.”
The Manila Times reported that the Philippine Amusement And Gaming Corporation currently collects 40.2% of the e-Games cafes’ total gaming revenues with 28% earmarked for operators. Of the remaining amount, 29% goes to PhilWeb Corporation while 2% is set aside for marketers.
“Anyway, [the] bulk of the revenues go to [the Philippine Amusement And Gaming Corporation],” said Araneta. “They take up the bulk [and] we only get [a] little.”
Araneta also reportedly revealed that he was still in talks with the nation’s Securities And Exchange Commission regarding his planned acquisition of the over 771 million shares in PhilWeb Corporation held by the firm’s former Chairman and controlling stakeholder, Roberto Ongpin, for approximately $40.6 million.