Philippines' PH Resorts Group gets regulatory nod for $350 million share offerin

[Baofeng]

Anyone from the Philippines aware of this news?

https://uk.finance.yahoo.com/news/philippines-ph-resorts-group-gets-regulatory-nod-350-101521917--sector.html

MANILA (Reuters) - The Philippine corporate regulator approved PH Resorts Group Holdings Inc's <PHR.PS> share offering to raise up to 18.5 billion pesos (268 million pounds) to fund the integrated casino builder's projects outside the capital, Manila.

The Philippines is one of Asia's fastest-growing gambling markets, benefiting from the influx of foreign high rollers and restrictive gaming policies in neighbouring countries.

The Securities and Exchange Commission said in a notice issued on Thursday it has given PH Resorts the green light to sell as much as 2.05 billion shares at a maximum price of 9 pesos apiece.

..

Proceeds from the share sale will fund the construction of a $200-million integrated casino-resort in a former U.S. military base north of the capital, and a $300-million megacasino in central Philippines, the company said in a regulatory filing.

I thought that the current administration doesn't like gambling at all? Or are they contradicting themselves and trying to bring Philippines to rival its neigbor Macau?

@nutildah - it will probably near your place. 

[Jating]

Why not? Philippines economy is not doing that well as compare to it's neighbor and maybe putting up casino's will help a lot because it will open doors for investors to come in plus a lot of jobs in the horizon.

Duterte's has a lot of controversial decisions in the past, like state extra judicial killings, but this one I would say I agree with him because its a win-win situation for Filipinos.

I remember @avikz opening a thread about the Benefits of gambling? Yes - it exists!. You can also read it because it is related to this topic as well.

[NavI_027]

I thought that the current administration doesn't like gambling at all?

Hmm, I get confused too because AFAIK Duterte wnat to eradicate the gambling oligarchs in our country. But as we look deeper, business is business. It's very hard to let go the opportunity (such as employment and revenues) that gambling industry can offer especially that our country is not yet fully developed. That's why I understand if Duterte choose to let them pass. I just hope the gambling industry here will not grow as big as in Macau or Las Vegas because it will surely influenced my fellow men and I think the outcome will be worse.

[Johnzky]

@nutildah - it will probably near your place. 

Pretty weird. Pampanga / Clark already has tons of casinos and huge hotels that can cost 50,000 pesos a night (~$1,000). Maybe they're hoping to draw business away from them? I've only been to the PAGCOR casino in Balibago, where the locals go. Clark, the old American airbase, is only miles away, but in terms of economies its worlds away.

For the Filipinos here, what's your general take on the whole New Clark City project? Seems like it will take decades to build.

Haven’t been in Roxas and Macapagal boulevard?there are some high end casino and also PAGCOR’s base on that area maybe you should try for much better ambiance mate

I thought that the current administration doesn't like gambling at all?

Hmm, I get confused too because AFAIK Duterte wnat to eradicate the gambling oligarchs in our country. But as we look deeper, business is business. It's very hard to let go the opportunity (such as employment and revenues) that gambling industry can offer especially that our country is not yet fully developed. That's why I understand if Duterte choose to let them pass. I just hope the gambling industry here will not grow as big as in Macau or Las Vegas because it will surely influenced my fellow men and I think the outcome will be worse.

Absolutely it’s confusing since the last action Philippine government made against gambling is the largest casino that is constructing in Boracay that Stopped by The Government,and now this giant casinos is soon to be build?well lets accept that there is no concrete words from this administration as the President itself mostly Lies

[presduterte]

well lets accept that there is no concrete words from this administration as the President itself mostly Lies

Hey asshole I'd like to see you do a better job. Better watch your mouth or I'll come to your house and plant some shabu on you. You must be one of Trillanes men. Sons of bitches.

[jademaxsuy]

The philippine government does not want illegal gambling so more on like they are now targeting those gambling establishment. Some huge casino were even collected a tax from them from their tax evasion from previous administration that were not looking for them and just leave them operating even if they are not paying tax. Probably this is what the present admin wants to have another gambling establishment to compete with other gambling establishment.

[rodel caling]

That project is very helpful they create more job from the filipino people, and taxes from gambling can help for the economic growth of the country. But the problem some religious group Are against gambling it's possible to protest the project.

[Oilacris]

@nutildah - it will probably near your place. 

Pretty weird. Pampanga / Clark already has tons of casinos and huge hotels that can cost 50,000 pesos a night (~$1,000). Maybe they're hoping to draw business away from them? I've only been to the PAGCOR casino in Balibago, where the locals go. Clark, the old American airbase, is only miles away, but in terms of economies its worlds away.

For the Filipinos here, what's your general take on the whole New Clark City project? Seems like it will take decades to build.

While looking at the funds it may take decades to finish the contract, though i don't know anything about the project yet. The administration seems like to make a new tourist spot i guess or is there a competition happening that the Filipinos didn't know yet.
Doesn't matter as long as it will help the countries economy then it's fine, let them have it.

[milewilda]

Why not? Philippines economy is not doing that well as compare to it's neighbor and maybe putting up casino's will help a lot because it will open doors for investors to come in plus a lot of jobs in the horizon.

Duterte's has a lot of controversial decisions in the past, like state extra judicial killings, but this one I would say I agree with him because its a win-win situation for Filipinos.

I remember @avikz opening a thread about the Benefits of gambling? Yes - it exists!. You can also read it because it is related to this topic as well.

Win-win situation when we do talk about on how to upgrade or do help to lift up PH economy and with this thing it will really surely affect on both sides.I remembered
this current administration do hates gambling but they might able to revert it back due to possible benefits which isnt bad at all.Gambling would only
give out negative effects on a certain person if he wont able to control it out and theres no right for us to blame out the government on letting them operate on such place.

[BitBustah]

Governments aren't going to say no to easy money.  They would rather make these types of businesses legal and generate a lot of new revenue.  Prohibition didn't work in the United States back in the day, the best solution is to make it legal and tax the hell out of it.

[Jating]

.. snip ..

Win-win situation when we do talk about on how to upgrade or do help to lift up PH economy and with this thing it will really surely affect on both sides.I remembered
this current administration do hates gambling but they might able to revert it back due to possible benefits which isnt bad at all.Gambling would only
give out negative effects on a certain person if he wont able to control it out and theres no right for us to blame out the government on letting them operate on such place.

I guess the administration really weigh the pros and cons before giving the go signal. If I'm not mistaken the crackdown was on the "illegal gambling" in the country ordinary people got addicted specially in the rural and poor provinces that's why the effect is really negative. But this time, its gonna be legal and ordinary citizens can't just go there and gamble their small money.

Governments aren't going to say no to easy money.  They would rather make these types of businesses legal and generate a lot of new revenue.  Prohibition didn't work in the United States back in the day, the best solution is to make it legal and tax the hell out of it.

Yes, this is what I'm trying to drive at. I'm sure that the government will put heavy tax on casino operators and generate new revenues, thus driving the economy even better.

[cabalism13]

Nope, doesn't concern me on that matter, I've already lost my interest in this country.

Governments aren't going to say no to easy money.  They would rather make these types of businesses legal and generate a lot of new revenue.  Prohibition didn't work in the United States back in the day, the best solution is to make it legal and tax the hell out of it.

As long as the government of this country can get so many taxes whatever business may that be they will not gonna prohibit it from running. Even if they're contradicting their own rules and regulations, they'll sure put a blind eye into these kinds of matter.

Corrupt people will never see those things as illegal as for the OP, they'll just make it Legal. Nothing new, I suppose. What a waste for having a country like this.

[Siren]

 

Governments aren't going to say no to easy money.  They would rather make these types of businesses legal and generate a lot of new revenue.  Prohibition didn't work in the United States back in the day, the best solution is to make it legal and tax the hell out of it.

For sure this is what the Philippine government original plan since the administration is focusing now on infrastructures the Build Build Build project of The President is taking place now and the Filipino is seeing the brightest future ever had since the regime of the Late president Marcos and this is something that Filipino should be proud of

That project is very helpful they create more job from the filipino people, and taxes from gambling can help for the economic growth of the country. But the problem some religious group Are against gambling it's possible to protest the project.

You are perfectly right on this mate,More jobs means better economy this is one of the objectives on this project since Gambling is getting high on demand so why not use this to make the Economy grow again for the betterment of every Filipino

[JohnBitCo]

That project is very helpful they create more job from the filipino people, and taxes from gambling can help for the economic growth of the country. But the problem some religious group Are against gambling it's possible to protest the project.

Well, Governments has to see all aspects of the society and then they take such steps. They just cannot ignore one voice of the people who are against gambling and keep on going ignoring them.

well lets accept that there is no concrete words from this administration as the President itself mostly Lies

Hey asshole I'd like to see you do a better job. Better watch your mouth or I'll come to your house and plant some shabu on you. You must be one of Trillanes men. Sons of bitches.

Neither we should say any wrong words for the president nor there should be a bad language use while expressing a point of view.

[NavI_027]

lets accept that there is no concrete words from this administration as the President itself mostly Lies

C'mmon, do not judge yet because we still don't know the real story behind this. And how do you say that the Duterte administration mostly lies? In fact, our current president is doing a great job to improve the status of our country. Yeah! I know that he sometimes have a bad mouth and sounds braggart in his words which annoys some of you but for me his personality doesn't matter anymore as long as he properly fulfill his responsibilities as a president of our country.

PS: I'm not a dutertard nor dilawan. I'm just reacting based on what I see.

[Baofeng]

I thought that the current administration doesn't like gambling at all?

Hmm, I get confused too because AFAIK Duterte wnat to eradicate the gambling oligarchs in our country. But as we look deeper, business is business. It's very hard to let go the opportunity (such as employment and revenues) that gambling industry can offer especially that our country is not yet fully developed. That's why I understand if Duterte choose to let them pass. I just hope the gambling industry here will not grow as big as in Macau or Las Vegas because it will surely influenced my fellow men and I think the outcome will be worse.

And that is my mindset as well when I read the news. I vividly remember him attacking oligarchs in his speech early in his Presidency. And even on his State of the Nation address, he says no to new casino, so this is a unexpected twist. I wouldn't say its a win-win situation here, of course there will be casualties and I'm sure more addicts will emerge. We already have the big 3 in Manila already and some small Pagcor satellites outside, I think this is ok for now.

[carlisle1]

I thought that the current administration doesn't like gambling at all?

Hmm, I get confused too because AFAIK Duterte wnat to eradicate the gambling oligarchs in our country. But as we look deeper, business is business. It's very hard to let go the opportunity (such as employment and revenues) that gambling industry can offer especially that our country is not yet fully developed. That's why I understand if Duterte choose to let them pass. I just hope the gambling industry here will not grow as big as in Macau or Las Vegas because it will surely influenced my fellow men and I think the outcome will be worse.

And that is my mindset as well when I read the news. I vividly remember him attacking oligarchs in his speech early in his Presidency. And even on his State of the Nation address, he says no to new casino, so this is a unexpected twist. I wouldn't say its a win-win situation here, of course there will be casualties and I'm sure more addicts will emerge. We already have the big 3 in Manila already and some small Pagcor satellites outside, I think this is ok for now.

Same as mine dude i am just confused why the government is always saying about the stand of president duterte regarding eradicating gambling in the Philippines but yet heres a contradiction though i have hear nothing in the news in regards this issue or maybe I missed it,but for me making a legal terms for the Gambling operators specially in taxation will be better as new jobs and opportunities may open for the Filipino

[crwth]

What about the The possibility of having a new source of significant funds for the government? I think that's the reason the current administration is allowing it and making it possible. I agree with carlisle1 that it will produce more jobs for the Filipinos and that's a good thing.

Nope, doesn't concern me on that matter, I've already lost my interest in this country.

~snip
Corrupt people will never see those things as illegal as for the OP, they'll just make it Legal. Nothing new, I suppose. What a waste for having a country like this.

I also feel like that in a way, but I don't want to give up in this country. It's hard to be positive when all you can see is negativity, even in the small accounts like DOST, the people there are lazy in a way. I have seen it first hand. I think that's what the government does to you.

[Distinctin]

What about the The possibility of having a new source of significant funds for the government? I think that's the reason the current administration is allowing it and making it possible. I agree with carlisle1 that it will produce more jobs for the Filipinos and that's a good thing.

Nope, doesn't concern me on that matter, I've already lost my interest in this country.

~snip
Corrupt people will never see those things as illegal as for the OP, they'll just make it Legal. Nothing new, I suppose. What a waste for having a country like this.

I also feel like that in a way, but I don't want to give up in this country. It's hard to be positive when all you can see is negativity, even in the small accounts like DOST, the people there are lazy in a way. I have seen it first hand. I think that's what the government does to you.

I may think also if the President have twisted his mind and think that it could give better life for his countrymen. There is a huge money that they could possibly collected and that will bring his interest on it.  
Anyways,  it is still not existed and I know how Pres.  Duterte manage his people, let's see if there is changes once it is operated.

[Baofeng]

I thought that the current administration doesn't like gambling at all?

Hmm, I get confused too because AFAIK Duterte wnat to eradicate the gambling oligarchs in our country. But as we look deeper, business is business. It's very hard to let go the opportunity (such as employment and revenues) that gambling industry can offer especially that our country is not yet fully developed. That's why I understand if Duterte choose to let them pass. I just hope the gambling industry here will not grow as big as in Macau or Las Vegas because it will surely influenced my fellow men and I think the outcome will be worse.

And that is my mindset as well when I read the news. I vividly remember him attacking oligarchs in his speech early in his Presidency. And even on his State of the Nation address, he says no to new casino, so this is a unexpected twist. I wouldn't say its a win-win situation here, of course there will be casualties and I'm sure more addicts will emerge. We already have the big 3 in Manila already and some small Pagcor satellites outside, I think this is ok for now.

Same as mine dude i am just confused why the government is always saying about the stand of president duterte regarding eradicating gambling in the Philippines but yet heres a contradiction though i have hear nothing in the news in regards this issue or maybe I missed it,but for me making a legal terms for the Gambling operators specially in taxation will be better as new jobs and opportunities may open for the Filipino

And also there's a news article that I can't find though. It was some Chinese magnate who plans to put another casino but it was shot down by the administration last year. I will try to find that news article and post it here. But I guess the government is looking for other source of funds and revenue that's why they approved this. And that's the only reason that it made sense to me, at least.