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

[Siren]

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.

There was a big Casino that the government shut down in Boracay Island when it was rehabilitated since last year maybe this is the one you are pointing?because as far as i remember thats the only establishment that almost operational when seized by the administration though i can be wrong about.but you are so right because the Duterte Administration is seriously developing the entire Philippines and should find sources of funds for all of the plans be made before the 6 years presidential terms lapses so letting a Legal Gambling is one best way to earn the funds i guess

[avikz]

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. 

Philippines is coming up really fast to become the next Business Process Outsourcing hub for the world. India used to be the favorite destination for many onshore companies to start their back end operations and call center and now Philippines has taken up that spot. Even my company has opened up their customer service operations there and sent the Director of Operations to set things up. These changes had started taking shape since last 8 years or so!

I believe they are trying to catch up with the race of globalization and since a majority of their population is young compared to many other Asian countries and also they speak English alongside Tagalog. I see this step as another government initiative to increase the internal employment rate as well as to bring more foreign direct investments to strengthen the economy.

Now if you want to understand how gambling can strengthen and grow the economy of a country, I encourage you to read one of my old threads,

https://bitcointalk.org/index.php?topic=4324507.0

This thread talks about Macau, one of the classic examples of gambling helping the economy of a country! Philippines is eyeing for the same, I believe!
 

[mirakal]

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?

If they will contribute for the improvement of the economy then why not.

The president is against gambling but I guess only on illegal gambling, this one is registered and given the green light to expand because they share some of their profits to the government. I don't see anything bad on this, in fact, I applaud the president for making this kind of timely move.

[Betwrong]

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.

You are right in general, but not all governments are that advanced. There are still many countries were people suffer because their governments are either too religious or communism-oriented. The Philippines has a democratic government and that's why such things as taking revenues from gambling are possible there. It's a pity that some countries are still living in the past, and I'm glad that the Philippines is not one of them. Having no oil resources they are still doing pretty good, and after becoming new Macau in respect to gambling they will do even better.

[buwaytress]

Business is business and while the industry, in all its shrouds of secrecy, may not do much for the actual economy nationally (at least, not provably nett positive), it still contributes a lot to GDP and revenue for government coffers. We've got no idea how much these statistics help them lobby for even regional say.

It does seem extremely at odds with his previous stances. His regime's all about attacking the root causes of social ills, and there's no grounded Filipino I know who won't point at least one accusing finger at the casino industry.

[markdario112616]

To be honest, Our government seems to be confusing at times. Though, One thing is clear (as far I see) the Government wanted clear out this Gambling oligarchs so that they (Government) can handle the industry, for proper regulation, I think? But like OP said this contradicts P. Duterte's statement in a way. Unlikely, The current admin do have a plan but that plan seems to be unclear especially to us citizens, but in some area or point it do brings good contribution in the growth of the economy. Despite, having a lot critics about our President utter his words, it seems that he has a plan. Well if it's good then, I'll support and if it's bad then... (pray to a God that I don't believe in).


Philippines is still in developing stage, but the fact that our economy is growing and somehow we (I) can feel it. I think the only thing I can do is to believe in what the current admin is doing, I literally don't want to engage in political shizznits but this is just how I feel for now.

[crwth]

Business is business and while the industry, in all its shrouds of secrecy, may not do much for the actual economy nationally (at least, not provably nett positive), it still contributes a lot to GDP and revenue for government coffers. We've got no idea how much these statistics help them lobby for even regional say.

I do agree that business is business, with all the companies creating their strategy to earn more, they make ways to profit more in terms that helping the government could help them establish new ways of their business, and especially that they are a gambling industry.

It does seem extremely at odds with his previous stances. His regime's all about attacking the root causes of social ills, and there's no grounded Filipino I know who won't point at least one accusing finger at the casino industry.

When there's money, there is power. Behind all the things that we know, we wouldn't find out some of the true reasons with what truly happened unless you are part of the business or something.

[crzy]

Philippines are very welcoming, and in gambling we really like it. This is a fact since you will see a lot of gamblers on any street playing cards and others. Well, casinos attracts tourists and it can really help the econom of the Philippines. Hopefully this casinos will be more highly regulated, so everyone will enjoy a good system.

[btc78]

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?

If they will contribute for the improvement of the economy then why not.

The president is against gambling but I guess only on illegal gambling, this one is registered and given the green light to expand because they share some of their profits to the government. I don't see anything bad on this, in fact, I applaud the president for making this kind of timely move.

Yes mate the President only looking for the betterment of the economy and the whole country and if those he prohibited can bring this to reality for sure he will grab this opportunity (except illegal drugs Ofcourse)

And beside there are two kind of gambling,the LEgal and the Illegal

This time the administration is using the Legal one to collect Funds for the projects the the government is continuously building

[Theb]

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?

Anything that generates income as long as it is legal on their constitution will always receive a green light from the government, the way I see it is they aren't rivaling any countries they are just taking advantage of them being a tourist destination again which grew around 7.65% or 500,000 more tourist despite Boracay being closed for almost the whole year last 2018.

And yes this casino share sell was even made more possible as the owner, Dennis Uy, is known to be one of the closest friends of the current administration which really giving it away. What the news didn't made clear if this sale is a private or public sale as there are no mentions of an IPO happening in the stock market, so I think SEC only approved a sale for private entities.

[peter0425]

Business is business and while the industry, in all its shrouds of secrecy, may not do much for the actual economy nationally (at least, not provably nett positive), it still contributes a lot to GDP and revenue for government coffers. We've got no idea how much these statistics help them lobby for even regional say.

It does seem extremely at odds with his previous stances. His regime's all about attacking the root causes of social ills, and there's no grounded Filipino I know who won't point at least one accusing finger at the casino industry.

Exactly, money talks and Philippines being one of the most corrupts country not just in Asia, I wouldn't be surprised by the sudden U-turn of the Duterte administration. It will bring some jobs to locals, but it doesn't mean it will have a positive effect to the whole economy. I'm sure politicians pockets big money here just to lobby the President and get his approval for another Philippine casino.

[carlfebz2]

Business is business and while the industry, in all its shrouds of secrecy, may not do much for the actual economy nationally (at least, not provably nett positive), it still contributes a lot to GDP and revenue for government coffers. We've got no idea how much these statistics help them lobby for even regional say.

It does seem extremely at odds with his previous stances. His regime's all about attacking the root causes of social ills, and there's no grounded Filipino I know who won't point at least one accusing finger at the casino industry.

Exactly, money talks and Philippines being one of the most corrupts country not just in Asia, I wouldn't be surprised by the sudden U-turn of the Duterte administration. It will bring some jobs to locals, but it doesn't mean it will have a positive effect to the whole economy. I'm sure politicians pockets big money here just to lobby the President and get his approval for another Philippine casino.

Advantages would always twinned by disadvantages.If the current administration did approved such thing then they do already saw the possible benefit to them.Lets say they are against with gambling
but on the other side they will surely have the thought on its brighter side.
Even I wont really be surprised if they would u-turn on their decision and would focus to open up casinos on that country.

[Japinat]

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?

Anything that generates income as long as it is legal on their constitution will always receive a green light from the government, the way I see it is they aren't rivaling any countries they are just taking advantage of them being a tourist destination again which grew around 7.65% or 500,000 more tourist despite Boracay being closed for almost the whole year last 2018.

And yes this casino share sell was even made more possible as the owner, Dennis Uy, is known to be one of the closest friends of the current administration which really giving it away. What the news didn't made clear if this sale is a private or public sale as there are no mentions of an IPO happening in the stock market, so I think SEC only approved a sale for private entities.

I didn't know that the casino was own by Dennis Uy, wow. that's why things happened easily.
Dennis Uy is also the owner of the 3rd telco in the Philippines, once you are close to the president, nothing is impossible.
I believe he is also one of the biggest donor of Duterte during the last presidential election.

[omonuyak]

This is another great developments in the casino's crypto and Philippines regulatory authority has done very well.  I believe that in future other governments are going to see good in this and cryptocurrencies will be used all over the world.

[Dreamchaser21]

This is another great developments in the casino's crypto and Philippines regulatory authority has done very well.  I believe that in future other governments are going to see good in this and cryptocurrencies will be used all over the world.

I think this is not a crypto casinos but its a traditional gambling. Its good for the Philippines, and it can make a lot of gamblers again. More countries are slowly showing a great support for gambling nowadays, and no doubt that Philippines is one of those countries, I will just enjoy the good ambiance of those casinos.

[goaldigger]

Maybe this is another way Philippines can gather tax into knowing that we lack of tax collections because of the train law. This has nithing to do with the administration liking or disliking gambling or whatever. I see it as another way of gathering funds because of the fees. Its a nice news by the way.

[Golftech]

Maybe this is another way Philippines can gather tax into knowing that we lack of tax collections because of the train law. This has nithing to do with the administration liking or disliking gambling or whatever. I see it as another way of gathering funds because of the fees. Its a nice news by the way.

It's money matters, who knows after this being built, what comes next, job opportunities, tourist destinations and many more establishments can be started around, though its still gambling that we are dealing with and knowing Filipinos can be easily being attracted, but still we should see other
potentials that will help the country, considering the type of administration now it will gather taxes that will be use properly.

[sheenshane]

This is another great developments in the casino's crypto and Philippines regulatory authority has done very well.  I believe that in future other governments are going to see good in this and cryptocurrencies will be used all over the world.

I think this is not a crypto casinos but its a traditional gambling. Its good for the Philippines, and it can make a lot of gamblers again. More countries are slowly showing a great support for gambling nowadays, and no doubt that Philippines is one of those countries, I will just enjoy the good ambiance of those casinos.

Yes, that is not a crypto casino, that is a traditional casino. A lot of Filipino politicians people are in a casino every weekend, I knew that because my uncle told me. But it would nice to hear if that casino is accepting cryptocurrencies to use in gambling. So that cryptocurrency and gambling casino were showing up together here in the Philippines. And probably Bitcoin too will be known as well, uh, maybe that is a start to trigger the casino to accept also cryptocurrencies, who knows.

[stomachgrowls]

This is another great developments in the casino's crypto and Philippines regulatory authority has done very well.  I believe that in future other governments are going to see good in this and cryptocurrencies will be used all over the world.

I think this is not a crypto casinos but its a traditional gambling. Its good for the Philippines, and it can make a lot of gamblers again. More countries are slowly showing a great support for gambling nowadays, and no doubt that Philippines is one of those countries, I will just enjoy the good ambiance of those casinos.

Yes, that is not a crypto casino, that is a traditional casino. A lot of Filipino politicians people are in a casino every weekend, I knew that because my uncle told me. But it would nice to hear if that casino is accepting cryptocurrencies to use in gambling. So that cryptocurrency and gambling casino were showing up together here in the Philippines. And probably Bitcoin too will be known as well, uh, maybe that is a start to trigger the casino to accept also cryptocurrencies, who knows.

Not to underestimate the current economic state of Philippines but i cant believe that there are really people who do spent time on casinos.It means there are lots of rich people who can
sustain to play on such expensive way of gambling.

A certain country will really make decisions or do alter anytime as they like if they able to see the advantage of it and it may harm the community through addiction
but they are focusing on the revenue/tax.

[btc_angela]

This is another great developments in the casino's crypto and Philippines regulatory authority has done very well.  I believe that in future other governments are going to see good in this and cryptocurrencies will be used all over the world.

I think this is not a crypto casinos but its a traditional gambling. Its good for the Philippines, and it can make a lot of gamblers again. More countries are slowly showing a great support for gambling nowadays, and no doubt that Philippines is one of those countries, I will just enjoy the good ambiance of those casinos.

Yes, that is not a crypto casino, that is a traditional casino. A lot of Filipino politicians people are in a casino every weekend, I knew that because my uncle told me. But it would nice to hear if that casino is accepting cryptocurrencies to use in gambling. So that cryptocurrency and gambling casino were showing up together here in the Philippines. And probably Bitcoin too will be known as well, uh, maybe that is a start to trigger the casino to accept also cryptocurrencies, who knows.

Not to underestimate the current economic state of Philippines but i cant believe that there are really people who do spent time on casinos.It means there are lots of rich people who can
sustain to play on such expensive way of gambling.

Philippines is a third world country so I doubt that only the rich people goes into a casino, lots have been trying their luck to became rich or at least win big. Not just in the Philippines but other countries as well.

A certain country will really make decisions or do alter anytime as they like if they able to see the advantage of it and it may harm the community through addiction
but they are focusing on the revenue/tax.

I agree but the problem with the government of the Philippines is that they're portraying to be non-corruptible but I smell something fishy here because someone mentions a certain Dennis Uy, which look like a close confidante of the President that's why he was able to lobby him to and get approval.