Casino News

Lax Regulations are Philippine Gambling Industry’s Chink in the Armour

The lack of adequate security system in the Philippine gambling facility may appear to be the main handicap in the casino industry’s development. According to a report released by Newswires, the country witnessed a number of accidents in a very short period. This, on the other hand, provoked players to stay away from the country’s borders, leaving its gambling industry threadbare.

Hence, it is not surprising that the Philippine-based casinos reported a significant drop in their gross gambling revenues (GGR). Among the most tragic events, which significantly disarmed the country’s casino industry is the deadly assault on a renown gambling facility in Manila, which resulted in 38 victims. Concerned more about their security, the players decided to choose another destination for their gambling activities.

Further on the list appears the case of a Singaporean woman, who was kidnapped at the lobby of a casino in Manila. Even though the authorities managed to save her and arrest the culprits, this is also another stumbling block in the development of the industry.

Another case, which marked the development of the casino industry in the Philippines is related to the billionaire and former chairman Kazuo Okada, who was unrighteously ousted from his leading post in Universal Entertainment subsidiary Tiger Resort, Leisure, and Entertainment after being investigated for questionable money transfers. Okada was about to open a gaming facility in Manila in July, but that will never happen as he lost his leading post in the company.

Experts explain that the series of accidents, which happened in a very short period, place the growth of the casino industry in a very unfavorable position. Ben Lee, managing partner of the Macau-based IGamiX Management & Consulting commented that most foreign investors started to think twice before they decide to enter the casino market in the Philippines. Earlier this year, the U.S. State Department issued a report, in which the Philippine casino trade is described as unable to prevent illicit practices and the organized crime is even embedded in the gambling industry.

The aforementioned report triggered reactions by the Philippine officials. The country’s current President Rodrigo Duterte launched a severe anti-money laundering crackdown, which additionally hurt the gambling industry, leaving it between life and death.

All these troubling events hampered the development of the casino industry, which once had the ambitions to become the major gambling hub in Asia. It is essential for the country to find a way to attract again its lost players in order to revive its casino industry. Hence, it is in the hands of the country’s officials to weed out the illicit practices, which suffocate the rise of the casino trade.