In the Philippines and the operator behind the giant Okada Manila integrated casino resort has reportedly announced that the property has just been licensed to offer online gaming to domestic punters.
According to a report from Inside Asian Gaming, the award from the nation’s Philippine Amusement and Gaming Corporation (PAGCor) will allow the Tiger Resort Leisure and Entertainment Incorporated subsidiary of Japanese conglomerate Universal Entertainment Corporation to begin running a wide range of online casino entertainment out of the 993-room property. The source detailed that this iGaming service is to embrace video slots and live-dealer games and will be accessible to punters in the Philippines so long as they have first registered.
Inaugural indulgence:
Tokyo-listed Universal Entertainment Corporation reportedly used an official Monday filing to declare that Okada Manila has now become ‘the first among the four integrated resorts comprising Entertainment City’ to be granted such an online gaming license and that it now expects to officially launch the service ‘after clearing various conditions’. The parent purportedly stated that these prerequisites include ‘confirmation of compliance with casino regulations and test simulations’ alongside the payment of a licensing fee and the approval of its remote anti-money laundering systems.
Domestic defence:
GGRAsia used its own report on the issue to disclose that Tiger Resort Leisure and Entertainment Incorporated has most likely been granted an iGaming license under the Philippine Inland Gaming Operator (PIGO) scheme authorized late last year. This experiment purportedly differs from PAGCor’s existing Philippine Offshore Gaming Operator (POGO) arrangement and has been brought in so as to help local land-based casino operators earn revenues even as their venues are shuttered owing to the ongoing coronavirus pandemic.
Imperative investigation:
Tiger Resort Leisure and Entertainment Incorporated reportedly pronounced that PAGCor has furthermore mandated that its coming online casino service ‘be capable of being audited for proper determination of taxes and license fees’ and prohibit minors or banned individuals from accessing its games. The firm purportedly went on to describe this licensing as a ‘first step’ and that it now intends to ‘continue to develop online sportsbetting gaming using its proprietary technology.’
Counterpart contingency:
Alfredo Lim, Chief Operating Officer for PAGCor, reportedly divulged in November that the regulator was prepared to allow Okada Manila in addition to the nearby Solaire Resort and Casino and City of Dreams Manila properties to launch iGaming services. This purportedly came after the venues chalked up significant second-quarter losses including approximately $96 million for the 800-room Solaire Resort and Casino in addition to around $50 million for both City of Dreams Manila and Okada Manila.
Coronavirus corollary:
Opened at a cost of about $2.3 billion in December of 2016, the 15-story Okada Manila features a 284,283 sq ft casino offering a selection of over 3,000 slots and almost 500 gaming tables. The development has reportedly been shuttered since March 14 and recently detailed that its first-quarter gross gaming revenues had decreased by some 42% year-on-year to just over $109.2 million as its associated adjusted earnings before interest, tax, depreciation and amortization dropped by 35% to around $14.2 million.