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Gambling regulatory body in the Philippines approved a request from a land-based casino operator to accept online gambling, with two other requests currently being reviewed, in a latest attempt to help operators offset the impact of the coronavirus on business, Bloomberg reports.
The physical casino will accept bets online
the Philippine Amusement and Games Corporation (PAGCOR) authorized Solar Resort and Casino operated by Bloomberry Spa Resorts, to accept online bets, informed President Alfredo Lima in mobile messages. The casino system will need to undergo tests with the regulator, the agency said.
PAGCOR is also reviewing applications of City of dreams Manila Y Okada Manilaas the regulator seeks to help integrated casino complexes in the capital survive the adverse effect of the coronavirus outbreak and maintain business until restrictions are completely removed and full operations can begin.
Information released by the gaming regulator boosted investor interest in casino operator stocks. Bloomberry Spa Resorts saw his stock jump 4.2% during daily trading in November 3, the biggest win for the casino company in more than a month.
Actions of the City of Dreams Manila operator, Premium Leisure Corp, rose 6.3% during daily trading, but then declined and managed to hold only to 3.1% of daily earnings. By comparison, the benchmark Philippine stock index rose slightly 0.2%, totally outpaced by the rise in shares of casino companies.
Looking to offset the impact
The land-based casino industry in the Philippines was hit hard during the second quarter of 2020. Revenues fell 96% as casinos were closed to help slow the spread of the coronavirus infection, incurring losses for operators such as Bloomberry Spa Resorts. Since March, when the casinos were ordered to close, PAGCOR has been pushing for a gradual reopening.
Online operators did not emerge unscathed from the virus-related restrictions, despite serving only offshore markets and primarily serving Chinese customers as they were subject to a new tax on gambling.
The increasing daily number of cases is of concern to the Philippines’ Department of Health (DOH), before the next Christmas season. DOH strongly discourages public karaoke and videoke sessions for fear of virus transmission. The Undersecretary of Health, María Rosario Vergeire, pointed out that the department does not recommend the reopening of karaoke bars, and urged families to participate in activities within their homes.
Having already decided to ban Christmas parties for fear of infection, the Philippine government is considering banning Christmas carols, a tradition for Filipinos to jump from house to house and sing to neighbors for some cash or candy. .
