Impact of Resorts World Manila ClosureJune 28, 2017 1:53 pm
The Philippines has a thriving casino industry that is run by the state-owned Philippine Amusement and Gaming Corporation (PAGCOR), with 5% of all the organization’s winnings going to the Bureau of Internal Revenue, and around 47% funnelled into the national treasury. At present, the country’s casino market is worth around $2.3 billion each year, with a projection by Credit Suisse forecasting gaming revenue to grow to $6 billion by 2018.
A horrific attack which took place at the Resorts World Manila (RWM) on June 2nd, however, is currently costing PAGCOR roughly a quarter of a million dollars each day, as RWM stays shut pending it satisfying new safety, security and staff training requirements. Commenting on the situation, PAGCOR Chairperson Andrea Domingo, explained:
“For the whole month of June, we could have lost P384 million. If it continues, let’s say for the whole year, that remittance is about P4.5 billion a year. It’s a big problem for us.”
The country’s economy could also be impacted by the fate of the 6,000 employees who rely upon the huge integrated resort for their livelihoods, as well as a further 10,000 indirect employees who also remain at risk if PAGCOR is unable to resolve the situation quickly.
Fortunately, that may not be too far away as only last week RWM requested that its suspension be lifted, having stated that it had now completed all the perquisites asked of them. As Domingo explains:
“Last week, Resorts World requested for the lifting of the suspension.. What we did is we made a template of all the requirements. We were informed in their letter that they have done all of the requirements and they are now ready to open.”
The state regulator has since sent a team to ensure all the safety and security requirements are now in place, with the Pagcor chief further explaining that it was not just the RWM that was required to adhere to the new regulations, but also all the other integrated resorts in the country, including those in the Clark and Subic economic zones.