The Philippine Amusement and Gaming Corporation (PAGCOR) today said that it welcomes the decision of online gaming giant 1888BET to move its operations from the Isle of Man back to the Philippines.
PAGCOR Chairman and CEO Alejandro H. Tengco said 188BET’s return “is a huge vote of confidence for the country as a regulatory haven, and this is precisely what PAGCOR is working hard at.”
“188BET’s move is a very positive response to our call for gaming investors to come to the Philippines,” Chairman Tengco said.
“We would like to assure 188BET and other potential investors that PAGCOR shall continue to be fair to everybody, and that there will be a level playing field with a predictable and dependable regulatory framework,” the PAGCOR chief added.
188BET announced its decision to move its operations to the Philippines earlier this week.
The sports betting and casino company said that effective March 19, its current operator, Cube Limited, will surrender its current IoMGSC licence in the Isle of Man and that 188BET will be operated by a new Philippine-based company, BestCommerce Corporation, which is licensed and regulated by PAGCOR.
Mr. Tengco encouraged other investors to ride on the Philippine gaming industry’s growth momentum.
“Overall, the industry can expect sustained growth in the next five years, with at least one Integrated Resort (IR) opening every year beginning this year in Quezon City, to be followed by new IRs in Cebu, Clark and other equally strategic locations.”
He added that the industry can also expect PAGCOR’s full decoupling from its casino operations within that time frame to become a purely regulatory entity dedicated to overseeing growth and attracting more investments.
“We shall also continue lowering our license fees and modernizing our systems to help realize our vision of making the Philippines the gold standard in gaming in the Asia-Pacific region,” he said.
188BET used to hold office in Makati but it moved out of the country during the administration of former President Rodrigo Duterte.
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