The Airport Casino Filipino’s gambling license is set to expire this July and PAGCOR won’t be renewing it.
The casino industry in the Philippines seemed to be heading the right way, with Manila Bay getting ready to welcome new gambling venues. But with the current Filipino gambling laws giving full control to the Philippine Amusement and Gaming Corporation (PAGCOR), progress is slow.
Less than a year ago, the government agency closed one of its own casinos (the one at the Heritage Hotel Manila). Now, it is the Airport Casino Filipino’s turn to go. According to local gambling news, PAGCOR has recently announced that it won’t be renewing the gambling venue’s license, which will expire this July.
800 people will lose their jobs
The casino has been around for a very long time, but profits have soared over the last few years. Fees and taxes imposed by PAGCOR have also contributed to the company’s decline. Cristino Naguiat Jr., chief executive officer at PAGCOR, said the Airport Casino Filipino earned an average of Php180 million per month. Half of that goes to the benefit of the state-run gambling authority.
The rest of the casino’s monthly income is used to pay the Php23 million rent for the property, bills and salaries for the company’s 800 employees, who will have to start looking for other jobs. PAGCOR isn’t concerned about their future though.
“Every month, we process about 50 applications for retirement or early retirement, so there are plenty of job opportunities within Pagcor for about 800 affected employees of Airport Casino Filipino,” the company’s chairman said.