Philippines
Silver Heritage shuffles board after deed of company arrangement
Silver Heritage announced it has reshuffled its board following the completion of a deed of company arrangement. Former CEO Mike Bolsover is no longer a director, while DFNN's Ramon Garcia and Hatch Asia's Kirk Arambulo are among the new members.
Summit Ascent GGR to rise 190% for two years: BoA
Bank of America/Merrill Lynch has added its voice to other recent commentary pointing to significant upside for Summit Ascent due to optimism over its projects in Russia and the Philippines.
Suncity hotel unit granted incorporation in the Philippines
SunTrust Home Developers announced that Suncity WC Hotel was granted incorporation by the Philippines’ Securities and Exchange Commission (SEC) on January 19.
Bloomberry foundation funds remote Quezon hospital
Bloomberry Cultural Foundation has donated PHP50 million ($1 million) to construct the first hospital in San Andres, a remote area of Quezon.
Bloomberry’s Razon leading efforts to bring vaccine to the Philippines
Bloomberry Resorts chief Enrique Razon is spearheading efforts to bring Moderna’s coronavirus vaccine to the Philippines, consolidating orders from the wealthy class, business organizations, and other interested parties.
PAGCOR aids Philippine Fiber Industry Development Authority
The Philippine Amusement and Gaming Corporation (PAGCOR) has turned over PHP6.1 million (US$128,000) to the Philippine Fiber Industry Development Authority (PhilFIDA), the government agency in-charge of developing and sustaining the fiber industry.
POGO-linked kidnapping cases almost double in 2020
The number of kidnapping cases involving Philippine Offshore Gaming Operators (POGOs) almost doubled last year to 17 during the Covid-19 pandemic. There were 10 cases filed, 23 victims rescued, 33 suspects arrests and two suspects killed.
POGOs win tax stay, though uncertainty remains high
Philippine Offshore Gaming Operators (POGOs) have won a reprieve from a punishing franchise tax, which may stop the exodus from the country, but uncertainty over business conditions remains high, industry insiders say.
PAGCOR funds evacuation centers in the Bicol region
After bankrolling the construction of two evacuation centers in Albay last December, PAGCOR has approved the construction of four evacuation centers in the Bicol region.
Competition adds to Covid woes in the Philippines
Operators in Entertainment City had already begun to complain about the impact of rising competition on their margins even prior to the Covid-19 crisis. Now, with the outlook highly uncertain due to border closures and the erosion of the VIP sector, they may have to contend with three new developments pressing ahead.