The Philippines is home to one of the fastest-growing casino industries in the world. Unfortunately, the country’s casinos are facing a long road to recovery due to the events that have unfolded this year. New reports claim that casinos are launching an online gambling site for high-rollers soon.
It’s interesting news to hear. For years, no online gambling sites were legally able to operate from within the Philippines. Today, we’re going to talk about what this means for the gaming industry moving forward.
Let’s get into it!
Casinos in the Philippines Are Slowly Recovering After Shutdowns
It’s been incredible to see the growth of the Philippines’ casino industry. Just a few decades ago, this country banned most forms of gambling. Today, it’s home to a huge number of great casinos that generate major revenue for the government.
Earlier this year, officials in the Philippines forced all casinos to shut down. It proved to be devastating for this industry. Finally, in June, the government began allowing casinos to open their doors.
Since that time, casino companies here have been working hard to recover. Revenue remains far lower than it was in 2019. Reports from PAGCOR recently surfaced that show the country’s gambling industry’s Q3 revenue dropped by 73% when compared to last year.
Things seem to be slowly improving, though. Many of the casinos around the country have been reporting slow revenue increases. The government has also seen an increase in POGOs resuming their operations lately.
Reports also recently began to surface that the government was allowing certain casinos in Manila to offer online gambling operations. This was allowed in an attempt to make up for the revenue lost by the shutdowns earlier this year. It now appears there is a popular online gaming site in the Philippines that caters specifically to high-rollers set to go live soon.
It’s good news for the VIP players looking to bet big. Here’s what we know about this exciting gambling platform.
Here’s What We Know About the New Online Gaming Site in the Philippines
This revenue stopped flowing back in March. Officials within PAGCOR began looking at ways to get this industry operational again. The government finally agreed to allow online casino sites to start accepting players from within the country.
Andrea Domingo, Chairman of PAGCOR, claims this could also help to prevent illegal online gambling from taking place throughout the country.
“It would be good to collect revenues and stop illegal gambling because there’s a lot of illegal gambling on social media,” Domingo said.
The new online gaming site in the Philippines should be able to start operating by the end of the month. It will be very interesting to see how much money this one and other gaming platforms like it manage to bring in. Stay tuned for more updates!
Japan’s Casino Plans Are Still Being Put on Hold
Several countries in Asia have recently begun working to expand their gambling industries. Obviously, the Philippines has one of the biggest casino industries on the continent. Macau is also known for its massive casino-resorts.
Back in 2018, lawmakers in Japan shocked the world by passing a bill to legalize casinos. Under the bill, three major casino-resorts will be able to open in the country. Before this can happen, however, the government has to come up with specific regulations to monitor the industry.
This process has taken much longer than many anticipated. Japan announced unusually high tax rates for the casinos that will open here. As a result, many of the casino companies that initially expressed interest in entering this country have backed out.
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