Regulator Philippine Amusement and Gaming Corp. ordered Leisure Resorts World Corp. to close 53 electronic gaming and bingo sites due to non-compliance to distance restriction guidelines.
Leisure Resorts said it would appeal the Pacgor order.
The company said in a disclosure to the stock exchange it received notices from Pagcor to immediately cease and desist from operating 36 bingo gaming sites, which are being operated by unit AB Leisure Exponent Inc. and 17 electric gaming areas of unit Total Gamezone Xtreme Inc.
“LRWC will send a letter of reconsideration to Pagcor. Should reconsideration be not given, we will transfer the electronic games operations at said sites and transfer the same to compliant locations,” the company said.
The gaming company said the closure of the 53 sites would result in foregone revenues of P477 million and P65.2 million based on its seven-month financial performance of 2016.
“These numbers approximate 5 percent of total consolidated 2015 revenues and net income of the LRWC Group,” the company said.
“We will still wait for the Pagcor’s reply to our request for reconsideration before we could set our timetable for the resumption of operations of the affected sites. We could not anticipate the exact date on when will Pagcor answer our request,” Leisure Resorts said.
President Rodrigo Duterte earlier vowed to stop the proliferation of online gambling.
As a result, Pagcor did not renew the gaming license of another gaming firm, PhilWeb Corp., owned by businessman Roberto Ongpin.
Pagcor rules prohibit the operation of an electric gaming or a bingo parlor within 200 meters of school premises and places of worship.
Leisure Resorts is a holding company engaged in the leisure business, which includes general amusement and recreation, bingo parlors, hotel and gaming facilities.
The company is involved in managing bingo parlors as well as an operator of eGames outlets, slot arcades, junket operations, hotel, real estate and other gaming facilities.