The Philippines to Reopen Casablanca Casino
The Casablanca Casino in Angeles City, Philippines, which had been shut down due to the parent company’s inability to meet funding requirements established by gaming regulator, PAGCOR, is all set to make a comeback.
According to an Annual Report published last week, executives from the Frontier Capital Group (parent company for the casino) have stated that the funding issue is being sorted out and that the casino will soon begin operations.
In the report, it has been mentioned that discussions are currently taking place concerning the hiring of a new manager as soon as the escrow funds are deposited and the starting of its usual operations. The parent group ended its earlier agreement with E!xcite Gaming and Entertainment.
Around 200 workers are estimated to have lost their jobs after the shutdown. The Casablanca is a popular casino in the Philippines and is home to 36 table games, 190 slots, and other gaming options. It is located within the Stotsenberg Hotel, which contains around 239 rooms and is still operational.
The entire facility is situated inside the Clark Freeport Zone, which is categorized as an economic redevelopment area. Formerly, it was home to the United States’ Clark Air Force Base.
The cause of the shutdown
According to PAGCOR, Frontier did not deposit, in an escrow account, the $4.4 million that it was supposed to as part of a licensing requirement. Though the company eventually managed to do so by securing a bank guarantee after the Casablanca purchase, the guarantee had already expired.
PAGCOR chief, Andrea Domingo told the media that the group was unable to meet the requirements even after being provided with extensions.
Crackdown on non-compliance
PAGCOR seems to be cracking down on casinos that fail to comply with licensing requirements. The Casablanca is the second casino to face the wrath of PAGCOR. Prior to this, law enforcement officials and PAGCOR shutdown Fontana Leisure Parks and Casino, owned by Jack Lam, for allegedly running an illegal casino site. It has been reported that around 1300 nationals were involved in this crime; a majority of whom have been tried and deported.
It has also been reported that Lam had worked out a deal with President Duterte to pay taxes on the revenue earned through the illegal operation. However, Lam was later arrested for attempting to bribe federal officials.
As of now, it is believed that the charges against Lam were dropped and that he has sold his stake in Jimei International Entertainment, which is the company that operated Fontana Resort.
