Last updated on October 20th, 2021 at 11:58 am
Philippine gaming regulator PAGCOR releases funds for Casino Filipino host cities. In addition, the local government units will receive a total of $680,000 grant if they have a Casino Filipino branch within their territory.
According to PAGCOR CEO and Chairman Andrea Domingo, they give grants to help cities cope with the pandemic. During that time, gaming revenues dried up as casinos temporarily shut.
PAGCOR suspended the release of the host cities’ share in the casino revenue since April 2020. It came after the suspension of the casinos’ operations during the coronavirus lockdowns. Also, casinos have been operating at limited capacity since the lifting of the lockdowns. As a result, most people prefer playing games on online casinos.
Casino Filipino Host Cities
The gambling regulator resumed payment of the cities’ shares starting January 2021. However, the host city would only receive their share if they allowed the casino to operate. Also, the Casino Filipino branch needs to run at least at break-even level.
After the approval of the grant, the host cities will receive support that’s equal to their share if the casino operates at full capacity. Also, the gambling regulator reported a 19.9 percent year-over-year decline in income in the second quarter of 2021. It earned $294 million during the quarter.
In addition, PAGCOR said that it gave more than $37.8 million to Casino Filipino host cities from 2016 to March 2020. PAGCOR wants to ensure that it’s the funds will be used to improve community development projects. Also, it wants to help communities prevent the spread of illegal gambling activities.
Many cities with a Casino Filipino branch can fund their sustainable programs via the grant. It includes water filtering systems in schools, disaster response programs, and more.
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