Saturday, 3 April 2010

Pagcor remits P1.6 billion to gov't in January-February

By CHINO S. LEYCO
Manila Bulletin
http://www.mb.com.ph/articles/250807/pagcor-remits-p16-billion-govt-januaryfebruary
Internet-based Casino Gaming Website (http://www.egamesonline.com.ph).

The Philippine Amusement and Gaming Corporation (PAGCOR), under the stewardship of Efrain C. Genuino, Chairman and Chief Executive Officer, has remitted P1.6 billion to the national government coffers in the first two-months of the year.

Data from the Bureau of Treasury showed that in February, the regulator of casino gaming in the country had remitted P815 million, higher by 3 percent compared with the P792 million in the previous month.

Under the law, PAGCOR is required to remit 5 percent of its net winnings to the Bureau of Internal revenue BIR) as franchise tax, and 50 percent of the 95 percent balance goes to the Bureau of Treasury.

To date, PAGCOR is operating 13-branches and 25 exclusive clubs, open in major cities across the country.

Last month, MJC Investments Corp. (MIC) told the Philippine Stock Exchange that it will build a hotel casino in the former San Lazaro race track in Manila in partnership with PAGCOR.

The holding firm disclosed that it entered an agreement with Pagcor, which would establish, manage and operate a casino in the hotel that MIC would construct.

This hotel will be built on MIC’s 1.4-hectare property within the San Lazaro Tourism and Business Park in Santa Cruz, Manila.

The site is part of the former racetrack, the San Lazaro Hippodrome that has been registered with the Philippine Economic Zone Authority, entitling it to tax perks and other incentives.

Under a property-for-share swap undertaken in April 2008, MIC accepted Aries Prime Global Holdings Inc. as the transferee of Manila Jockey Club Inc.’s non-core assets. Aries used to be the majority owner of MIC before the sale of its entire stake in June 2007.

In January, PAGCOR had launched its latest gaming service, www.egamesonline.com.ph, the first Internet-based casino gaming website.

E-Games Online is operated by Philweb Homeplay, Inc., a subsidiary of PhilWeb Corporation, and will offer traditional casino games like blackjack, baccarat, roulette and slots to Filipino players that are 21 or older.

Philweb said that the suite of games, which covers everything found in a “land-based” casino, is presented with state-of-the-art graphics and high speeds, thanks to enterprise-class servers from PhilWeb.

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