Pagcor plans to hike minimum capital for new casinos

Wikipedia Photo

MANILA — To ensure  financial capability, the Philippine Amusement and Gaming Corp. (Pagcor) is planning to increase the minimum capital requirements for new entrants to the country’s local casino industry.

Pagcor chairman Cristino Naguiat said he is eyeing  a minimum capital requirement of $1.5 billion for casinos companies planning to operate for the the Philippines for the first time.

This figure is 50 percent higher than the current $1 billion requirement.

The agency is now finalizing the terms of reference and is expected to be announced before the year ends.

Naguiat also reported that several firms have expressed their interest to set up shop in the country for local gaming prospects.

The said casino-giants include US-based  Caesars Entertainment Corp., which submitted a letter of intent to open a casino in the Philippines.