August 8, 2018 / 11:35 AM / 4 months ago

Philippines' Duterte 'hates gambling', rules out new casinos

MANILA (Reuters) - Philippine leader Rodrigo Duterte said on Wednesday there would be no new casinos set up during his presidency, a day after abruptly shelving Landing International’s $1.5 billion integrated casino project in Manila.

Philippine President Rodrigo Duterte delivers his State of the Nation address at the House of Representatives in Quezon city, Metro Manila, Philippines July 23, 2018. REUTERS/Czar Dancel

The Philippines is one of Asia’s fastest-growing gambling markets and its integrated casino-resorts have helped create jobs and generate tax and tourism revenue. It also benefits from bans on gambling in many Southeast Asia nations.

Duterte on Tuesday ordered a review of Landing’s contract on the same day it broke ground on its project, arguing it put the government at a disadvantage because the rental payment was too cheap and the lease too long.

He reiterated his longstanding opposition to gambling and said he wanted no new casinos.

“I hate gambling. I do not want it,” Duterte said during a public speech, without elaborating. “There will be no casinos outside of what are existing. I am not granting anything.”

The notoriously blunt Duterte ordered the gaming operator in January to stop accepting new applications in a bid to prevent overcrowding in the sector and manage its growth.

At the end of last year, there were nine private casino firms in the Philippines operating 1,444 gaming tables and 9,427 electronic gaming machines, according to government data.

Gross gaming revenues rose 11.6 percent to 176.5 billion pesos ($3.33 billion) last year.

Since the halt in new applications, two foreign firms, Macau’s Galaxy Entertainment Group and Landing, have secured provisional gaming licenses.

It was not immediately clear whether other applications submitted prior to January and pending approval would be impacted.

Officials of the gaming regulator were not immediately available for comment.

Landing said on Wednesday it has nothing to add to its statement issued on Tuesday, which said the integrated resort project was pushing through and its lease contract was valid.

($1 = 53 pesos)

Reporting by Neil Jerome Morales; Editing by Martin Petty and Nick Macfie

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