This is another great developments in the casino's crypto and Philippines regulatory authority has done very well. I believe that in future other governments are going to see good in this and cryptocurrencies will be used all over the world.
I think this is not a crypto casinos but its a traditional gambling. Its good for the Philippines, and it can make a lot of gamblers again. More countries are slowly showing a great support for gambling nowadays, and no doubt that Philippines is one of those countries, I will just enjoy the good ambiance of those casinos. 
Topic: Philippines' PH Resorts Group gets regulatory nod for $350 million share offerin - page 2. (Read 543 times)
January 29, 2019, 11:36:14 AM
January 29, 2019, 11:26:00 AM
Maybe this is another way Philippines can gather tax into knowing that we lack of tax collections because of the train law. This has nithing to do with the administration liking or disliking gambling or whatever. I see it as another way of gathering funds because of the fees. Its a nice news by the way.
It's money matters, who knows after this being built, what comes next, job opportunities, tourist destinations and many more establishments can be started around, though its still gambling that we are dealing with and knowing Filipinos can be easily being attracted, but still we should see other potentials that will help the country, considering the type of administration now it will gather taxes that will be use properly.
January 29, 2019, 10:53:53 AM
Maybe this is another way Philippines can gather tax into knowing that we lack of tax collections because of the train law. This has nithing to do with the administration liking or disliking gambling or whatever. I see it as another way of gathering funds because of the fees. Its a nice news by the way.
January 29, 2019, 09:57:42 AM
This is another great developments in the casino's crypto and Philippines regulatory authority has done very well. I believe that in future other governments are going to see good in this and cryptocurrencies will be used all over the world.
I think this is not a crypto casinos but its a traditional gambling. Its good for the Philippines, and it can make a lot of gamblers again. More countries are slowly showing a great support for gambling nowadays, and no doubt that Philippines is one of those countries, I will just enjoy the good ambiance of those casinos. 
January 29, 2019, 06:15:37 AM
This is another great developments in the casino's crypto and Philippines regulatory authority has done very well. I believe that in future other governments are going to see good in this and cryptocurrencies will be used all over the world.
January 29, 2019, 06:03:10 AM
I thought that the current administration doesn't like gambling at all? Or are they contradicting themselves and trying to bring Philippines to rival its neigbor Macau?
Anything that generates income as long as it is legal on their constitution will always receive a green light from the government, the way I see it is they aren't rivaling any countries they are just taking advantage of them being a tourist destination again which grew around 7.65% or 500,000 more tourist despite Boracay being closed for almost the whole year last 2018. And yes this casino share sell was even made more possible as the owner, Dennis Uy, is known to be one of the closest friends of the current administration which really giving it away. What the news didn't made clear if this sale is a private or public sale as there are no mentions of an IPO happening in the stock market, so I think SEC only approved a sale for private entities.
Dennis Uy is also the owner of the 3rd telco in the Philippines, once you are close to the president, nothing is impossible.
I believe he is also one of the biggest donor of Duterte during the last presidential election.
January 28, 2019, 11:27:10 PM
Business is business and while the industry, in all its shrouds of secrecy, may not do much for the actual economy nationally (at least, not provably nett positive), it still contributes a lot to GDP and revenue for government coffers. We've got no idea how much these statistics help them lobby for even regional say.
It does seem extremely at odds with his previous stances. His regime's all about attacking the root causes of social ills, and there's no grounded Filipino I know who won't point at least one accusing finger at the casino industry.
Exactly, money talks and Philippines being one of the most corrupts country not just in Asia, I wouldn't be surprised by the sudden U-turn of the Duterte administration. It will bring some jobs to locals, but it doesn't mean it will have a positive effect to the whole economy. I'm sure politicians pockets big money here just to lobby the President and get his approval for another Philippine casino.It does seem extremely at odds with his previous stances. His regime's all about attacking the root causes of social ills, and there's no grounded Filipino I know who won't point at least one accusing finger at the casino industry.
but on the other side they will surely have the thought on its brighter side.
Even I wont really be surprised if they would u-turn on their decision and would focus to open up casinos on that country.
January 28, 2019, 09:35:03 PM
Business is business and while the industry, in all its shrouds of secrecy, may not do much for the actual economy nationally (at least, not provably nett positive), it still contributes a lot to GDP and revenue for government coffers. We've got no idea how much these statistics help them lobby for even regional say.
It does seem extremely at odds with his previous stances. His regime's all about attacking the root causes of social ills, and there's no grounded Filipino I know who won't point at least one accusing finger at the casino industry.
Exactly, money talks and Philippines being one of the most corrupts country not just in Asia, I wouldn't be surprised by the sudden U-turn of the Duterte administration. It will bring some jobs to locals, but it doesn't mean it will have a positive effect to the whole economy. I'm sure politicians pockets big money here just to lobby the President and get his approval for another Philippine casino. It does seem extremely at odds with his previous stances. His regime's all about attacking the root causes of social ills, and there's no grounded Filipino I know who won't point at least one accusing finger at the casino industry.
January 28, 2019, 10:52:53 AM
I thought that the current administration doesn't like gambling at all? Or are they contradicting themselves and trying to bring Philippines to rival its neigbor Macau?
Anything that generates income as long as it is legal on their constitution will always receive a green light from the government, the way I see it is they aren't rivaling any countries they are just taking advantage of them being a tourist destination again which grew around 7.65% or 500,000 more tourist despite Boracay being closed for almost the whole year last 2018. And yes this casino share sell was even made more possible as the owner, Dennis Uy, is known to be one of the closest friends of the current administration which really giving it away. What the news didn't made clear if this sale is a private or public sale as there are no mentions of an IPO happening in the stock market, so I think SEC only approved a sale for private entities.
January 28, 2019, 10:40:07 AM
I thought that the current administration doesn't like gambling at all? Or are they contradicting themselves and trying to bring Philippines to rival its neigbor Macau?
If they will contribute for the improvement of the economy then why not. The president is against gambling but I guess only on illegal gambling, this one is registered and given the green light to expand because they share some of their profits to the government. I don't see anything bad on this, in fact, I applaud the president for making this kind of timely move.
And beside there are two kind of gambling,the LEgal and the Illegal
This time the administration is using the Legal one to collect Funds for the projects the the government is continuously building
January 28, 2019, 10:31:58 AM
Philippines are very welcoming, and in gambling we really like it. This is a fact since you will see a lot of gamblers on any street playing cards and others. Well, casinos attracts tourists and it can really help the econom of the Philippines. Hopefully this casinos will be more highly regulated, so everyone will enjoy a good system.
January 28, 2019, 10:12:46 AM
Business is business and while the industry, in all its shrouds of secrecy, may not do much for the actual economy nationally (at least, not provably nett positive), it still contributes a lot to GDP and revenue for government coffers. We've got no idea how much these statistics help them lobby for even regional say.
I do agree that business is business, with all the companies creating their strategy to earn more, they make ways to profit more in terms that helping the government could help them establish new ways of their business, and especially that they are a gambling industry.It does seem extremely at odds with his previous stances. His regime's all about attacking the root causes of social ills, and there's no grounded Filipino I know who won't point at least one accusing finger at the casino industry.
When there's money, there is power. Behind all the things that we know, we wouldn't find out some of the true reasons with what truly happened unless you are part of the business or something. 
January 28, 2019, 08:34:42 AM
To be honest, Our government seems to be confusing at times. Though, One thing is clear (as far I see) the Government wanted clear out this Gambling oligarchs so that they (Government) can handle the industry, for proper regulation, I think? But like OP said this contradicts P. Duterte's statement in a way. Unlikely, The current admin do have a plan but that plan seems to be unclear especially to us citizens, but in some area or point it do brings good contribution in the growth of the economy. Despite, having a lot critics about our President utter his words, it seems that he has a plan. Well if it's good then, I'll support and if it's bad then... (pray to a God that I don't believe in).
Philippines is still in developing stage, but the fact that our economy is growing and somehow we (I) can feel it. I think the only thing I can do is to believe in what the current admin is doing, I literally don't want to engage in political shizznits but this is just how I feel for now.
Philippines is still in developing stage, but the fact that our economy is growing and somehow we (I) can feel it. I think the only thing I can do is to believe in what the current admin is doing, I literally don't want to engage in political shizznits but this is just how I feel for now.
January 28, 2019, 08:14:38 AM
Business is business and while the industry, in all its shrouds of secrecy, may not do much for the actual economy nationally (at least, not provably nett positive), it still contributes a lot to GDP and revenue for government coffers. We've got no idea how much these statistics help them lobby for even regional say.
It does seem extremely at odds with his previous stances. His regime's all about attacking the root causes of social ills, and there's no grounded Filipino I know who won't point at least one accusing finger at the casino industry.
It does seem extremely at odds with his previous stances. His regime's all about attacking the root causes of social ills, and there's no grounded Filipino I know who won't point at least one accusing finger at the casino industry.
January 28, 2019, 06:30:45 AM
Governments aren't going to say no to easy money. They would rather make these types of businesses legal and generate a lot of new revenue. Prohibition didn't work in the United States back in the day, the best solution is to make it legal and tax the hell out of it.
You are right in general, but not all governments are that advanced. There are still many countries were people suffer because their governments are either too religious or communism-oriented. The Philippines has a democratic government and that's why such things as taking revenues from gambling are possible there. It's a pity that some countries are still living in the past, and I'm glad that the Philippines is not one of them. Having no oil resources they are still doing pretty good, and after becoming new Macau in respect to gambling they will do even better.
January 28, 2019, 05:33:20 AM
I thought that the current administration doesn't like gambling at all? Or are they contradicting themselves and trying to bring Philippines to rival its neigbor Macau?
If they will contribute for the improvement of the economy then why not. The president is against gambling but I guess only on illegal gambling, this one is registered and given the green light to expand because they share some of their profits to the government. I don't see anything bad on this, in fact, I applaud the president for making this kind of timely move.
January 28, 2019, 04:40:38 AM
Anyone from the Philippines aware of this news?
https://uk.finance.yahoo.com/news/philippines-ph-resorts-group-gets-regulatory-nod-350-101521917--sector.html
I thought that the current administration doesn't like gambling at all? Or are they contradicting themselves and trying to bring Philippines to rival its neigbor Macau?
@nutildah - it will probably near your place.
https://uk.finance.yahoo.com/news/philippines-ph-resorts-group-gets-regulatory-nod-350-101521917--sector.html
Quote
MANILA (Reuters) - The Philippine corporate regulator approved PH Resorts Group Holdings Inc's share offering to raise up to 18.5 billion pesos (268 million pounds) to fund the integrated casino builder's projects outside the capital, Manila.
The Philippines is one of Asia's fastest-growing gambling markets, benefiting from the influx of foreign high rollers and restrictive gaming policies in neighbouring countries.
The Securities and Exchange Commission said in a notice issued on Thursday it has given PH Resorts the green light to sell as much as 2.05 billion shares at a maximum price of 9 pesos apiece.
..
Proceeds from the share sale will fund the construction of a $200-million integrated casino-resort in a former U.S. military base north of the capital, and a $300-million megacasino in central Philippines, the company said in a regulatory filing.
The Philippines is one of Asia's fastest-growing gambling markets, benefiting from the influx of foreign high rollers and restrictive gaming policies in neighbouring countries.
The Securities and Exchange Commission said in a notice issued on Thursday it has given PH Resorts the green light to sell as much as 2.05 billion shares at a maximum price of 9 pesos apiece.
..
Proceeds from the share sale will fund the construction of a $200-million integrated casino-resort in a former U.S. military base north of the capital, and a $300-million megacasino in central Philippines, the company said in a regulatory filing.
I thought that the current administration doesn't like gambling at all? Or are they contradicting themselves and trying to bring Philippines to rival its neigbor Macau?
@nutildah - it will probably near your place.
Philippines is coming up really fast to become the next Business Process Outsourcing hub for the world. India used to be the favorite destination for many onshore companies to start their back end operations and call center and now Philippines has taken up that spot. Even my company has opened up their customer service operations there and sent the Director of Operations to set things up. These changes had started taking shape since last 8 years or so!
I believe they are trying to catch up with the race of globalization and since a majority of their population is young compared to many other Asian countries and also they speak English alongside Tagalog. I see this step as another government initiative to increase the internal employment rate as well as to bring more foreign direct investments to strengthen the economy.
Now if you want to understand how gambling can strengthen and grow the economy of a country, I encourage you to read one of my old threads,
https://bitcointalksearch.org/topic/how-gambling-can-effect-the-economy-of-a-country-part-2-macau-4324507
This thread talks about Macau, one of the classic examples of gambling helping the economy of a country! Philippines is eyeing for the same, I believe!
January 28, 2019, 03:54:03 AM
I thought that the current administration doesn't like gambling at all?
Hmm, I get confused too because AFAIK Duterte wnat to eradicate the gambling oligarchs in our country. But as we look deeper, business is business. It's very hard to let go the opportunity (such as employment and revenues) that gambling industry can offer especially that our country is not yet fully developed. That's why I understand if Duterte choose to let them pass. I just hope the gambling industry here will not grow as big as in Macau or Las Vegas because it will surely influenced my fellow men and I think the outcome will be worse. And that is my mindset as well when I read the news. I vividly remember him attacking oligarchs in his speech early in his Presidency. And even on his State of the Nation address, he says no to new casino, so this is a unexpected twist. I wouldn't say its a win-win situation here, of course there will be casualties and I'm sure more addicts will emerge. We already have the big 3 in Manila already and some small Pagcor satellites outside, I think this is ok for now.
And also there's a news article that I can't find though. It was some Chinese magnate who plans to put another casino but it was shot down by the administration last year. I will try to find that news article and post it here. But I guess the government is looking for other source of funds and revenue that's why they approved this. And that's the only reason that it made sense to me, at least.
January 27, 2019, 07:59:12 PM
I thought that the current administration doesn't like gambling at all?
Hmm, I get confused too because AFAIK Duterte wnat to eradicate the gambling oligarchs in our country. But as we look deeper, business is business. It's very hard to let go the opportunity (such as employment and revenues) that gambling industry can offer especially that our country is not yet fully developed. That's why I understand if Duterte choose to let them pass. I just hope the gambling industry here will not grow as big as in Macau or Las Vegas because it will surely influenced my fellow men and I think the outcome will be worse. And that is my mindset as well when I read the news. I vividly remember him attacking oligarchs in his speech early in his Presidency. And even on his State of the Nation address, he says no to new casino, so this is a unexpected twist. I wouldn't say its a win-win situation here, of course there will be casualties and I'm sure more addicts will emerge. We already have the big 3 in Manila already and some small Pagcor satellites outside, I think this is ok for now.
And also there's a news article that I can't find though. It was some Chinese magnate who plans to put another casino but it was shot down by the administration last year. I will try to find that news article and post it here. But I guess the government is looking for other source of funds and revenue that's why they approved this. And that's the only reason that it made sense to me, at least.
January 27, 2019, 07:19:30 PM
What about the The possibility of having a new source of significant funds for the government? I think that's the reason the current administration is allowing it and making it possible. I agree with carlisle1 that it will produce more jobs for the Filipinos and that's a good thing.
I may think also if the President have twisted his mind and think that it could give better life for his countrymen. There is a huge money that they could possibly collected and that will bring his interest on it. Nope, doesn't concern me on that matter, I've already lost my interest in this country.
~snip
Corrupt people will never see those things as illegal as for the OP, they'll just make it Legal. Nothing new, I suppose. What a waste for having a country like this.
I also feel like that in a way, but I don't want to give up in this country. It's hard to be positive when all you can see is negativity, even in the small accounts like DOST, the people there are lazy in a way. I have seen it first hand. I think that's what the government does to you. ~snip
Corrupt people will never see those things as illegal as for the OP, they'll just make it Legal. Nothing new, I suppose. What a waste for having a country like this.
Anyways, it is still not existed and I know how Pres. Duterte manage his people, let's see if there is changes once it is operated.
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