PAGCOR reportedly closes down another casino in Clark

Last Friday, the Philippine Amusement and Gaming Corporation (PAGCOR) ordered the closure of another gaming parlour situated in the Clark Freeport Zone in Luzon, the main island of the Philippines, according to local media reports.
The Casablanca Casino, located at the Stotsenberg Hotel, was reportedly shut down due to its inability to fulfill its escrow requirements.
Andrea Domingo, PAGCOR’s Chair was quoted as saying: “though the company was granted several extensions, the operator was not able to meet the escrow requirements.” Casablanca fell short by about P255 million (MOP41 million), according to local media.
Escrow refers to a financial instrument or asset held by a third-party – the escrow agent – on behalf of two other parties that are in the process of completing a transaction, until predetermined contractual obligations have been fulfilled.
Frontier Capital Group Ltd., a company headquartered in Sydney, Australia, and primarily engaged in the exploration of mineral deposits, acquired the Casablanca Casino and the hotel in February 2016, from the Stotsenberg Leisure Park & Hotel Corporation for a consideration of US$26 million (MOP20.7 million).
The casino operated 36 table games and 190 slot machines, and its name was said to be a reference to the classic American movie starring Ingrid Bergman and Humphrey Bogart, according to the company.
Jack Lam’s Fontana Leisure Park and Casino, which shut down last year, was also located in the Clark Freeport Zone. The CEO of the Hong Kong-listed Jimei Group was accused of conducting illicit online gambling and illegally employing some 1,300 Chinese nationals. The tycoon is said to have fled to Macau before his casino was shut down on December 2 last year. He reportedly met with the Macau gaming authorities last month.
According to SunStar Pampanga, four casinos continue to operate in Clark: the Casino Filipino, Widus Casino, Royce Casino and Midori Casino.