PAGCOR’s e-games business being privatised

178

A Philippine-listed gaming technology provider has acquired another e-games site from the Philippine Amusement and Gaming Corporation (PAGCOR) earlier this week, according to ABS-CBN.
In a filing with the Philippine Stock Exchange on Monday, PhilWeb Corporation announced it had bought I-3 Gamers, Inc.’s site in Cagayan de Oro through its subsidiary BigGame Inc.
BigGame operates e-Games Cafés, and owns and operates fifteen casinos in the Philippines, according to the company.
It is the third e-games site PhilWeb has acquired from the state corporation and gaming regulator this year, Business World online reported.
In July, BigGame acquired an e-games site in Mandaue City, having acquired a similar business in Lapu-Lapu City, Cebu, in June.
Earlier this year, PhilWeb disclosed plans to acquire 15 Internet cafes over the year, dedicated to casino games from independent operators, by using 7.5 million shares currently kept in treasury.
PhilWeb had provided PAGCOR the software and associated facilities for the e-games network until August 10, 2016 under an intellectual property licence and management agreement.
PAGCOR had, however, terminated the contract with the company following declarations by Philippines President Rodrigo R. Duterte regarding online gambling and then PhilWeb Chairman Roberto V. Ongpin.