Fri. Mar 29th, 2024
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For several years Philippines President Rodrigo Duterte has been opposed to gambling. He even had cancelled a 50-year land lease deal which was supposed to be the home for an integrated resort.

However, owing to pandemic induced financial crunch, the President is now forced to re-consider his views on gambling. Recently, he cited the raising of funds as a supreme necessity due to which he might allow gambling in the country.

The President commented: “Go ahead and gamble. Now that we need money, the most sensible thing is really just to encourage those activities.”

This stands in sharp contrast to his anti-gambling views, reflected in cancellation of $1.5bn integrated resort from Landing International Development Ltd in Manila’s Entertainment City in August 2018. Later he also quashed the proposal for development of $500m casino resort by the Galaxy Entertainment Group.

However, the pandemic and economic slowdown has made him change his stand, apparently.

Notably, the gaming stocks of Solaire Resort & Casino, PhilWeb Corp. and that of Leisure & Resorts World Corp soared high, shortly after Duterte’s announcement.

 

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