The election of the new President in Philippines is sure to have a great impact on gambling market. The elected President, Rodrigo Duterte shocked the media by stating that he is going to put an end to the gaming industry of Philippines. The statement was announced at the time when he was putting forth the budget for the coming year 2017. However, not timing or the scope for such a ban has been clarified.
In the Words of Duterte
In an interview with the local media, Duterte clearly mentioned in a comment that he is all set to close the entire gaming firms that are operating online. Without realizing their value, he said that these firms have no use and must be banned. It was seen that in the month of August, he gave a warning shot by fighting 13 year monopoly of a company. To this, he said that he was mad to do all this. He did this because of the increasing interests of youth in online gambling and he had no other option to retrieve the proper taxes.
The Positive Take
On the other hand, it can be said that the President has some good plans too. He made it clear that he will ensure the proper collection of taxes from the online gambling firms that have not paid yet. The collected taxes will then be invested in the districts where gambling is permitted and casinos that are operating legally. However, he has no intentions to entertain any casinos situated near schools and churches. It hints at the fact that Duterte is concerned about the young generation and is aware of the adverse effects that online gambling can have on people. He fears gambling addiction and ruin in player’s mental health.
About Gambling Industry in Philippines
It is known to all that the gambling industry of Philippines has been rising great and is the most attractive of the entire Asia. The industry has captivated the attention of various investors that have invested in billions to help the industry flourish. In addition to this, it has also fascinated millions of players from different countries around the globe.
In an interview with Bloomberg, Philippine casino mogul Enrique Razon stated that the Duterte’s decision of banning online gambling firms will prove to be beneficial for the brick and mortar casinos of the country. It is true that the President can never ban all the online and traditional casinos at once, as the gambling industry contributes to the high revenues of the nation.
If he is banning the online firms then it is sure that he has some good plans for the traditional casinos. It is known that he is set to invest around $420 million in a casino resort that is located in the capital of the nation, Manila.
It is true that encouraging the building of new casinos in the nation will improve the tourism business. In fact, the first six months of the year have already shown its positive impact with an increase of 14 percent in the arrivals in the country. To add on, these people are coming from China, the United States and South Korea. It means that Philippines has been able to attract the players from the biggest developed nation of the world, USA also, which further hints at the fact that it has great scope to move much higher and set a landmark in the entire world. Moreover, the capital, Manila has plans to become an Asian casino hub by captivating the attention of gambler of China who are leaving Macau.