The Philippine Amusement and Gaming Corp. has ordered Leisure and Resorts World Corp. to stop the electronic bingo games operations of its subsidiaries for violating its guidelines.
The gaming regulator closed down 17 gaming outlets of Total Gamezone Extreme Inc. and 36 sites of AB Leisure Exponent Inc. for noncompliance with the distance regulation guidelines under Section 2 of Regulation 3 of the Gaming Site Regulatory Manual for Bingo Games version 2.0 which states that gaming sites should be located 200 meters away from schools and places of worship.
LRWC Chairman and President Reynaldo Bantug is the uncle of Rep. Alfredo Abelardo Benitez (Neg. Occ., 3 rd District).
LRWC said that the shutdown might lead to losses of Php477 million in revenues and Php56.2 million in net income for the end of the year approximately 5 percent of total consolidated 2015 revenues and net income of the LRWC Group.
As of July 31, 2016, LRWC's related operating assets amount to Php190 million.
The gaming firm will send the letter for reconsideration to PAGCOR not later than Sept. 13, 2016.
“We will still wait for the PAGCOR's reply to our request for reconsideration before we could set our timetable for the resumption of operations of the affected sites. We could not anticipate the exact date on when will Pagcor answer our request,” LRWC said in a statement it issued.*PNA
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