Pagcor firm on Legenda closure
By Jenniffer B. Austria, manila standard today
Philippine Amusement and Gaming Corp. is standing pat on its decision to revoke the license of Malaysian casino operator Legend International Resorts Ltd. to operate Legenda Hotel in Subic.
Pagcor said it cancelled the company’s gaming license after it failed to pay the government more than P365 million in fees and staged illegal cockfighting activities at casino premises, a practice prohibited under the Cockfighting Law.
“The bottom line is LIRL owes the government P365 million. Pagcor remains firm in its stance that it acted accordingly to its duty as the legally-mandated gaming regulatory agency of the government. As such, it is committed to protect the interests of the Philippine government and the Filipino people,” Pagcor said.
The Malaysian firm blamed the Asian economic crisis for its failure to pay the government’s share based on net income.
Pagcor discovered that Legenda was padding expenses to make it appear that the company was losing money and unable to pay its share to the government.
“A special audit team formed by Pagcor discovered that Legend was charging expenses of its noncasino units [hotel expenses] to the casino operations, thus, causing artificial net loss,” Pagcor said.
Pagcor said only 200 casino personnel were affected by the closure of the casino and that the Legenda Hotel remained operational.
Pagcor has addressed the problem of the displaced employees by offering them job opportunities at the gaming firm.
Pagcor said Legenda no longer had the exclusive right to operate casinos inside the Subic Bay Freeport and Economic Zone following its failure to pay the government its agreed gaming share.
Khoo Boo Boon, Legend International Resorts executive director and chief executive officer, earlier criticized the government for failing to honor business contracts and establish a level playing field after Pagcor closed down its casino operations.
Khoo also accused Pagcor officials of discrimination after it allowed Subic Diamond Casino, which stands right across the Legenda property, to operate despite a provision in their contract that Legend had the exclusive right to operate a casino within the Freeport.
Khoo said the practice of clearly favoring one investor over another contradicted government’s campaign to attract foreign investors.
Khoo, however, said the Malaysian firm was willing to settle the issue with Pagcor.
Philippine Amusement and Gaming Corp. is standing pat on its decision to revoke the license of Malaysian casino operator Legend International Resorts Ltd. to operate Legenda Hotel in Subic.
Pagcor said it cancelled the company’s gaming license after it failed to pay the government more than P365 million in fees and staged illegal cockfighting activities at casino premises, a practice prohibited under the Cockfighting Law.
“The bottom line is LIRL owes the government P365 million. Pagcor remains firm in its stance that it acted accordingly to its duty as the legally-mandated gaming regulatory agency of the government. As such, it is committed to protect the interests of the Philippine government and the Filipino people,” Pagcor said.
The Malaysian firm blamed the Asian economic crisis for its failure to pay the government’s share based on net income.
Pagcor discovered that Legenda was padding expenses to make it appear that the company was losing money and unable to pay its share to the government.
“A special audit team formed by Pagcor discovered that Legend was charging expenses of its noncasino units [hotel expenses] to the casino operations, thus, causing artificial net loss,” Pagcor said.
Pagcor said only 200 casino personnel were affected by the closure of the casino and that the Legenda Hotel remained operational.
Pagcor has addressed the problem of the displaced employees by offering them job opportunities at the gaming firm.
Pagcor said Legenda no longer had the exclusive right to operate casinos inside the Subic Bay Freeport and Economic Zone following its failure to pay the government its agreed gaming share.
Khoo Boo Boon, Legend International Resorts executive director and chief executive officer, earlier criticized the government for failing to honor business contracts and establish a level playing field after Pagcor closed down its casino operations.
Khoo also accused Pagcor officials of discrimination after it allowed Subic Diamond Casino, which stands right across the Legenda property, to operate despite a provision in their contract that Legend had the exclusive right to operate a casino within the Freeport.
Khoo said the practice of clearly favoring one investor over another contradicted government’s campaign to attract foreign investors.
Khoo, however, said the Malaysian firm was willing to settle the issue with Pagcor.
posted by OlongapoCity Zambales at
7:08 AM
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