The owner of Newport World Resorts, located in Manila, Philippines, plans to extend its operations under the license of the Philippine Inland Gaming Operator (PIGO). The expansion involves new table games that will be added to the aforementioned property, Hakan Dagtas, the chief operating officer of the facility, said to the GGRAsia. Additionally, the updated offering will be launched starting in December.
PIGO license:
At the moment, the aforementioned property provides PIGO clients with the opportunity to play 50 slot machines, Dagtas added according to GGRAsia.
As for the PIGO license, it was designated as the licensing category throughout the global COVID-19 pandemic, permitting land-based casino owners in the Philippines to provide iGaming services to the local market throughout a time frame when limitations connected to COVID-19 stopped Philippine players from visiting casinos. Having worked quite well, the aforementioned PIGO system entered the period after pandemic.
As the acronym PIGO suggests, such permits are for iGaming services for the local market, as opposed to so-called “POGO” permits, which are Philippine Offshore Gaming Operator licenses specifically aimed at overseas player services. However, these “POGO” licenses are being carefully examined by China during recent years. The reason for this is a campaign to dissuade mainland Chinese people from gambling online.
PIGO games need to be linked to physical gaming tables or machines particularly operated by the PIGO licensee for that goal unlike traditional online gambling which depends on server-based random number generators. This is why PIGO is widely known as a type of “remote gambling.”
Net loss in the third quarter:
The owner and operator of the aforementioned property is Travellers International Hotel Group Inc., owned by Alliance Global Group Inc., a conglomerate based in the Philippines.
When it comes to the net loss that occured in the third quarter for Alliance Global Group Inc., it decreased compared to the previous year to PHP13 million, aka US$232.252, on a consolidated basis. Additionally, the net loss for the Q3 2022 was PHP131 million.
Furthermore, as for net income during the said quarter, it reached almost PHP8.28 billion, representing a growth of 28.3% compared to the 2022. All this information related to income was given by the parent firm in a November 15 filling to the Philippine Stock Exchange.
About:
Newport World Resorts, formerly Resorts World Manila, is located across Ninoy Aquino International Airport Terminal 3 in Pasay, Manila, Philippines and is owned and operated by Travellers International Hotel Group, Inc.