Fresh from his crackdown on online gambling, President Rodrigo Duterte now seems determined to free the Philippines from electronic bingo.
Duterte’s refusal to renew electronic bingo licenses led to the share price of Leisure & Resorts World Corp – the country’s largest operator in the gaming sector – tumbling by more than 20%.
Since electronic bingo makes up three-quarters of the iGaming revenue in the Philippines, it’s hard to come to any other conclusion than that the President -- a dead ring for Robert Davi's villain in Licence To Kill - is bent of ridding his country of all forms of online gambling.
Asked to explain the thinking behind this latest move, Andrea Domingo, the chairman of the Philippine Amusement & Gaming regulator said that President Duterte opposes electronic gaming operators because of the “social ills and decay they foist on our communities as they cater to the more economically vulnerable portion of our population”.
With Leisure & Resorts generating revenue to the tune of $207 per annum, one wonders how the new leader – Duterte only came to power in June – plans to make up for the financial shortfall.