Pacific Online reconsiders stake in Buenas e-Casino
Company re-evaluates online gaming investment under evolving government stance.
Key points:
– Pacific Online Systems Corporation (POSC) is pausing further investment in HHR Philippines Inc (HHRPI), operator of Buenas e-Casino, due to regulatory concerns
– The move follows an initial P150m investment for a 37.5% stake intended to assess the online gaming market
Pacific Online Systems Corporation (POSC) is re-evaluating its involvement in the domestic online gaming sector as government information about a possible ban on Philippine inland gaming operators (PIGOs) creates regulatory uncertainty.
According to reports, the company had invested P150m ($2.6m) into HHR Philippines Inc (HHRPI), which runs Buenas e-Casino under a PAGCOR-issued licence, as an exploratory move.
Willy N. Ocier, POSC Chairman, stated that the company currently has no intention of increasing its stake in HHRPI, given the current regulatory environment.
The funds from POSC’s investment were designated to support HHRPI’s planned expansion of its e-casino operations. However, uncertainty around policy direction for PIGOs has led POSC to take a different approach.
HHRPI holds a Philippine Amusement and Gaming Corporation (PAGCOR) licence and provides electronic gaming platforms for both land-based and online operators.
Good to know: PIGOs are under the microscope due to beliefs they may follow a similar trend to those previously associated with Philippine offshore gaming operators (POGOs), and all legal online gaming operations in the Philippines require PAGCOR licensing
Ocier stated: “We’re not aggressive on it.”
Over the years, HHR Philippines has entered multiple agreements, including a deal with React Gaming that grants it exclusive rights to Loot.bet’s cloud-based software in the Philippines.
Pacific Online Systems Corporation (POSC) has maintained a long-term partnership with Intralot, marked by five contract amendments since 2006, including an extension running through to 31 August 2018.
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