CGLC’s licence was for its The Base integrated resort and casino project located in Clark Global City, Pampanga, which was set to open in 2022.
The suspension is effective immediately and will last until further notice and its lifting shall be subject to the approval of the Pagcor board of directors.
CGLC puts the decision down to “lingering uncertainties surrounding the casino gaming industry” in addition to greater competition in the Pampanga region.
PH Resorts anticipate that the licence suspension will have “little to no impact” on the company’s business, be that current financial numbers or future projections.
The suspension will also allow the company to focus its efforts on the construction and development of its flagship integrated resort and casino project – the Emerald Bay Resort and Casino located in Mactan, Cebu, also in the Philippines.
The Philippine gaming industry recently experienced a significant upturn, with industry revenue climbing 762.5% year-on-year.
Original article: https://igamingbusiness.com/clark-grand-leisure-corp-voluntarily-suspends-licence-amid-uncertainties/
