After a lengthy stand-off between gaming regulator PAGCOR and Waterfront Philippines Inc, the Philippines Court of Appeals (CA) has upheld a ruling by Manila's Regional Trial Court to issue a provisional casino licence.
Waterfront is now free to operate a casino-hotel in Entertainment City ending an application process which began in 2008 with Waterfront depositing $100 million in cash to fulfil PAGCOR's requirements.
Despite this significant payment Waterfront filed a petition in 2015 accusing PAGCOR of ignoring their application which resulted in PAGCOR paying Php200,000 for moral and exemplary damages.
The ruling could see Entertainment City welcome a fifth operator after all following President Rodrigo Duterte’s August 2018 proclamation that Landing International Development Ltd would not be permitted to build a planned US$1.5 million IR despite having been granted a provisional casino license.
There are currently three IRs in Entertainment City – Solaire Resort & Casino, City of Dreams Manila and Okada Manila – with Travellers International Hotel Group in the process of developing a fourth, Westside City Resorts World.
According to the Court of Appeals, Waterfront’s license would be “similar to those granted to Resorts World Manila, City of Dreams, Solaire Resort & Casino and Okada Manila.”
This is an excellent result for Dragon as Dragon Coin, the world’s number one entertainment coin could provide the perfect solution for globe-trotting High-Rollers looking to benefit from frictionless access to their funds regardless of where they happen to be playing.
Want to find out more about Dragon’s continued evolution of the entertainment industry? All you need to do is click here.
And if you haven’t already downloaded the excellent Dragon Social Wallet yet click here to get it now and enter the exciting world of digital asset trading.Investment Disclaimer