According to Philippine President Rodrigo Duterte, gambling as entertainment is “repellent” and “repugnant.” Even so, he favors both retail and online casinos as a way to raise money in the post-Covid era.
“That (I am in favor of casinos, POGOs) is correct. That is true. I do not deny it,” Duterte said during a recent interview broadcast by state-run network PTV-4. “Times are not really conducive to being a moralist now. We just have to be pragmatic.”
In the past, the president has been an outspoken opponent of gaming; in 2018, he ordered a review of a lease contract for a $1.5 billion casino that was then shelved, and in 2019 halted lotteries run by the government’s sweepstakes office. But now, according to Bloomberg News, Duterte says casinos as well as online gaming operators cater mostly to Chinese clients and should be encouraged.
Gaming stocks rose after Duterte’s comments. Bloomberry Resorts Corp., which owns Solaire Resort & Casino, was up 6.5 percent. Online gambling company PhilWeb Corp. rose 7.5 percent, while casino operator Leisure & Resorts World Corp. ended a two-day fall to close 5.7 percent higher.
