Duterte charge of heart helps Manila casino stocks
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President Rodrigo Duterte has changed his mind about building new casinos outside of the Entertainment City zone. The president has been an outspoken critic of gambling for many years.
The president has reversed his long-held position on gambling due to the need to raise money amid the coronavirus pandemic. The country of 109 million people has recorded in excess of 25,000 deaths as a direct result of the global ailment.
Duterte wants online gaming operators catering mainly to Chinese punters to pay more tax. He also suspended all lotteries run by the government’s Philippine Charity Sweepstakes Office. He wants to encourage gambling because the country needs money.
Duterte's decision to backtrack on his anti-gambling stance has boosted the value of gambling-related stocks on the Manila bourse. Bloomberry Resorts Corporation, which owns Manila's Solaire Resort and Casino, saw its value rise by 6.5%.
Duterte's good mood boosts Manila casino stocks. Leisure and resorts operator Le leisure and Resorts World Corporation's shares recorded a 5.7% boost to close at slightly above $0.03. Online games developer PhilWeb Corporation closed yesterday 7.5% up at approximately $ 0.05.
