MANILA, Philippines - Philippine Amusement and Gaming Corp. (Pagcor) said it is studying whether to close Thunderbird Resorts' casinos in La Union and Rizal when a 17-day temporary restraining order (TRO) runs out.
Thunderbird got the TRO earlier this week after Pagcor took steps to close the casinos amid a dispute over its license.
Pagcor said Thunderbird has been operating without a license since 2009 and refused to accept terms the agency set for a new license.
Pagcor said it offered Thunderbird 60% of revenue, compared with 75% in its original license.
"We will comply with the temporary restraining order when the order is in effect but once it lapses then we will study our options whether or not we will enforce the closure again or if by that time Thunderbird and Pagcor come to terms with respect to the issuance of the license," Jay Santiago, head of legal at Pagcor, said in an interview on ABS-CBN News Channel (ANC).
In a statement on its website, Thunderbird, which also operates resorts and hotels in Peru, Costa Rica and Nicaragua, said the terms proposed by Pagcor are onerous. Pagcor clarified that Thunderbird is an isolated case because it was operating without a license.
It said it won't touch other companies whose licenses are in force. Some traders had blamed declines in Alliance Global Group Inc. and Belle Corp. on concern Pagcor may try to revise the terms of their licenses as well. "The case of Thunderbird is an isolated situation," Santiago said. "Unlike other gaming establishments which have their operating licenses in place, Thunderbird as of now doesn’t have a license to begin with so we cannot compare Thunderbird's situation with gaming operators who are operating validly with a license.'' Alliance Global, which operates the Resorts World casino, fell 3% on Thursday. Belle, which plans to open a casino complex in the Manila Bay area next year, fell for the 7th day.
