Pacific Online weighs expansion amid PIGO uncertainty – BusinessWorld Online
LISTED online lottery operator Pacific Online Systems Corp. is rethinking its expansion plans into the online betting games business amid a proposed ban on Philippine inland gaming operators (PIGOs).
“We’re rethinking it if there’s that uncertainty,” Pacific Online Chairman Willy N. Ocier told reporters on Wednesday.
Malacañang said in March that it was still studying whether a ban on PIGOs was necessary. Talks of a potential PIGO ban surfaced due to concerns that it might cause the same issues as Philippine offshore gaming operators, including illegal activities and tax evasion.
Despite this, Mr. Ocier said that Pacific Online’s acquisition of a minority stake in electronic gaming platform software and service provider HHR Philippines, Inc. (HHRPI) is still ongoing.
“We’ll take it slow. It’s a minority interest. It’s ongoing,” he said.
“We wanted to get our feet wet, just to get a feel of it,” he added.
In January, Pacific Online signed an investment agreement to acquire a 37.5% stake in HHRPI for P150 million in a bid to expand its presence in the online gaming business.
HHRPI is a Philippine Amusement and Gaming Corp. (PAGCOR)-licensed software and professional service provider of electronic gaming platforms for land-based and online gaming operators. It is also a holder of a PAGCOR gaming license for online gaming under the brand “Buenas.”
Pacific Online shares were last traded on April 30, closing unchanged at P3.40 per share. — Revin Mikhael D. Ochave
