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By revoking CGC Technologies Inc.’s gaming license, the Philippine offshore gaming operator (POGO) has taken decisive action on the part of the Philippine Amusement and Gaming Corporation (PAGCOR). Following a probe by PAGCOR, the regulatory body acted quickly after learning of CGC Technologies Inc.’s alleged involvement in illicit actions.
In addition to revoking CGC Technologies Inc.’s accreditation, PAGCOR fined Oriental Game Limited, the parent firm of the company. According to the regulator, the parent company was negligent in ensuring the legal operation of CGC’s operations. Serious accusations against CGC, including credit card fraud, illegal imprisonment, and human trafficking, were found during PAGCOR’s inquiry.
After further investigation, PAGCOR discovered that CGC Technologies Inc. had broken the rules governing its accreditation. It was discovered that the company did not have the required authorization to operate four of its six buildings in the Sun Valley Business Hub in Mabalacat. Only two of these venues were accredited by the national gambling regulator, according to PAGCOR.
The Performance Bond for CGC will be immediately forfeited as a result of the license cancellation. The parent business, Oriental Game, has also been mandated to pay a $350,000 punishment. Alejandro Tengco, the chairman and CEO of PAGCOR, stressed that this move serves as a message to all offshore gaming licensees and service providers to abide by Philippine regulations without fail.
Tengco emphasized PAGCOR’s ardent support for responsible gaming and its dedication to tackling the societal problems brought on by the sector. In order to ensure proper regulation and cooperation with law enforcement, the regulatory body is committed to developing strong partnerships with other governmental agencies. PAGCOR seeks to use proceeds from regulated gambling activities for deserving causes, particularly for the advancement of the country.
Tengco also emphasized that anyone detected operating in a manner that is prohibited must immediately stop. Operating after accreditation or license termination will be regarded as illegal and subject to quick action. PAGCOR will keep working relentlessly to make sure that proceeds from regulated gaming are used sensibly for the good of the country since it is still committed to fighting the social problems connected to gaming.
“Continued operations despite the cancellation of their accreditation or licenses shall be considered illegal. Immediate action will be taken against those who are engaging in such. PAGCOR strongly advocates responsible gaming to curb all forms of social ills being linked to gaming. This is the reason why we continue to forge close partnership with other government agencies. Through proper regulation and cooperation with our law enforcement agencies, we will continue to ensure that revenues from regulated gaming will be used for more worthy causes, especially nation-building, Tengco reportedly said.”