GGRAsia – Planned Silver Heritage rescuer sees unit get PIGO permit

Planned Silver Heritage rescuer sees unit get PIGO permit

Dec 09, 2020 Newsdesk Latest News, Philippines, Rest of Asia, Top of the deck

A subsidiary of a Philippine-listed firm with an interest in a plan to recapitalise the insolvent and in-receivership casino operator Silver Heritage Group Ltd, has been granted one of the first so-called “PIGO” – Philippine Inland Gaming Operator – licences.

A press release from Manila-listed DFNN Inc, filed with the Philippine Stock Exchange on Wednesday, said its unit Inter-Active Entertainment Solutions Technologies Inc had been given such a PIGO licence in November.

PIGO licences are for online gambling services to a domestic market, rather than the so-called “POGO” licences – Philippine Offshore Gaming Operator – permits for services aimed at players overseas, and which came under scrutiny from China recently as part of its campaign against mainland China residents engaging in online gambling.

DFNN said in its release that its PIGO-based service would be “only available to VIP players who must meet strict eligibility and registration procedures as well as rigid know-your-customer protocols, including a two-way video call” and “personal registration”.

Calvin Lim, chief executive of DFNN, was quoted as saying in the press release that its online operation would be part of the country’s effort to counter “illegal online casino” business, which he said had been “flourishing”.

On August 31, the Manila Bulletin newspaper had quoted Mr Lim as saying that DFNN’s planned involvement – via a near 19-percent owned firm HatchAsia Inc – in recapitalising Australian Securities Exchange-listed Silver Heritage, would give the Philippine firm “better access to a wider capital base as well as create new business streams for a larger audience reach that will pave the way for more Philippine businesses to globalise”.

Silver Heritage developed the casino property Tiger Palace Resort Bhairahawa, on Nepal’s border with India. It began gaming operations in December 2017.

In May this year, it was announced that Silver Heritage’s main lender had appointed two people as receivers and managers of the company. Since then efforts have been made to seek partners to help recapitalise the entity.