Pagcor denies links to Stanley Ho

The Philippine Amusement and Gaming Corp. (Pagcor) categorically denied yesterday the report that it has dealings with Macau magnate Stanley Ho.

Last March 29, the Pagcor board of directors, headed by chairman and CEO Efraim C. Genuino, resolved once and for all to issue a clarification and categorical denial stating that the corporation has no plan to deal with Ho in the operation or establishment of a casino or in any matter related to the country’s legalized gaming industry. This resolution was passed in order to clear the rumor that Pagcor has business relations with Ho and to allay the public’s anxiety over this issue.

Aside from the fact that Pagcor is the sole institution authorized by law to operate casinos anywhere in the Philippines, it has not received any applications or proposals from Ho to open gaming establishments in the country.

Meanwhile, the state-run gaming firm also clarified that it has no intention of setting up a casino at the Jumbo Palace floating restaurant situated in Manila Bay. Pagcor stressed that it is not aware of any plans regarding the floating restaurant.

Pagcor said it maintains its commitment to the highest principles of professionalism and transparency. Its record-breaking performance year after year since Genuino took over is a clear indication of the soundness of the business decisions and management style implemented by the current Pagcor administration.

In 2004, Pagcor posted a record annual income of P21.9 billion, the highest ever in its 22-year history. This beats the previous record of P20.21-billion total annual income for 2002, which earned for Pagcor the top spot in the Securities and Exchange Commission list of most profitable corporations in the country for that year. This achievement strongly reinforces Pagcor’s position as one of the biggest and most reliable sources of much-needed revenues for the government.

Genuino expressed confidence that the corporation is geared towards beating the records yet again this year.