Philippine casino ordered closed for failing to honor revenue-sharing deal

A casino in the Philippines has been ordered closed after failing to abide by its revenue sharing deal with the local regulatory authority.

On Monday, the Subic Bay Metropolitan Authority (SBMA) delivered a cease & desist letter to Frontier Wish International Ltd (FWIL), which operates the Oriental Paradise Casino in the Subic Bay Freeport Zone on Luzon, about 70 miles north of Manila.

According to the Inquirer, SBMA chairman Roberto Garcia accused FWIL of ignoring its obligations under the Freeport revenue-sharing rules. The letter was reportedly sent after the SBMA rejected an FWIL counteroffer regarding its unpaid financial obligations.

The letter didn’t specify the sum the SBMA claims to be owed, nor what FWIL had offered to pay. Freeport rules require casinos operated by the Philippine Amusement and Gaming Corp (PAGCOR) to remit 3% of gross gaming revenue to SBMA. Other casinos calling Subic Bay home include the Venezia and the Grand Seasons Hotel.