PhilWeb ‘winding up’ operations after PAGCOR declines to renew eGames license

Gaming technology provider PhilWeb is in the process of ‘winding up’ its Philippine operations after the local regulator confirmed that the company’s operating license wouldn’t be renewed.

Following Monday’s news that the Philippine Amusement and Gaming Corp (PAGCOR) had elected not to renew PhilWeb’s license past its Wednesday, August. 10 expiry date, PAGCOR said the company has confirmed that it is “doing their wind-up operations” in the country, with the intention of fully shutting down as of 11:59pm.

PhilWeb had a services contract to supply gambling terminal software to 286 PAGCOR-licensed eGames cafes, which offer a variety of slots, video poker and other digital casino gaming options.

PhilWeb’s stock fell another 17% on Tuesday to close at P4.25 (US 9¢), down 82.5% since June 30, the day new Philippine President Rodrigo Duterte was sworn into office and immediately announced that “online gambling must stop.”