Subic Casino Owner Warns Against Closure - Tuesday 20th of June 2006

SUBIC, Philippines – As reported by the Manila Standard Today: "Malaysian casino operator Legends International Resorts Ltd. yesterday warned the closure of its local operations, Legenda Hotel Casino in Subic, by state-run Philippine Amusement and Gaming Corp. will affect future foreign investments in the country.

"Legends executive director and chief executive officer Khoo Boo Boon said the government failed to honor business contracts and establish a level playing field.

"Pagcor closed down Legenda Hotel in May after Legends failed to remit 15 percent share of its revenues as prescribed under its license to operate. Legends said it had been losing money since 1999 because of the Asian financial crisis.

"…In 2000, Pagcor and the Subic Bay Metropolitan Administration threatened to cancel Legends' license to operate and close down its casino operations if it fails to further amendment its memorandum of agreement with the government.

"Pagcor and SBMA allegedly asked Legends to pay a minimum of P5 million a month each as guaranteed payment, regardless of whether the casino was earning from its operations or not.

"Khoo said that Legends eventually agreed because of political pressures and fear that the company would lose its $130-million investment in Subic. But after repeated attempts to hammer out an amicable settlement with Pagcor, Legends filed an injunction case against the state gaming firm…"

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