Pagcor suspends license of TIHGI after attack at Resorts World Manila

Travellers International Hotel Group Inc. (TIHGI), owner and operator of Resorts World Manila, yesterday confirmed that the Philippine Amusement and Gaming Corp. (Pagcor) issued an order on June 9 suspending its provisional license to operate casinos and other gaming facilities.

The suspension is in force pending investigation and final determination by Pagcor of the company's alleged liability for the June 2 robbery-arson incident that claimed 38 lives at Resorts World Manila, including that of lone gunman Jessie Javier Carlos.

Carlos torched gambling tables, stole casino chips and fired warning shots in the air, prompting casino employees and patrons to seek refuge in different parts of the casino, where they died from smoke inhalation.

The company told the Philippine Stock Exchange that it would cooperate with the authorities on the investigations and exert all efforts "to preserve and defend the company's provisional license."

The company's share price fell to P3 yesterday at the close of trading, from P3.05 on Friday. Its closing price was P3.40 on June 1, the day before the attack by Carlos, a former government employee saddled with gambling debt.

TIHGI is a joint venture partnership between Alliance Global Group Inc. (stock symbol AGI) and Genting Hong Kong Limited. AGI has also slid nearly 11 percent since the attack, closing at P13.66 yesterday, from P15.32 on June 1.

TIHGI reported revenues of P27.5 billion in 2016, with gross gaming revenues accounting for P23.6 billion. Growth in non-gaming revenues was attributed to opportunities in MICE (meetings, incentives, conferences and events) in the company's three hotels: Maxims Hotel, Remington Hotel and Marriott Hotel Manila. /