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Pagcor Sticks with Decision

21 Jun 2006

PHILIPPINES – As reported by the Philippine Inquirer: "The government gaming firm Philippine Amusement and Gaming Corp. (Pagcor) is standing pat on its decision to close down the Legenda Hotel Casino at the Subic Bay Freeport Zone northwest of Manila, citing the company's failure since 2001 to pay the government over P365 million in gaming fees, Pagcor spokesperson Edward King said.

"…The failure of hotel group Legend International Resorts Ltd., owner of the casino, to pay the government its equivalent share of the casino's net income -- as prescribed in Legenda's license to operate -- led to the closure of the casino on May 10, King said.

"…Legend Resorts is claiming that it has been losing money since 1999 because of the Asian financial crisis.

"…In a statement, Pagcor said that in 1999 Legenda 'was padding its expenses,' making it appear that it was losing money.

"It said a special audit team discovered that Legenda was charging expenses of its non-casino hotel units to the casino operations, resulting in net losses…"

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