Philweb fails to convince PAGCOR

Embattled PhilWeb failed to convince the Philippine Amusement and Gaming Corporation (PAGCOR) to extend its contract in last minute talks held Tuesday, GMA News reports.

Dennis Valdes, PhilWeb president told GMA the company will wind down the services it has provided to PAGCOR e-Games outlets since 2003 but will continue to operate the company as its board of directors assess new revenue streams.

According to PhilWeb, the e-Games network contributed P2.1 billion to PAGCOR in 2015 last year and around P14 billion over the term of the 14 year contract. Shares in the company have plummeted 82 percent since the beginning of July.

Related and similar