Francis Hernando is the president of First Cagayan Leisure and Resort Corporation. He was most recently Vice President of the Gaming Licensing Development Department of PAGCOR. Mr. Hernando has over 30 years of operating and financial management experience, and has held senior management positions at several leading companies. He served as Chief Financial Officer at three firms where Mr. Hernando spearheaded successful equity raising and debt restructuring programs: Philippine Global Communications, SPI Technologies, and The Philippine Home Cable Holdings. He also has experience as President at Filcredit Finance and Capital Development Corporation. Mr. Hernando spent over a decade in investment banking and private equity at AIA Capital Corporation Limited in Hong Kong and Lombard Investments in Manila. He started his career as a Senior Analyst at Far East Bank and the National Development Company in the Philippines. Mr. Hernando holds a B.S. degree in Management Engineering from the Ateneo de Manila University.
Leisure and Resorts World Corp. (LRWC) has seen a near 50 percent drop in online gaming companies licensed under FCLRC since the introduction of Pagcor’s new online regulations, Philstar reports. Last year, the company had 138 online gaming companies under its belt, but since POGOs were introduced, has around 70 to 80. “We lost about […]
First Cagayan Leisure and Resort Corporation says it is looking to make substantial upgrades to its technical infrastructure in order to be more competitive against Pagcor’s new online gaming licenses, local media reports. According to news outlet Calvin Ayre, online gaming operators licensed in the Cagayan Economic Zone Authority (CEZA) last week received letters from […]
At a lunch workshop hosted by global content delivery network (CDN) provider Limelight Networks in Manila on Tuesday, Jaheer Abbas highlighted the need for quality control in an increasingly rich media environment. The workshop was attended by a select number of local gaming operators. The theme of the workshop was improving the customer experience in […]
Tiger Resorts Leisure and Entertainment has lost a $2.2 million guarantee paid to the Philippine gambling regulator and its provisional gaming license is at risk of suspension because of delays in building its integrated resort in Manila. The company, a unit of Japan’s Universal Corp, had asked the Philippine Gaming and Amusement Corp. for a […]
The Philippines could see the launch of two new casinos after a U.S. investment group and a Macau-based gaming operator said they are in talks with regulatory authorities in the Philippines to spend $1 billion on new resorts. Sino-American Gaming Investment Group and Macau Resources Group told Reuters they have proposed large scale resorts – […]
Growth in online gambling in the Philippines is driving a real estate boom in Manila, which is now spilling over to the island of Cebu, as operators seek more space and cheaper prices. The ascent to power of mercurial President Rodrigo Duterte in 2016 cast a shadow over the country’s online gambling industry, amidst threats […]
After an annus horribilis in 2017, First Cagayan Leisure and Resort World Corporation is fighting back, pledging major upgrades in infrastructure and technology to help the Cagayan Special Economic Zone and Freeport (CEZA) regain its status as the hub for online gambling in the Philippines. As well as investing in new facilities, roads and an airport, the zone has an ambitious plan to become a fintech center for Asia.
Philippine President Rodrigo Duterte late last year signed into law the first steps in a long-awaited tax reform program to raise funds to improve infrastructure, which analysts say will dampen consumer spending, but are unlikely to hurt the booming gambling industry. However, a second round of measures, expected later this month, may contain more of a sting and operators are watching the bill closely.