PAGCOR casino privatisation unlikely before 2026
Chairman and CEO Alejandro Tengco says the agency has not yet amended its charter.
The Philippines.- Alejandro Tengco, chairman and CEO of the Philippine Amusement and Gaming Corporation (PAGCOR), has said that the plan to privatise the agency’s 45 casinos is unlikely to go ahead until early 2026 due to the need for legislative amendments. Tengco had previously aimed for PAGCOR to move to a purely regulatory role by the third quarter of 2025.
Tengco said the revision of PAGCOR’s charter would occupy much of next year. He also said the privatisation process is proving to be more complex than anticipated, with work needed on modernisation and negotiations with lessors.
PAGCOR regulates, authorises and licenses gaming in the Philippines but it also operates 45 casinos itself. This dual role has been seen as a conflict of interests and a potentially unfair advantage over private-sector licensees. The sale of its casino assets is now projected to generate around PHP50bn (US$893m), lower than initial estimates of PHP60bn to PHP80bn. PAGCOR does not own the properties where its casinos operate but leases them.
During his speech at the opening of the IAG Academy Summit at the Hilton Manila, PAGCOR’s chairman announced that 3,341 new slot machines have been ordered for Casino Filipino venues as part of a modernisation programme. The first batch of 1,968 slots will be delivered in mid-September.
PAGCOR posts GGR of US$1.56bn for Q2
PAGCOR reported that gross gaming revenue for the second quarter of the year reached PHP89.23bn (US$1.56bn). That’s a rise of 32.32 per cent year-over-year and 9.21 per cent sequentially.
According to the regulator, the largest growth was seen in the eGames sector, where revenue rose by 525 per cent year-over-year to PHP30.85bn (US$538.66m). PAGCOR chairman and CEO Alejandro H. Tengco said the sector “continues to surpass targets and should help cover up for any shortfall” resulting from the ban on offshore gaming operations by the end of the year.
Private casino resorts, including those located in Manila’s Entertainment City, continue to be the biggest contributors generating PHP49.48bn (US$863.95m). Revenue from PAGCOR-operated casinos reached PHP4.20bn (US$73.33m), down 14.8 per cent from a year earlier and 10.41 sequentially. Bingo revenue was also down at PHP4.69bn (US$81.89m).
