PAGCOR plans privatisation of its 45 casinos by 2025
Alejandro H. Tengco said PAGCOR will shift to a purely regulatory role by the third quarter of 2025.
The Philippines.- The Philippine Amusement and Gaming Corporation (PAGCOR) has disclosed plans to initiate the privatisation of 45 casinos. Speaking during budget deliberations at the House of Representatives, chairman and CEO Alejandro Tengco said the process would take place by the third quarter of 2025.
Tengco said PAGCOR aimed to increase the value of the assets ahead of privatisation. The announcement was a response to questions raised in the session after the lawmaker Edwin Olivarez raised concerns regarding PAGCOR’s dual role as both regulator and operator. He pointed out that foreign operators earn more than PAGCOR-operated casinos.
Another legislator, Rufus Rodriguez, argued that considering the projected growth in PAGCOR’s assets, there was no compelling rationale for divestment. He said selling the assets would be like “selling the goose that lays the golden egg”.
Vice president Sharon Quintanilla noted that the agency’s revenues for 2022 amounted to PHP58.96bn. The projection for 2023 is PHP75.49bn, and PHP80.28bn for 2024.
