PAGCOR “seriously considering” privatisation of gaming operations
It’s estimated that the Philippines could raise PHP80bn (US$1.47bn) from the sale of PAGCOR’s gaming operations.
The Philippines.- Alejandro H. Tengco, chairman and chief executive officer of the Philippine Amusement and Gaming Corporation (PAGCOR), has revealed the regulator-cum-operator is “seriously considering the privatisation of all PAGCOR-operated casinos.”
Speaking with the press before delivering his keynote speech at the 5th ASEAN Gaming Summit, Tengco said there could be a tender process open to international bidders, and casinos could be bundled together.
Tengco seemed keen to implement privatisation during his tenure, which runs until 2028. He believes the Philippines could rise around PHP80bn (US$1.47bn) from the sale of the casinos. “We are the only regulatory body in the world that operates casinos in addition to regulating them,” he said.
Last year, PAGCOR generated PHP15.9bn in gross gaming revenue from its 44 state-owned Casino Filipino sites and PHP55.05bn in income from gaming operations, up 68.7 per cent yearly.
Last December, the Philippine finance secretary Benjamin E. Diokno said PAGCOR should be a regulator only. The idea had been raised during the Duterte administration but didn’t go ahead.
