PAGCOR to launch online casino in 2024
PAGCOR chairman and CEO Alejandro H. Tengco made the announcement at the opening ceremony of SiGMA Asia.
The Philippines.–The Philippine Amusement and Gaming Corporation (PAGCOR) plans to launch an online gaming platform, casinofilipino.com by the first quarter of 2024. PAGCOR Chairman and CEO, Alejandro H. Tengco, announced the plans at the SiGMA Asia Summit 2023, held at the SMX Convention Center in Pasay City, yesterday (July 20).
He said the online Casino Filipino would employ virtual reality technology that can simulate the sights and sounds of a physical casino, offering a realistic and immersive gaming experience.
Tengco said: “It will allow players to interact with the digital counterparts of traditional casino games. It will also transcend physical boundaries and will enable users from around the world to interact and participate in virtual environments.
“It can reach a global audience and can establish a presence in virtual communities of avid gamers. It will likewise offer an opportunity to tap into new markets and diversify its customer base.”
Tengco said the online Casino Filipino would offer expanded market reach, enhanced customer engagement and increased revenue potential. The move is seen as an opportunity to tap into new markets and diversify the customer base.
It may seem a strange move considering that PAGCOR is supposed to be planning to privatise its casino operations in order to focus solely on its regulatory role, but it could be intended to add additional value ahead of a sale.
PAGCOR says it is also focusing on the modernisation of its slot machines. It says it has commenced negotiations with various manufacturers to replace outdated models with 3,500 new machines. It also plans to develop its IT systems’ reporting, real-time analytics and security measures.
Tengco said: “This will play a pivotal role in improving PAGCOR’s casinos in terms of operational efficiency, enhancing customer experience, facilitating real-time reporting and analytics, ensuring security and fraud prevention, optimizing financial management and streamlining compliance requirements.”
PAGCOR reported revenue of PHP2.59bn (US$47m). Gaming operations and regulatory fees from licensees accounted for PHP34.12bn, or 94.3 per cent, of PAGCOR’s revenue and rose 38.03 per cent when compared to last year. Income was up 35.64 per cent in year-on-year terms from PHP26.7bn to PHP36.21bn (US$662m).
