Alejandro H. Tengco will replace Andrea Domingo as head of the Philippine Amusement and Gaming Corp.
The Philipines.- President Ferdinand Marcos Jr has announced the replacement for Andrea Domingo as PAGCOR’s chairman and CEO. Alejandro H. Tengco will take over the role almost three months after Ferdinand Marcos Jr won the presidential elections.
Tengco is a former vice mayor of Malolos, Bulacan. He also worked as a special assistant of businessman Anthony “Tonyboy” Cojuangco, Tiger Resort Leisure Entertainment Inc (TRLEI) board’s chairman. Cojuangco is part of Kazuo Okada’s team that took control of Okada Manila in May.
Meanwhile, Juanito L. Sanosa, Jr has been named president and chief operating officer of the regulator. Gilbert Cesar C. Remulla, Engr. Francis Democrito C. Concordia and Jose Maria C. Ortega have been appointed as members of the board of directors.
PAGCOR recently reported a net income of PHP2.16bn (US$38.8m), up 2,600 per cent when compared to last year. The regulator reported income from gaming operations of PHP24.72bn (US$443m), up 67.3 per cent year-on-year. Total income was PHP26.70bn, up 68.1 per cent.
It attributed the increase in revenue to the easing of Covid-19 restrictions as many casinos in the Philippines resumed full operations in March. PAGCOR’s spending rose 62.5 per cent year-on-year to PHP10.54bn. The regulator paid an additional PHP14bn in taxes and contributions in the first half.