The Philippine Amusement and Gaming Corporation forecasts increased momentum for gaming in the Philippines.<\/p>\n\n\n\n\n\n\n\n
The Philippines.-\u00a0PAGCOR<\/strong>\u00a0has announced a target of PHP244.84bn (US$4.5bn)<\/strong> in gross gaming revenue (GGR) for 2023 as the\u00a0“local gaming industry continues to gain momentum”. The target is 33.1 per cent higher than last year\u2019s target and 14.2 per cent higher than actual 2022 GGR.<\/p>\n\n\n\n The state regulator and gaming operator saw better-than-expected performance in 2022<\/a> after the end of COvid-19 lockdowns and the opening of borders to foreign tourists.\u00a0PAGCOR Chairman and CEO\u00a0Alejandro H. Tengco\u00a0<\/strong>expressed optimism for the gaming industry’s performance this year. <\/p>\n\n\n\n He said: “Since the lockdowns were eased in the country late last year and gaming venues reopened, customer confidence slowly returned and the attendance in our owned casinos slowly improved. Our licensed casinos likewise recorded a major revenue growth.”<\/p>\n\n\n\n He added: \u201cWe will ensure that our plans and programs for 2023 will be generally beneficial to our industries, putting foremost the interests of responsible gaming and of nation-building.”<\/p>\n\n\n\n Meanwhile, Tengco\u00a0has recently revealed that PAGCOR is \u201cseriously considering the privatisation of all PAGCOR-operated casinos.\u201d Speaking with the press before his keynote speech at the 5th\u00a0ASEAN Gaming Summit<\/a>, he said there could be a tender process open to international bidders, and casinos could be bundled together.<\/p>\n\n\n\n Tengco seemed keen to implement privatisation during his tenure<\/a>, which runs until 2028. He believes the Philippines could rise around PHP80bn (US$1.47bn) <\/strong>from the sale of the casinos. \u201cWe are the only regulatory body in the world that operates casinos in addition to regulating them,\u201d he said.<\/p>\n\n\n\nPAGCOR \u201cseriously considering\u201d privatisation of gaming operations<\/h2>\n\n\n\n