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PAGCOR highlights regulatory functions, restates privatization plans

September 18, 2023 Philippines Casino & Hotel

The Philippine Amusement and Gaming Corporation (PAGCOR) is bostering the dissemination of its regulatory functions and reiteration of its commitment to privatize its state-owned casinos.

Alejandro H. Tengco, Chairman and Chief Executive Officer of PAGCOR, stated that this initiative is in line with the agency’s mission to provide equality and make sure that everyone in the game industry can grow and stay in business in the future. These insights were shared by Tengco during his keynote address at the IAG Academy Summit’s opening session.

However, Tengco acknowledged that the shift towards a strictly regulatory function could influence some employees, particularly those working in PAGCOR-operated casinos scheduled for privatization. To address this issue, he suggested developing plans to minimize or prevent staff relocation.

PAGCOR has actively engaged employees through town hall meetings held across the country, assuring them that measures are in place to prevent any potential job losses. Tengco was pleased with the employees’ enthusiastic response and trust in the procedure.

At the ASEAN Gaming Summit in March, Tengco first disclosed PAGCOR’s privatization strategy.

To increase responsiveness and competitiveness, the CEO of PAGCOR enumerated additional initiatives, such as alterations to the organization’s structure, business processes, and policies. Plans for the transition include consolidating corporate offices into a single location to enhance coordination and efficiency. In addition, PAGCOR is modernizing its existing casinos in order to recruit a larger player base and make its assets more appealing to prospective buyers.

PAGCOR’s commitment to regulatory excellence and its strategic privatization plan demonstrate its commitment to the long-term sustainability and growth of the Philippine gaming industry.

Original story by: Asia Gaming Brief

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