Alejandro Tengco, the current chairman of the Philippine Amusement and Gaming Corporation (PAGCOR), has recently made a public statement regarding the organization’s future plans.
According to Tengco, PAGCOR intends to undergo a significant transformation, transitioning into a regulatory entity exclusively by the year 2025. This transformation signifies a notable shift in their operational strategy, as they will also cease its direct involvement in casino operations and instead focus only on the regulatory aspects of the gambling industry.
Tengco highlighted that the transition is an integral component of their strategic approach to achieving equitable conditions for all stakeholders in the gaming sector and securing its sustainability in the long run. According to him, PAGCOR has the ability to establish itself as a benchmark for excellence in the Asian gaming industry as it continues to enhance its regulatory capabilities.
In March, Pagcor made public its plans to relocate its network of relatively small, government-owned casinos, which include the Casino Filipino label of publicly-operated casinos. It was projected that this particular undertaking would yield a potential revenue of approximately PHP80 billion (equivalent to US$1.41 billion).
While recognizing the potential impact on employees, Tengco provided assurance that PAGCOR is actively devising strategies to alleviate any potential displacement of employees, particularly those employed at PAGCOR-operated casinos that are slated for privatization. The organization has conducted nationwide town hall meetings to apprise its personnel of these proposed initiatives and assuage any apprehensions pertaining to employment stability.
PAGCOR is now undertaking modifications to its corporate structure, business processes, and procedures with the aim of enhancing its ability to effectively respond to and compete in its newly assumed regulatory position.
Original story by: GGRAsia
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