The Philippine Department of Finance anticipates the Philippine Amusement and Gaming Corporation (PAGCOR) to conclude the sale of its state-owned casinos by 2025.
Catherine L. Fong, the undersecretary of the Department of Finance, told BusinessWorld that they are prepared to privatize PAGCOR’s gambling operations once it becomes a completely independent regulatory entity for the sector.
According to Fong, once PAGCOR is prepared, independent assessments will be used to determine the sale’s base price. She went on to state that while her department waits for PAGCOR’s transition process, it is working to improve cash flow at its self-managed casinos in an effort to boost sales.
In March, PAGCOR CEO Alejandro Tengco proposed selling its network of small, state-owned casinos to raise up to PHP80 billion (US$1.41 billion) via the sale of its chain of public-sector casinos with the name Casino Filipino. In addition, Tengco stated that these gaming establishments will be upgraded prior to the disposal process.
The transition from operational to regulatory operations must be completed by 2025, per Tengco.
Original story by: GGRAsia
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