The 41 self-operated casinos owned by the Philippine Amusement and Gaming Corporation (PAGCOR) would be fully privatized by that organization by 2028, according to Alejandro Tengco, chairman and CEO of PAGCOR. Speaking at G2E in Las Vegas, Tengco detailed plans to revitalize these casinos with the delivery of more than 3,000 new slot machines beginning in January 2024, with an anticipated increased income of US$316 million for PAGCOR by the time privatization is complete.
Tengco said his objective is to “achieve the completion of privatization by the end of President Ferdinand Marcos Jr.’s term in 2028.” Tengco stated his goal is inspired by worries about PAGCOR’s dual function as both a regulator and operator.
Tengco said that initiatives to modernize PAGCOR’s assets will raise their worth in advance of privatization. The agency will also update its table games and purchase a more advanced table games management system in addition to new slot machines. Additionally, PAGCOR is in the process of purchasing a platform for an online casino that will go by the name of casinofilipino.com. In addition to allowing PAGCOR to enter the lucrative internet market, the online casino will be put up for sale as part of the privatization process.
Tengco thinks that by raising the value of PAGCOR’s assets, they would be able to sell for more money and the money will go towards efforts to strengthen the country. Tengco anticipates an infusion of fresh investments in the Philippine gaming sector after PAGCOR transforms into a pure regulator and creates a fair playing field in line with international best practices. The ultimate objective is to establish the Philippines as the epicenter of gaming in the Asia-Pacific region.
Original story by: IAG
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