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PAGCOR to not bear expenses for renovations of its major self-operated casinos

February 16, 2024 Philippines Industry Updates

The Philippine Amusement and Gaming Corporation (PAGCOR), which cited “misinformation” that was circulating among its employees and hurting morale, said on Thursday that it would not pay for repairs at several of its largest independently run casinos.

This statement is a response to a social media post made by an employee claiming that PAGCOR is rebuilding its Casino Filipino branch in Angeles City with Php500 million (US$8.9 million) of its own funds.

Alejandro Tengco, Chairman and CEO of PAGCOR, said, “The allegations are completely false because the lessor will fully cover the renovations.” Funding will not be provided by PAGCOR for the renovation.

The employee’s article states that the renovations are intended to increase the branch’s attractiveness to potential buyers upon its eventual privatization.

Tengco clarified that the renovation of the Angeles branch is a component of PAGCOR’s dedication to enhancing amenities and services to draw in more clients while maintaining operating profitability.

He continued by stating, “We do not own the building housing Casino Filipino Angeles; thus, we have arranged for the lessor to cover renovation costs as they own the property, while PAGCOR is the lessee.”

Tengco said that as part of broader initiatives to boost customer appeal, which would benefit PAGCOR and the government, a similar deal is being investigated for the Casino Filipino branch in Bacolod.

With regard to the planned privatization of PAGCOR’s casinos, which might start as early as late 2025, Tengco promised that the required steps would be taken to support those who would be affected.

He went on to deny rumors that 10,000 jobs would be lost as a consequence of the privatization, saying that this figure includes every employee at PAGCOR. Tengco emphasized that many employees will continue to work in regulatory, enforcement, monitoring, and licensing capacities even if casino operations would come to an end.

Tengco informed employees that PAGCOR is committed to their welfare and cautioned them not to be fooled by false information.

Original story by: IAG

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