PAGCOR to shift to purely regulatory function

Alejandro Tengco, the chairman and CEO of Philippine Amusement and Gaming Corp. (PAGCOR), said on Friday that the company intends to shift its attention from operating casinos to just handling regulations for the next five years.

Tengco described PAGCOR’s objective to become known as a body tasked with supervising the growth and attracting investment into the gaming industry. He underlined the agency’s commitment to streamlining processes and lowering licensing costs in order to establish the Philippines as the premier gaming destination in Asia-Pacific.

Now PAGCOR is in charge of the gambling business in addition to managing several casinos and online gaming enterprises.

Tengco said that PAGCOR intends to build one integrated resort (IR) every year at the very least. Over the next five years, the IR would gradually expand from its starting point in Quezon City to important places like Cebu and Clark.

Furthermore, he urged investors to capitalize on the growing potential of the Philippine gambling sector and endorsed the intention of prominent online gaming operator 188BET to relocate its operations from the Isle of Man to the Philippines.

Original story by: Manila Times