The Philippine Amusement and Gaming Corporation (PAGCOR) and its chairman Alejandro Tengco is the operator of most casinos in the country. They operate the Casino Filipino group consisting of multiple casinos and other satellite branches. At the same time, PAGCOR is also the regulator for most commercial casinos in Metro Manila.
Since PAGCOR controls most of the gambling industry, some talks selling those casinos to private companies might be the best move. It can be helpful because of the value generated by these casinos for PAGCOR, selling them might be best for President Ferdinand Marcos Jr. and the government.
The likely bidders are from other countries who want to leave a mark on the Philippine gambling space. In the meantime, online casinos might be a good choice for gamblers, given that live casino online Philippines players have options around the internet.
This has been a long time coming
The Philippine gambling industry had an impressive gross gaming revenue of PHP 184 billion in 2022. That was a good number because it looked like earnings from before the COVID-19 pandemic.
Tengco got the PAGCOR Chairman job just a few months after Marcos became president. Since then, plans have been brewing behind the scenes about the state-owned and PAGCOR-run casinos possibly getting sold.
The Chairman said, ‘We are seriously considering privatisation of all PAGCOR-operated casinos. It is my hope we will be able to implement privatisation during my term’.
That is huge for the gambling industry. PAGCOR moving to a more regulatory role might be better because most of the gambling revenue came from licensed casinos outside the Casino Filipino brand. With a more privatised outlook, those casinos can improve due to their potential new owners.
Manila is becoming the new gambling hub in Asia
People hold Macau and China in high regard because of their strength as gambling hubs. They are still strong yet their tight grip on the industry is loosening. That has opened up opportunities for Manila to enter the fray and become one of the best gambling hubs in the continent.
Selling the PAGCOR spots is significant because that opens up the casino space even more. Partners from other countries will look to pounce on that chance because they can profit from entering a burgeoning market like Manila and the rest of the country.
Plans are not concrete but it will likely happen. Marcos is likely pushing for it because the country needs a boost to the Maharlika Investment Fund. The commercial casinos are already doing well and more foreign investors can theoretically be the best move for the gambling world and PAGCOR.
This can happen soon
Tengco did not say that he has a timeline for selling. His time as chairman ends in 2028 which means he still has enough time to sign off the purchase. The Philippine gambling scene is growing due to the non-PAGCOR casinos’ progress.
The revenue from past years has also shown that projections for the next few years are promising. That kind of trend matters for a sale because Casino Filipino’s strengths can help the selling price get higher. Tengco can help PAGCOR find a way to sell to the highest bidder while also regulating other casinos.
A bright future is waiting for the Philippine gambling space. Most people love land-based casinos but they should also try out the live casino online Philippines options because it opens up more interest for people to gamble and have fun.
