PAGCOR Delays Sale of State-Run Casinos until 2026
The Philippine Amusement and Gaming Corporation (PAGCOR), the regulatory body responsible for overseeing the country's gaming industry, has announced a significant postponement in the sale of its state-run casinos. The delay will give the regulator more time to prepare for the transition.
A Filipino Casino sign outside a PAGCOR casino in the Philippines. (Source: Wikipedia)
LISTEN TO THIS ARTICLE:Initially slated for a mid-2025 start, the privatization process is now scheduled to begin in early 2026. This delay is attributed to necessary amendments to PAGCOR's charter, which must be addressed before the sale can proceed.
Related: Philippine Bill Would Dissolve PAGCOR in Favor of PAGCOMAlejandro Tengco, PAGCOR's chairman, has communicated to the media that the revision of the regulatory framework is a prerequisite for the privatization. The process of amending the charter is expected to take place throughout the next year. This development comes as a strategic move to ensure that the transition of the casinos into private hands is seamless and beneficial for all stakeholders involved.
The decision to delay the sale has been influenced by several factors, including the need for modernization of the Casino Filipino brand properties. As part of this initiative, nearly 2,000 new and modern slot machines will be introduced to the gaming floors by mid-September. This upgrade is seen as a preparatory step towards enhancing the value and appeal of the casinos ahead of the privatization.
Financial projections associated with the sale have also undergone revisions. The anticipated revenue from the disposal of PAGCOR casinos has been adjusted to approximately PHP50 billion (US$891.3 million), a figure that reflects a more conservative estimate compared to previous numbers. This adjustment takes into account the realization that PAGCOR does not own the properties outright but operates them on a lease basis.
More Business News
PAGCOR Refines Regulatory Oversight
In addition to the modernization of physical assets, PAGCOR is also focusing on creating a more equitable environment for its stakeholders. The organization plans to establish a gaming academy aimed at elevating the professional standards within the industry. This academy will cater not only to the local workforce but also to individuals aspiring to build a career in gaming across the Asia-Pacific region.
These preparatory measures are indicative of PAGCOR's commitment to maintaining the Philippines' position as a leader in gaming industry innovations. With the privatization of approximately 40 casinos under the Casino Filipino brand, PAGCOR aims to foster a competitive market while ensuring the highest standards of regulatory compliance and operational excellence.
The delay in the sale is seen as a strategic decision that will allow PAGCOR to enhance its assets and establish a solid foundation for the future of the gaming industry in the Philippines. By taking the necessary time to modernize and improve its offerings, PAGCOR is setting the stage for a more robust and profitable gaming sector that will continue to thrive long after the privatization is completed.
RELATED TOPICS: Business
Latest News
Most Read
Must Read
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for PAGCOR Delays Sale of State-Run Casinos until 2026