Philippine Gambling Regulator Mulls Selling All Casinos Operating Nationwide

The Philippine Amusement and Gaming Corporation (PAGCOR), the gambling regulator in the Philippines, on Tuesday announced its plans to privatize all 41 state-run casinos it operates nationwide to increase the state budget

MOSCOW (UrduPoint News / Sputnik - 21st March, 2023) The Philippine Amusement and Gaming Corporation (PAGCOR), the gambling regulator in the Philippines, on Tuesday announced its plans to privatize all 41 state-run casinos it operates nationwide to increase the state budget.

"Philippine Amusement and Gaming Corporation (PAGCOR) Chairman and CEO Alejandro Tengco disclosed the new management's plans to focus more on PAGCOR's regulatory role, expand the agency's reach and contribute more to nation-building ... The PAGCOR chief explained that under his term, the management hopes to privatize the state-run gaming firm's self-operated casinos nationwide," the statement read.

The sale of casinos, which are on long-term leases with hotels and commercial landlords, will total 80 billion pesos ($1.

47 billion), the CNA news channel reported.

In addition to PAGCOR's purely regulatory role, Tengco, who will reportedly remain in office until 2028, is considering implementing programs for 2023 that will benefit gaming industry participants, support responsible gaming and contribute to the government's state-building efforts, the regulator's statement read.

PAGCOR first announced its intention to sell its casinos in 2016 to boost the state budget, but the plan was shelved two years later. The idea of selling all the casinos came up again as the country's gaming sector started to recover from the COVID-19 pandemic and attract new investors, mostly from China. The Philippine gaming industry annually attracts both players and foreign firms interested in creating entire casino resorts.