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Philippines gaming regulator weighs sale of casinos for USD 1.47 B

Tuesday 21 de March 2023 / 12:00

2 minutos de lectura

(Manila).- The Philippines' gaming regulator is considering selling all 41 casinos it operates to raise 80 billion pesos ($1.47 billion) in government revenue and in order to focus on its regulatory functions, the agency's chief said on Tuesday.

Philippines gaming regulator weighs sale of casinos for USD 1.47 B

The proposal by the Philippine Amusement and Gaming Corp (Pagcor) comes as the country's freewheeling gaming sector recovers from the pandemic, with the return of Chinese high rollers and the opening of new gambling hubs.

"We are seriously considering privatisation of all Pagcor-operated casinos," Pagcor Chairman Alejandro Tengco told the ASEAN Gaming Summit. "It is my hope we will be able to implement privatisation during my term." Tengco's term runs until 2028, in line with the presidency.

Pagcor, a regulator but also an operator of 41 casinos, first announced its intention to sell casinos in 2016 to beef up the government's budget, a plan shelved two years later.

Last year, however, lawmakers and the finance minister pushed the new Pagcor administration to revive privatisation plans.

Selling the casinos, which are under long-term lease with hotels and commercial space landlords, in bundles would generate around 80 billion pesos for the government, Tengco told reporters.

Gross gaming revenues (GGR), the amount players wager minus winnings, in the regulator's casinos almost doubled to 15.9 billion pesos last year, government data showed.

Total GGR, led by multi-billion dollar integrated casino-resorts, will likely hit the 256 billion pesos pre-pandemic level by 2024 versus 214 billion pesos last year, Tengco said.

The return of Chinese gamblers and completion of new gaming properties will boost the gaming sector this year and in 2024, Tengco said.

The Philippine gaming industry has attracted foreign and domestic firms to set up sprawling casino-resorts, creating tens of thousands of jobs in the past decade. Gambling and betting activities employed roughly 27,000 workers in 2020, according to government data.

The Southeast Asian nation's gambling scene, which includes a smaller version of the Las Vegas gaming strip, attracts high rollers from countries like China, Japan and South Korea.

By Neil Jerome Morales


Tags: casinos,

País: Philippines

Región: Asia


CGS Bahamas 2023

02 de May 2023

Successful edition of CGS Bahamas and promising prospects for CGS Chile

(Bahamas, SoloAzar Exclusive).- For Elizabeth Leiva, CEO of CGS GROUP, the balance of the recent edition of CGS Bahamas and the Regulators Forum was very positive. “The gaming industry in the Bahamas is constantly growing, regulated and changing,” says Leiva, as she prepares for CGS LATAM, which will take place in a few weeks in Santiago de Chile.

Friday 19 May 2023 / 12:00

Successful presentation of Land Vegas at CGS Bahamas

(Nassau, SoloAzar Exclusive).- David Fica Jaque, Founder and CEO of Land Vegas, presented in CGS Bahamas a preview of what will be Land Vegas, a Metaverse focused on entertainment and games, with sports betting and casino games. Exclusively with SoloAzar, he talked about his experience at the trade show and his plans for this year.

Monday 15 May 2023 / 12:00

Avigilon presented video surveillance at the CGS Bahamas Event

(Bahamas, SoloAzar Exclusive).- SoloAzar interviewed exclusively the regional sales director for Central America and the Caribbean of Avigilon, Norberto Torres, during the Caribbean Gaming Show (CGS) held on May 3rd and 4th in the Bahamas. In this article he tells us about the work they are doing, and the importance of being present in this event, as well as the firm´s plans for the future.

Tuesday 16 May 2023 / 12:00


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