New PAGCOR chief says privatizing casinos an appealing option
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Newly appointed PAGCOR chairman and CEO, Alejandro Tengco, says privatizing the organization’s casinos could be the most logical way forward for the Philippines gaming regulator, allowing it to focus on a single mandate instead.
Speaking at a House appropriations committee hearing this week, Tengco – who was only named to replace former PAGCOR chief Andrea Domingo nine days ago – told lawmakers he would need time to consider options but that a long-mooted sell-off of casino assets was appealing.
“We are hoping to be given time to study this. That is part of our current thrust and agenda to really distinguish whether we are a regulator or an operator,” said Tengo, as reported by the Inquirer.
“If we will be able to draw the line and distinguish, the option will be PAGCOR, if that should happen, will be the regulator for gaming operations, both land-based and online.
“For the PAGCOR-operated casinos nationwide, if we make decisions, the best thing that we could foresee is privatize.”
Tengco’s comments come after Finance Secretary Benjamin E. Diokno called for the new administration to make its future casino plans clear, stating, “PAGCOR’s new leadership will have to make known their plans moving forward. They should resolve the seemingly conflicting roles as an operator and regulator.”
PAGCOR first announced in August 2016 that it intended to sell its 47 casinos under the order of former President Rodrigo Duterte, with the goal of raising funds towards the national budget.
It later stated that the sale of its licenses would begin in 2018 and in January of that year revealed it had singled out 17 individual casinos under its operation to be offered to interested parties under phase one of the sell-off.
However, then-PAGCOR Chairman and CEO Andrea Domingo told IAG shortly afterwards that the sale of its casino assets had been shelved because they were generating such strong cash flows.
