Pagcor Upgrades Casino Filipino To Generate $321 Million
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Following the recent move to transform the state-run Philippine Amusement and Gaming Corp (Pagcor) into an exclusively regulatory entity, this governmental agency’s chairman and chief executive Alejandro Tengco suggests the stakeholders to reconsider the financial capabilities of the Pagcor – operated chain of retail gambling venues Casino Filipino. As reported, Tengco says that the congregation of these land-based facilities might “generate at least PHP18 billion” (US$320.9 million) in revenues in the next five years.
Upgrade to Commence in January 2024:
As reported by GGRAsia, the Philippine gambling operator and regulator announced earlier this year that the upgrade of the existing Casino Filipino facilities would increase their value and that the Casino Filipino network should be offered to potential buyers once the modernization process is completed. As reported, Tengco says that such a move may be taken rather soon, according to GGRAsia.
He reportedly said:“We expect the delivery of 3,000 brand new slot machines by January next year. We have an agreement in place with a supplier for a revenue-sharing scheme for these new machines which we expect to generate at least PHP18 billion in revenues in the next five years.” Tengco added:“We are also modernizing our table games by replacing our old ones with new and more sophisticated gaming tables to attract more players and further increase revenues,” he added.
2023 GGR Reach 219 Levels:
The source reports that Pagcor CEO addressed the issue during a recent iGaming event organized by gaming supplier RGB International Bhd. Talking about the national gambling environment, Tengco reportedly said that the Philippine gaming sector may generate around the same level of revenues as in 2019. Pagcor chairman reportedly noted: “One year into the term of President Ferdinand Marcos Jr., our gross gaming revenues have returned to near the levels of 2019.”
Increased Demand:
As the year was an “all-time high for Philippine GGR” and seemingly mirrored in 2023, Pagcor may be looking to benefit from the current gambling sentiment and move the sale-off process a bit forward as the sale-off of the agency’s facilities has been scheduled for the year 2025. As reported by GGRAsia, Tengo expects that the 2023 GGRwill match or even exceed the 2019 record as domestic players and the influx of new tourists have set off the absence of traditional high rollers and junkets.
Growth Trajectory:
Pagcor CEO informed about new casino resorts to be opened in the country, such as Clark, to attract worldwide tourists and gambling patrons. Tengco reportedly seems aware of the increased demand for leisure and entertainment content and anticipates that these industries will “sustain the growth trajectory of the Philippine gaming industry in the coming years.” Therefore, Pagcor is reportedly looking to upgrade its land-based network and expand the online casino platform to get”a significant share of the very lucrative and very profitable online market” rather than engaging into the sale-off process.
