Alejandro Tengco, chairman and CEO of the Philippine Amusement and Gaming Corporation (Pagcor), has actually revealed that the sale of its gambling establishments will start in 2026. Legislators have actually required the regulator divest the residential or commercial properties.
The head of the Philippines Amusement and Gaming Corporation (Pagcor) states the regulator will start selling its gambling establishment properties in 2026.
Pagcor chairman and CEO Alejandro Tengco made the statement on 10 September at a Manila video gaming conference. “Since the first day we have actually been really singing about our strategies to focus exclusively on Pagcor’s function as a regulator,” he stated.
The relocation will “offer an equal opportunity” for stakeholders and guarantee Pagcor does not take on its own licensees, he included. The sale was initially set to start in 2025.
Approximately 45 Pagcor video gaming halls on the block
A variety of legislators have actually criticised Pagcor for its double function as regulator and gambling establishment operator, calling it a clear dispute of interest.
The regulator’s portfolio consists of 45 video gaming halls, consisting of 9 under the Casino Filipino brand name. Tengco anticipates the body to enjoy 50bn (₤ 682m/EUR807m/$891m) from the sale.
In the interim, Pagcor will continue to update the Casino Filipino websites, including brand-new video gaming devices to increase their worth. This month, it will set up 2,000 brand-new slots in the video gaming halls, all of which run on rented residential or commercial property.
“With all these efforts and preparations, we are positive that the Philippines … will stay at the leading edge of video gaming market developments in the Asia-Pacific area,” Tengco stated.
The pending sale won applause from gambling establishment magnate Kevin Tan, among the nation’s wealthiest males. “This will promote fairness amongst market gamers and guarantee long-lasting practicality and development for the video gaming sector,” Tan stated. The billionaire owns Alliance Global Inc, which runs Newport World Resorts in Manila. AGI is likewise establishing gambling establishment resorts in Boracay and Cebu.
Tengco guarantees help for gambling establishment employees
Tengco has actually vowed to assist gambling establishment employees displaced by the sale. Winning bidders, he stated, will be needed to keep 50% to 70% of the present labor force. Other workers will get severance bundles.
Before the sale, Pagcor needs to change its charter, a procedure that will occur at some point next year.