Alejandro Tengco, chairman and CEO of the Philippine Amusement and Gaming Corporation (Pagcor), has announced that the sale of its casinos will begin in 2026. Lawmakers have demanded the regulator divest the properties. The head of the Philippines Amusement and Gaming Corporation (Pagcor) says the regulator will begin selling off its casino assets in 2026.
Alejandro Tengco, chairman and CEO of the Philippine Amusement and Gaming Corporation (Pagcor), has announced that the sale of its casinos will delivery up in 2026. Lawmakers possess demanded the regulator divest the properties.
The pinnacle of the Philippines Amusement and Gaming Corporation (Pagcor) says the regulator will delivery up promoting off its on line casino assets in 2026.
Pagcor chairman and CEO Alejandro Tengco made the announcement on 10 September at a Manila gaming convention. “Since day one now we had been very vocal about our plans to focal point completely on Pagcor’s position as a regulator,” he mentioned.
The circulate will “provide a stage playing arena” for stakeholders and sort definite Pagcor does now not compete with its have licensees, he added. The sale became firstly arena to begin up in 2025.
Up to Forty five Pagcor gaming halls on the block
A series of lawmakers possess criticised Pagcor for its twin position as regulator and on line casino operator, calling it a definite warfare of ardour.
The regulator’s portfolio includes Forty five gaming halls, including 9 beneath the Casino Filipino stamp. Tengco expects the physique to reap ₱50bn (£682m/€807m/$891m) from the sale.
In the duration in-between, Pagcor will continue to beef up the Casino Filipino sites, including unique gaming tools to maximise their charge. This month, this would set up 2,000 unique slots in the gaming halls, all of which which feature on leased property.
“With all these initiatives and preparations, we’re confident that the Philippines… will remain on the forefront of gaming enterprise improvements in the Asia-Pacific reveal,” Tengco mentioned.
The pending sale won applause from on line casino magnate Kevin Tan, probably the most nation’s richest males. “This would unprejudiced promote fairness among enterprise avid gamers and sort definite lengthy-term viability and development for the gaming sector,” Tan mentioned. The billionaire owns Alliance World Inc, which operates Newport World Resorts in Manila. AGI is furthermore growing on line casino hotels in Boracay and Cebu.
Tengco guarantees abet for on line casino workers
Tengco has pledged to abet on line casino workers displaced by the sale. Winning bidders, he mentioned, will be required to put 50% to 70% of the most fresh team. Varied workers will receive severance packages.
Earlier than the sale, Pagcor must amend its charter, a course of that would possibly perchance occur sometime next yr.
Source: iGamingBusiness
