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The Philippine government could decide by year end whether Pagcor should stop operating casinos and focus only on gambling regulation. A recommendation on the proposed split may reach the Office of the President in August.
Good to Know
- Pagcor wants to privatise the Casino Filipino chain.
- Reform would likely take effect through an executive order.
- Existing integrated resort operators have shown interest in the venues.
Pagcor Split Nears Presidential Review
The Governance Commission for Government-Owned or Controlled Corporations is preparing its recommendation on separating Pagcor regulatory duties from casino operations.
“The Office of the President will study that so it will be at the end of this year. It will be done through an executive order,” Pagcor chairman and chief executive Alejandro Tengco reportedly said.
Tengco views the reform as a defining part of his term.
“I think this will be my legacy to be able to decouple and Pagcor will only be a regulator.”
GCG chair Marius P. Corpus said most work had been completed, though legal and administrative reviews remain.
“More or less it is done. But I do not want to give a specific deadline or timeline, but it will be this year.”
Implementation would occur in phases after approval. Corpus also confirmed interest from current Philippine integrated resort operators in Casino Filipino properties.
Gaming Revenue Faces Weak Second Quarter
Pagcor has not yet released official industry revenue for the three months to June 30. Tengco expects results to remain close to the first quarter and well below the prior year.
“It’s bad. Why? There are no tourists, no VIP players because of the war.”
First-quarter Philippine gross gaming revenue, including non-casino activity, fell 15.9% to PHP87.60 billion, equal to about $1.42 billion.
Foreign visitor arrivals reached 2.74 million from January through May, according to unofficial figures attributed to the Department of Tourism. However, Tengco said geopolitical conflict and higher fuel costs had hurt tourism, VIP play and domestic spending.
“Hopefully, now that fuel prices have gone down, the third and fourth quarters will improve.”
Electronic gaming is expected to provide most industry growth during the second half.
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