{"id":7331,"date":"2024-06-12T06:22:59","date_gmt":"2024-06-12T06:22:59","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2024\/06\/12\/pagcor-adapts-to-regulatory-changes-and-seeks-new-markets-between-chinese-tourist-decline\/"},"modified":"2024-06-12T06:22:59","modified_gmt":"2024-06-12T06:22:59","slug":"pagcor-adapts-to-regulatory-changes-and-seeks-new-markets-between-chinese-tourist-decline","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2024\/06\/12\/pagcor-adapts-to-regulatory-changes-and-seeks-new-markets-between-chinese-tourist-decline\/","title":{"rendered":"PAGCOR Adapts to Regulatory Changes and Seeks New Markets Between Chinese Tourist Decline"},"content":{"rendered":"
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The Philippine gaming sector is shifting towards stricter regulations while exploring new markets to maintain growth, according to Alejandro H. Tengco, chairman of the Philippine Amusement and Gaming Corporation (PAGCOR). Speaking at the Global Gaming Expo (G2E) Asia, Tengco outlined PAGCOR\u2019s future strategies, including plans to privatize about 50 casinos starting late 2025 through early 2026, as reported by Macau Business.<\/p>\n

Tengco emphasized PAGCOR\u2019s commitment to exiting the grey list of the Financial Action Task Force, an international anti-money laundering organization. He discussed PAGCOR\u2019s dual approach to curbing illicit activities, focusing on risk-based supervision and junket operations. Tengco noted, \u201cThe measures include new but more stringent regulatory policies that thus far resulted in a 50 percent decrease in internet gaming licensee applications, the refusal of three junket operator applications, and a 137 percent increase in suspicious transactions reports made by junket operators.\u201d<\/em><\/p>\n

Since taking office in late 2022, Tengco has spearheaded operations against non-compliant internet gaming licensees and employees, resulting in substantial penalties. \u201cTo date, we have penalized 65 internet gaming licensees and service providers since I assumed office and have collected a staggering 3 million U.S. dollars in fines and penalties,\u201d<\/em> he added.<\/p>\n

Navigating the Decline in Chinese Tourists<\/h2>\n

The Philippine Department of Tourism reported a significant rise in Chinese tourist arrivals, with a 150 percent year-on-year increase in the first quarter of the year. Despite this growth, current numbers only represent 24 percent of the 2019 levels. Tengco acknowledged the impact of fewer Chinese tourists but highlighted that the industry is not solely reliant on this market.<\/p>\n

\u201cWell, definitely, one way or the other, the non-arrival of Chinese tourists is also affecting our customer base. But despite it all, you can see we have other markets that have been supporting the Philippine casinos,\u201d<\/em> Tengco remarked, referencing players from Korea, Japan, Singapore, and Malaysia.<\/p>\n

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