{"id":7861,"date":"2024-09-13T07:18:24","date_gmt":"2024-09-13T07:18:24","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2024\/09\/13\/pagcor-to-offload-casino-assets-by-2026-announced-ceo-alejandro-tengco\/"},"modified":"2024-09-13T07:18:24","modified_gmt":"2024-09-13T07:18:24","slug":"pagcor-to-offload-casino-assets-by-2026-announced-ceo-alejandro-tengco","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2024\/09\/13\/pagcor-to-offload-casino-assets-by-2026-announced-ceo-alejandro-tengco\/","title":{"rendered":"Pagcor to Offload Casino Assets by 2026, Announced CEO Alejandro Tengco"},"content":{"rendered":"<div>\n<p>The chairman and CEO of the Philippines Amusement and Gaming Corporation (Pagcor), Alejandro Tengco, disclosed intentions to make a big change to the regulatory body\u2019s approach. Speaking at a gaming conference in Manila on September 10, Tengco announced that Pagcor will begin selling off its casino assets in 2026, a year later than initially planned. With this choice, Pagcor has made it apparent that it will now only concentrate on its regulatory obligations.<\/p>\n<p>Tengco said, <em>\u201cThis transition will prevent Pagcor from competing with its own licensees and provide a level playing field for all stakeholders.\u201d<\/em> The ruling resolves long-standing complaints about Pagcor\u2019s twin function as a casino operator and regulator, which many have seen as creating a conflict of interest.<\/p>\n<h2>Details on the Asset Sale and Upgrades<\/h2>\n<p>Pagcor\u2019s extensive portfolio includes up to 45 gaming halls, with nine operating under the Casino Filipino brand. The anticipated sale could generate approximately \u20b150 billion (\u00a3682 million\/\u20ac807 million\/$891 million). In preparation for this transition, Pagcor will continue to enhance the value of its assets. This month, the corporation plans to install 2,000 new slot machines across its gaming halls, all of which are situated on leased properties.<\/p>\n<p>Tengco expressed confidence that these upgrades and the impending sale will solidify the Philippines\u2019 position as a leader in gaming industry innovations within the Asia-Pacific region. <em>\u201cWith all these initiatives and preparations, we are confident that the Philippines will remain at the forefront of gaming industry innovations,\u201d<\/em> he said.<\/p>\n<p>Industry insiders have responded favorably to the announcement. Alliance Global Inc.\u2019s owner and well-known billionaire, casino mogul Kevin Tan, commended the action. Tan stated,<em> \u201cThis will ensure long-term viability and growth for the gaming sector and promote fairness among industry players.\u201d<\/em> His business, AGI, is creating additional casino resorts in Cebu and Boracay in addition to running Newport World Resorts in Manila.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/katsubet-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"Katsubet\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/Katsubet.png.webp\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative py-10\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/katsubet-casino\/\" title=\"Katsubet\" target=\"_blank\" rel=\"nofollow noopener\">Katsubet<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong>5BTC or 111% + 111 Free Spins!<\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive 111% Welcome Bonus  + 111 Free Spins<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/igaming.org\/site\/katsubet-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Tengco also talked about how the sale would affect the workers in the casinos. He guaranteed that severance compensation would be given to individuals impacted and that the successful bidders would be obliged to keep between 50% and 70% of the current personnel. In order to make the sale possible, Pagcor will also need to modify its charter; this procedure should be finished by the end of the following year.<\/p>\n<p>The post <a href=\"https:\/\/igaming.org\/casino-news\/pagcor-to-offload-casino-assets-by-2026-announced-ceo-alejandro-tengco\/\">Pagcor to Offload Casino Assets by 2026, Announced CEO Alejandro Tengco<\/a> appeared first on <a href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The chairman and CEO of the Philippines Amusement and Gaming Corporation (Pagcor), Alejandro Tengco, disclosed intentions to make a big change to the regulatory body\u2019s approach. Speaking at a gaming conference in Manila on September 10, Tengco announced that Pagcor will begin selling off its casino assets in 2026, a year later than initially planned. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-7861","post","type-post","status-publish","format-standard","hentry"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/7861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/comments?post=7861"}],"version-history":[{"count":0,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/7861\/revisions"}],"wp:attachment":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/media?parent=7861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/categories?post=7861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/tags?post=7861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}