As CNN reported, the Philippine Playgame Company (PAGCOR) is working on an effort to privatize 45 of its casinos by the third quarter of 2025. As the regulator’s chairman announced in a national budget deliberation in the House of Representatives on Aug. 14, the regulator is reportedly planning to add value to more than 3,000 electronic game consoles to benefit from the upcoming privatization.
Supporters of privatization:
According to reports, PAGCOR President Alejandro Tengco said, “Obviously, my trust is to privatize PAGCOR’s 45 casinos and I’m looking at 2025 as my schedule. My goal is to increase the value of what we’re going to privatize.” He added, “This is going to continue. It’s not going to stop.”
CNN also reported that PAGCOR chief made the remarks after Paranyak’s 1st district lawmaker Edwin Olivarez raised questions about the dual role of PAGCOR’s regulators and operators. Olivarez reportedly proposed privatizing the agency based on claims that overseas operators generate higher revenue levels than casino facilities run by PAGCOR.
“Golden Eggs” Claim:
Meanwhile, Kagayan de Oro MP Rufus Rodriguez reportedly noted that the agency should not privatize casinos if it expects revenues to grow in the coming years. Rodriguez said, according to CNN, “Why are we going to sell goose that lays golden eggs, when everything is going to work out for years to come?” He reportedly added, “If we privatize this, the regularity of revenues will decrease.”
While considering the budget, PAGCOR Vice President Sharon Quintanilla reported gross revenue levels of $1.04 billion in 2022. As CNN reports, the agency expects to generate $1.33 billion in revenue in 2023.
Game Infrastructure Upgrade:
As reported by Asian Gaming Brief, PAGCOR President Alejandro Tengco has already announced plans to upgrade the organization’s gaming infrastructure at the ASEAN Gaming Summit held in March 2023. He told a source that the organization will upgrade more than 3,000 electronic gaming units and update technical standards regarding these machines to meet privatization requirements.
Dual role issues:
Asked about PAGCOR’s overlapping roles with regulators and operators, Tengco reportedly said: “It has become the subject of investigation by major decision makers and major gaming industry players, who see the agency as having an unfair advantage over licensees.”
The same source reports that the chairman claims PAGCOR’s privatization of casino operations will play a “purely regulatory role” in the future. He reportedly said, “By focusing on regulatory features, PAGCOR will avoid the complexity of running two different shows. It can also streamline the process and generate more revenue to fund influential government projects.” 카지노사이트