MANILA – Philippine Amusement and Gaming Corp. (PAGCOR) chairman and chief executive officer Alejandro Tengco said the privatization of PAGCOR casinos will begin next year instead of mid-2025.
"As to the privatization of PAGCOR casinos, we intend to start the process by early 2026," Tengco said during the recent Inside Asian Gaming Academy Summit held at Hilton Manila in Pasay City on Tuesday.
"Since day one, we have been very vocal about our plans to focus solely on PAGCOR’s role as a regulator to provide a level playing field for all our stakeholders," he added.
Tengco said PAGCOR expects to generate at least PHP50 billion from the privatization of over 40 casinos nationwide.
PAGCOR originally targets to start the privatization process by mid-2025.
In a separate interview at the sidelines of the summit, Tengco, however, said PAGCOR's charter will have to be amended first.
The amendment of the charter is expected to be completed in 2025.
Tengco assured employees who will be affected by the privatization that they will be given compensation.
"I'll make sure that they will be given, one, a very good retirement because it is an involuntary situation. Two, part of the terms of reference of the privatization will be requiring the winning bidder to absorb a minimum of 50 to 70 percent [of the employees]," he said.
Tengco said part of PAGCOR's privatization plan is to further professionalize the gaming industry by establishing a Gaming Academy that will help address the growing demand for skilled gaming and hospitality professionals.
"We aim to do this by forging partnerships with Asian gaming education providers to create a consortium that caters not only to the Philippine workforce but also to all who wish to build a career in gaming in other jurisdictions," Tengco said.
He said the PAGCOR Gaming Academy will help create unique opportunities for PAGCOR employees once the Casino Filipino properties are privatized.
Tengco said that for now, PAGCOR is also prioritizing the modernization of Casino Filipino venues including its gaming facilities and equipment.
"Also, marami pang dapat gawin din eh. Hindi din man pala ganun kadali. And my priorities, yun nga, yung modernization, yung lessors. PAGCOR is not spending any amount for the renovation because we're renting (Also, there's still a lot to do. It's not that easy either. And my priorities, that's it, the modernization, the lessors. PAGCOR is not spending any amount for the renovation because we're renting)," he said.
Tengco earlier said nearly 2,000 units of new and modern slot machines for Casino Filipino gaming venues will be delivered mid-September as part of the agency’s modernization program.
Partner lessors also started the renovation of gaming venues and other game offerings to increase foot traffic and overall profitability of Casino Filipino venues.
"With all these initiatives and preparations, we are confident that the Philippines, through PAGCOR, will continue to remain at the forefront of gaming industry innovations in the Asia-Pacific region," Tengco said. (PNA)
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