• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Pagcor confirms plan to sell own casinos: report

Aug 29, 2016 Newsdesk Latest News, Philippines, Top of the deck  


Pagcor confirms plan to sell own casinos: report

The Philippines’ gaming regulator-cum-operator, the Philippine Amusement and Gaming Corp (Pagcor), confirmed it is planning to sell the casinos it operates, in a bid to raise funds to support the country’s 2017 national budget.

“Finance Secretary Carlos Dominguez has told us to privatise Pagcor-owned casinos,” Andrea Domingo, the new head of Pagcor, told a House budget hearing last week, reported the Philippine Star newspaper.

“We are now preparing the template for the planned privatisation so we could maximise the benefits for the government,” Ms Domingo added.

The plan – announced earlier this month by the Philippines’ Department of Finance – would leave Pagcor with its core function of being a regulator of casinos from the public and private sectors.

According to Pagcor second-quarter data, its own casinos operated about a third of all table games in that nation’s market during the period, and nearly six out of every 10 electronic gaming machines (EGMs).

Pagcor operated 608 gaming tables and 10,603 EGMs at its own casino venues, which are branded “Casino Filipino”. During the same period, Pagcor regulated a further 10 private-sector casinos that operated an aggregate of 1,280 gaming tables and 7,205 EGMs.

Casinos operated by Pagcor recorded gross gaming revenue of PHP15.80 billion (US$340.7 million) in the six months to June 30, according to official data.

Pagcor’s Ms Domingo did not disclose how much the government expected to earn from the sale of its own casinos. She admitted though that selling state-run casinos would just bring in one-time revenue for the treasury, unlike operating them, reported the Philippine Star.


  • tweet
Related articles
  • Metro Manila, Entertainment City stay in GCQ to March 31
    Metro Manila, Entertainment City stay...

    Mar 03, 2021  

  • Gaming recovery helps Melco Resorts EBITDA break even 4Q
    Gaming recovery helps Melco Resorts...

    Feb 26, 2021  

More news
  • Nevada sell-off by LVS may aid dividend return: Bernstein
    Nevada sell-off by LVS may aid dividend...

    Mar 04, 2021  

  • Paradise Co posts sharp Feb casino revenue decline
    Paradise Co posts sharp Feb casino...

    Mar 04, 2021  


Latest News

Nevada sell-off by LVS may aid dividend return: Bernstein

Nevada sell-off by LVS may aid dividend return: Bernstein

Mar 04, 2021  

The planned sale of the Nevada gaming assets of United States-based casino group Las Vegas Sands Corp announced on Wednesday, could “accelerate the timing of dividend resumption” for the firm, or...
Read More
Paradise Co posts sharp Feb casino revenue decline

Paradise Co posts sharp Feb casino revenue decline

Mar 04, 2021  

Las Vegas Sands to sell off Nevada assets for US$6.25bln

Las Vegas Sands to sell off Nevada assets for US$6.25bln

Mar 03, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“As a leaner, stronger company, we expect leverage to return to pre-pandemic levels in the next 12-18 months”

Max Chiara

Chief financial officer at gaming product and lottery services provider International Game Technology



Most Popular

  • Lim Kok Thay, GEN Singapore execs in US$1.3mln stock awardLim Kok Thay, GEN Singapore execs in US$1.3mln stock award March 2, 2021
  • Galaxy Macau to add Raffles-branded hotel towerGalaxy Macau to add Raffles-branded hotel tower March 1, 2021
  • Covid-19 test cert no longer needed for Macau casino entryCovid-19 test cert no longer needed for Macau casino entry March 2, 2021
  • Macau casino GGR down 9pct m-o-m in February: govtMacau casino GGR down 9pct m-o-m in February: govt March 1, 2021
  • Las Vegas Sands to sell off Nevada assets for US$6.25blnLas Vegas Sands to sell off Nevada assets for US$6.25bln March 3, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us