PAGCOR: One integrated resort to open each year in next 5 years

The Philippine Amusement and Gaming Corporation (PAGCOR) is optimistic about the growth prospects of the country’s gaming industry as it expects one integrated resort (IR) to open each year in the next five years.

During the same period, PAGCOR is also expecting to fully divest from its casino operations business to be a purely regulatory body.

“Overall, the industry can expect sustained growth in the next five years, with at least one integrated resort opening every year beginning this year in Quezon City, to be followed by new IRs in Cebu, Clark, and other equally strategic locations,” PAGCOR chairman and CEO Alejandro Tengco said in a statement on Friday. 

Tengco said that “the industry can also expect PAGCOR’s full decoupling from its casino operations within that time frame to become a purely regulatory entity dedicated to overseeing growth and attracting more investments.”

In March last year, the PAGCOR chief disclosed the agency’s plan to privatize the agency’s self-operated casinos, Casino Filipino, and instead focus on a purely regulatory role.

PAGCOR is expecting to raise at least P60 billion to P80 billion in revenues from its privatization plan.

“We shall also continue lowering our license fees and modernizing our systems to help realize our vision of making the Philippines the gold standard in gaming in the Asia-Pacific region,” Tengco said.

In 2023, the country’s gaming sector booked a record-high P285.27 billion in revenues, 11.22% higher than the previous record of P256.49 billion in pre-pandemic 2019. 

Integrated resorts are still the biggest contributors to the gaming industry’s revenue pie with a P207.48-billion contribution in 2023, followed by the fast-rising Electronic Games sector with P58.16-billion share.

PAGCOR-operated casinos under the Casino Filipino brand also contributed P19.62 billion to the gross gaming revenues in 2023.

Meanwhile, Tengco welcomed the decision of online gaming giant 188BET to move its operations from the Isle of Man back to the Philippines.

The PAGCOR chief said 188BET’s return “is a huge vote of confidence for the country as a regulatory haven, and this is precisely what PAGCOR is working hard at.”—LDF, GMA Integrated News