The head of the Philippines Amusement and Gaming Corporation (Pagcor) says the regulator will begin selling off its casino assets in 2026.
Pagcor chairman and CEO Alejandro Tengco made the announcement on 10 September at a Manila gaming conference. “Since day one we have been very vocal about our plans to focus solely on Pagcor’s role as a regulator,” he said.
The move will “provide a level playing field” for stakeholders and ensure Pagcor does not compete with its own licensees, he added. The sale was originally set to begin in 2025.
Up to 45 Pagcor gaming halls on the block
A number of lawmakers have criticised Pagcor for its dual role as regulator and casino operator, calling it a clear conflict of interest.
The regulator’s portfolio includes 45 gaming halls, including nine under the Casino Filipino brand. Tengco expects the body to reap ₱50bn (£682m/€807m/$891m) from the sale.
In the interim, Pagcor will continue to upgrade the Casino Filipino sites, adding new gaming equipment to maximise their value. This month, it will install 2,000 new slots in the gaming halls, all of which which operate on leased property.
“With all these initiatives and preparations, we are confident that the Philippines… will remain at the forefront of gaming industry innovations in the Asia-Pacific region,” Tengco said.
The pending sale won applause from casino mogul Kevin Tan, one of the country’s richest men. “This will promote fairness among industry players and ensure long-term viability and growth for the gaming sector,” Tan said. The billionaire owns Alliance Global Inc, which operates Newport World Resorts in Manila. AGI is also developing casino resorts in Boracay and Cebu.
Tengco promises aid for casino workers
Tengco has pledged to help casino workers displaced by the sale. Winning bidders, he said, will be required to maintain 50% to 70% of the current workforce. Other employees will receive severance packages.
Before the sale, Pagcor must amend its charter, a process that will take place sometime next year.