PAGCOR Foresees Philippines Emerging as Premier Gaming Destination in Asia-Pacific

Alejandro H Tengco, Chairman and CEO of PAGCOR, delivered a compelling address at the 6th ASEAN Gaming Summit, outlining his ambitious vision for the Philippines to ascend as a leading gaming jurisdiction in the Asia-Pacific region, second only to Macau. Tengco's remarks come amidst PAGCOR's concerted efforts to enact transformative privatization and regulatory reforms, aimed at fortifying the country's gaming sector and attracting substantial investment.

PAGCOR, as the primary gaming operator and regulator, plays a pivotal role in overseeing commercial casinos nationwide, including those in special economic zones like the Clark Freeport Zone in Central Luzon. Additionally, the organization operates casinos under the Casino Filipino brand, further contributing to the vibrancy of the gaming landscape.

Tengco expressed optimism regarding the trajectory of the Philippines' gaming industry, anticipating record-breaking gross gaming revenue (GGR) of PHP 336 billion (US$6.1 billion) for the current fiscal year. This projection reflects an upward trend, with last year's GGR already marking an 11 percent increase from the previous year, signaling resilience and growth despite pandemic-induced challenges.

"We expect gaming revenue to sustain growths this year and beyond, with the increase for entertainment for both local and foreign tourists," noted Tengco. "Revenue from our licensed casinos in Entertainment City, Clark, Metro Manila, Cebu, and Fiesta casinos in Rizon are expected to contribute PHP 257 billion ($4.6 billion) to our GGR in 2024."

Moreover, Tengco emphasized the pivotal role of regulatory reforms, particularly the privatization of PAGCOR-operated casinos, in driving industry advancement. He encouraged stakeholders to seek licensing from PAGCOR, positioning compliance as instrumental in fostering industry revitalization and ensuring regulatory compliance.

As part of its strategic roadmap, PAGCOR aims to implement lower license fees for online and on-site betting platforms, effective April 1, facilitating a more conducive operating environment for gaming operators. Tengco highlighted the significance of this initiative, underscoring the organization's commitment to aligning with global industry standards and fostering sustainable growth.

Looking ahead, Tengco outlined plans for the launch of new integrated resort projects, including the highly anticipated Solaire Resort North in Quezon City, slated to open in May. These developments are poised to elevate the Philippines' gaming landscape, offering unparalleled entertainment experiences and further bolstering the country's appeal as a premier gaming destination in the region.

In conclusion, Tengco's address underscores PAGCOR's commitment to driving industry growth and excellence, guided by a forward-thinking vision and strategic reforms. As the Philippines charts its course towards gaming preeminence in the Asia-Pacific region, it stands poised to capitalize on emerging opportunities and redefine the future of the gaming industry.

By fLEXI tEAM