PAGCOR Considers Privatizing Its Casinos
The privatization may not be an easy process by the PAGCOR chairman believes that the properties’ human talent will make things easier
Alejandro Tengco, the chairman of the Philippine gambling regulator PAGCOR, has ambitious plans to privatize the PAGCOR casinos. If the authority proceeds with these plans, it will be able to dedicate all its efforts to regulatory affairs.
Currently, the PAGCOR serves both as a regulator and operator. However, this dual purpose seems to be straining the company’s resources and focus, forcing it to consider a privatization of its operated casinos across the archipelagic nation.
As announced by the regulator, its board of directors tends to agree with Tengco and his vision to channel all of PAGCOR’s energy toward regulating the market. According to the chairman, the PAGCOR has been open to discussing privatization but has always prioritized the well-being of its employees who will surely be affected by such a monumental change.
Privatization Is Easier Said than Done
PAGCOR serving both as an operator and a regulator creates a conflict of interests that will be eliminated should the authority relinquish its power over its casinos. The PAGCOR is currently behind 10 casinos under the Casino Filipino brand and 32 pure satellites, 42 properties in total.
In addition to preventing the aforementioned conflict of interests, a sell-off would also provide the government with much-needed funding. Despite Tengco’s favorable stance on the idea of privatizing the casinos under the PAGCOR, the regulator has no clear plan on how to proceed.
With a whopping 42 casinos to privatize, the entire process may take a while. Still, Tengco prefers to remain optimistic as he believes that the properties are appealing and will surely attract interest in spite of their competitors.
Tengco noted that the PAGCOR casinos may be a bit behind the best casinos in the country in terms of facilities. Despite that, the chairman is certain that the PAGCOR properties do not lag behind in terms of talent pool.
He emphasized that the greatest asset the regulator has ever had is its human resources and that the authority will make sure to capitalize on that.
Other PAGCOR News
In other news, the PAGCOR recently terminated its contract with Global ComRCI, a third-party POGO auditor. As it turned out, the latter company had used falsified documents when applying to be PAGCOR’s auditor, forcing the authority to cancel the contract.
In the wake of this finding, the PAGCOR said that it will seek damages.
In more positive news, in February, PAGCOR’s CEO announced that the regulator is poised to return to pre-pandemic results.
Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at GamblingNews.com is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.
