In preparation for the privatization of its self-operated casinos, the Philippine Amusement and Gaming Corporation (PAGCOR) is embarking on an extensive upgrade program to enhance the value of its gaming venues.
PAGCOR Chairman Unveils Three Initiatives for Comprehensive Refreshment Program
PAGCOR chairman Alejandro H. Tengco outlined three key initiatives that form part of the comprehensive refreshment program. The first initiative involves the modernization of PAGCOR’s Information and Communications Technology and Cybersecurity infrastructure, including the implementation of a new Casino Management System. Additionally, PAGCOR plans to introduce “Casino Filipino Online,” an online gaming platform to further expand its reach.
The second initiative focuses on upgrading over 3,000 Electronic Gaming Machine (EGM) units across all PAGCOR-operated casinos. Simultaneously, the agency will establish new technical standards for EGMs to ensure the fairness, reliability, and safety of these devices for players.
Addressing concerns surrounding PAGCOR’s role as both operator and regulator, Tengco emphasized the necessity of privatization. He stated that by shifting to a purely regulatory role, PAGCOR can eliminate any perceived conflict of interest and unlock the potential for economic development. Privatization will enable the infusion of new capital and advanced technologies, facilitating expansions, upgrades, and innovations within the corporation.
Tengco expressed confidence in the benefits of focusing on regulatory functions, citing the streamlining of processes and the generation of additional revenue to fund high-impact government projects. The move aligns with the agency’s long-term strategy to strengthen its regulatory capabilities and improve efficiency.
Tengco Stresses Benefits of Privatization for PAGCOR Amid Scrutiny
The decision to privatize PAGCOR’s casino operations has been met with scrutiny and debate. However, Tengco emphasized that this strategic move will attract more resources for economic growth and bolster the corporation’s competitiveness in domestic and international markets.
PAGCOR‘s commitment to combatting illegal gambling was also reiterated by Tengco. The agency will continue to collaborate closely with law enforcement agencies to eliminate unscrupulous individuals and companies tarnishing the industry’s reputation. Tengo’s comments follow a scandal in Maryland, US, where around 15% of registered vehicles in the state were found to bear license plates that redirect to a Philippine online gambling site.
The upgrade program comes at a time when PAGCOR is experiencing significant growth. In 2022, the agency reported revenues of PHP58.96 billion ($1 billion), marking a remarkable 66.16% increase compared to the previous year.As PAGCOR prepares to embark on this transformative journey, the future looks promising for the corporation. The upgrades will not only increase the value of its casinos but also pave the way for a more robust and transparent regulatory framework, benefitting both players and the gaming industry as a whole.