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Manila Bulletin devider Business devider Pagcor plans Casino Filipino upgrade before sale 

Pagcor plans Casino Filipino upgrade before sale 

Published Jul 14, 2023 06:30 am
To enhance the appraisal value, the Philippine Amusement and Gaming Corp. (Pagcor) said it plans to modernize first the digital security and technology infrastructure of its Casino Filipino facilities before hitting the auction block. Alejandro H. Tengco, Pagcor chairman and chief executive officer, said the government's gaming regulator will invest in the modernization of Casino Filipino's Information and Communication Technology (ICT) and Cybersecurity infrastructure. Tengco explained that the purpose of the ICT and cybersecurity upgrade is to enhance the value of the Casino Filipino properties prior to their privatization as gaming venues. Initiatives include enhancing the Casino management system through the introduction of Casino Filipino Online, upgrading over 3,000 electronic gaming machines (EGMs), and updating the Pagcor Technical Standards for EGMs. “Such a move will allow the corporation [Casino Filipino] to grow and compete in both domestic and international markets through the infusion of new capital and advanced technologies which can facilitate expansions, upgrades and innovations,” Pagcor said in a statement. Tengco, meanwhile, assured that Pagcor is still committed to its decision to divest its self-operated casinos across the country, redirecting its focus exclusively toward its regulatory role. “By focusing on its regulatory functions, Pagcor will be able to avoid the complexities of running two different shows.  It can also streamline its processes and create more revenues that will fund more high-impact government projects,” Tengco said. Based on an earlier estimate by Pagcor, the planned sale of the government-owned casinos would raise P80 billion. Earlier, the Department of Finance disclosed that the Marcos administration was exploring various options, including the sale of Pagcor's gaming assets, to generate additional revenue. In 2018, former Finance Secretary Carlos G. Dominguez III made efforts to privatize the 41 Casino Filipino establishments owned by Pagcor. However, this initiative did not progress as planned. While Pagcor, as the government's third largest revenue generator, expressed support for the proposed sale, it also cautioned that the government would experience an annual loss of P24 billion following the divestment of its commercial operations. In 2018, the Governance Commission recommended the rationalization of the Pagcor by separating the commercial and regulatory functions of the state-owed firm. According to GCG, Pagcor currently has “conflicting” commercial and regulator functions.
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