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Manila Bulletin devider Business devider Pagcor aims to open more integrated resorts during regulatory transition

Pagcor aims to open more integrated resorts during regulatory transition

Published Feb 23, 2024 04:12 am

The Philippine Amusement and Gaming Corp. (Pagcor) expects full separation from its casino operations within the next five years, and aims to open at least one integrated resort (IR) each year to drive growth.

In a statement, Alejandro H. Tengco, Pagcor chairman and chief executive officer, said the state-owned firm will transition into a purely regulatory entity focused on promoting growth and attracting investments within the next five years.

“The industry can also expect Pagcor’s full decoupling from its casino operations within that time frame to become a purely regulatory entity dedicated to overseeing growth and attracting more investments,” Pagcor quoted Tengco as saying.

At present, Pagcor plays a dual role as the government's regulatory body responsible for licensing both online and brick-and-mortar casino operations, while simultaneously managing more than 40 gaming facilities in the country.

During its shift, Tengco said that Pagcor expects the opening of at least one IR every year, commencing in Quezon City, with plans for additional IRs in key locations like Cebu, Clark, and other major areas.

“Overall, the industry can expect sustained growth in the next five years, with at least one Integrated Resort (IR) opening every year beginning this year in Quezon City, to be followed by new IRs in Cebu, Clark and other equally strategic locations,” Tengco said.

IR operator Bloomberry Resorts Corp. is presently constructing Solaire Resort North, its second casino resort in the country. Additionally, another IR, the Emerald Bay in Cebu, is also under development.

Other investors should ride on the country’s gaming industry’s growth momentum, Tengco said.

“We shall also continue lowering our license fees and modernizing our systems to help realize our vision of making the Philippines the gold standard in gaming in the Asia-Pacific region,” he added.

Meanwhile, Tengco said welcomed the decision of online gaming giant 1888BET to move its operations from the Isle of Man back to the Philippines.

Tengco said 188BET’s return “is a huge vote of confidence for the country as a regulatory haven, and this is precisely what Pagcor is working hard at.” 

He said “188BET’s move is a very positive response to our call for gaming investors to come to the Philippines.” 

“We would like to assure 188BET and other potential investors that PAGCOR shall continue to be fair to everybody, and that there will be a level playing field with a predictable and dependable regulatory framework,” he added.

Earlier this week, 188BET announced its decision to move its operations to the Philippines.

The sports betting and casino company said that effective March 19, its current operator, Cube Limited, will surrender its current IoMGSC licence in the Isle of Man and that 188BET will be operated by a new Philippine-based company, BestCommerce Corporation, which is licensed and regulated by Pagcor.

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Pagcor chair and CEO Alejandro H. Tengco Philippine Amusement and Gaming Corp.
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