The Philippine Amusement and Gaming Corp. (PAGCOR) still plans to sell off its portfolio of casinos, but the expected timeline could stretch from 2024 into 2025, according to PAGCOR Chairman Alejandro Tengco.
Some lawmakers say the agency’s dual role—as both owner and regulator of casinos in the country—is a clear conflict of interest.
Tengco recently told GGRAsia that “numerous” entities have expressed interest in buying the gaming venues, including “foreign and local groups.” He added, “We’re not that ready to entertain [bids] … We are looking at about the middle of 2025” to complete the sale of up to 43 venues.
In March, Tengco said PAGCOR would ask about PHP80 billion (US$1.42 billion) for the casinos, which operate under the Casino Filipino brand. In April, brokerage Maybank Securities called the price “steep,” and agreed with other analysts that prospective buyers could face “high costs for rehabilitation and integration” of supporting technology.
Asked whether PAGCOR will sell the Filipino assets individually or as a group, Tengco said, “The idea as of now, is to sell it as a bundled thing. Because we have to be very fair. All the casinos are doing okay, but” not all “are doing as well as the others… So, the idea is to bundle them.”
Hakan Dagtas, CEO of Philippine casino complex Newport World Resorts in Manila, told GGRAsia its operator would be “interested” in acquiring the casinos if and when they go on the block.
