Officials Say That PAGCOR State-Owned Casinos Are A Gold Mine.
The Philippines houses four integrated casino resorts in addition to 1w state-owned and operated Filipino casino venues.
The nation’s gaming regulator and operator are the Philippine Amusement and Gaming Corporation (PAGCOR). The agency owns the Casino Filipino venues in addition to 33 small betting shops.
There were calls by the Philippines President, Rodrigo Duterte for PAGCOR to sell its casinos and satellites in 2017, but that call was put on hold, with the leader citing that the casinos and satellites were too profitable.
PAGCOR announced that its gaming operations brought around $1.3 billion in 2018. However, there are strong calls for PAGCOR to unload the locations to private commercial casino operators.
Philippines Senate Minority Leader Franklin Drilon is suggesting that the PAGCOR should look into selling the Casino Filipinos and satellites. The lawmaker wants to avoid imposing higher taxes on cigarettes and liquor sales in the gaming sectors.
“I feel that we’re failing to tap a sweet source of revenue for the government, and not only that, this is something that can put order and correct a lot of things that had gone wrong because of the setup,” Drilon said.
DOF Secretary Carlos Dominguez said privatizing the casinos and satellites could bring in about $4.22 billion in revenue. He also noted that the Philippines could realistically make around $5.76 billion annually from the deal.