PAGCOR Chairman Alejandro Tengco revealed Thursday that the Philippine gaming regulator will embark on a comprehensive refreshment program of its self-operated casinos in order to increase their market value ahead of a planned sale.
During a keynote speech provided early on Day 3 of G2E Asia at The Venetian Macao, Tengco reconfirmed his commitment to privatize PAGCOR-operated casinos in order to raise funds and to focus entirely on its core regulatory remit.
But he also revealed that the agency was undertaking three key initiatives – among them the modernization of PAGCOR’s information and communications technology, and cybersecurity infrastructure, installation of a new casino management system, and the introduction of “Casino Filipino online”.
“Before its operated casinos are privatized, PAGCOR is undertaking efforts to upgrade its gaming revenues to add value to these properties,” Tengco said.
The second initiative will see PAGCOR upgrade more than 3,000 electronic gaming machines (EGMs) across all of its properties, and the third initiative will be the introduction of new technical standards for EGMs which “will ensure that these devices deployed in all casino properties within the jurisdiction of PAGCOR are safe, reliable, and more importantly, fair to all the players.”
On the issue of privatization, Tengco acknowledged it has “long been the subject of debate and discussion as the government seeks ways to improve efficiency, profitability and service.
“PAGCOR management, in the exercise of its wisdom, firmly believes that this decision will open doors for an influx of resources contributing to economic development while eliminating a clear conflict of interest in the dual role of PAGCOR as both an operator and regulator,” he explained.
“Privatization unleashes the potential of a corporation, allowing it 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.
“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 government projects.”
Tengco first revealed in March that he expects PAGCOR to privatize its casino operations during his term in order to focus all of its energies on regulation.
The agency currently boasts 41 casinos with nine under the Casino Filipino brand and 32 operating as satellites.
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