PAGCOR Chairman and CEO Alejandro Tengco told reporters Wednesday that the Philippines is eying record gaming revenues of more than US$8 billion this year but remains wary of the potential threat posed should Thailand introduce legal casinos.
In comments reported by Bloomberg, Tengco revealed that gross gaming revenue is on track to reach between Php450 billion and Php 480 billion (US$7.8 billion to US$8.3 billion) in 2025, aided by an improved performance from the nation’s integrated resorts and the surging eGames sector.
However, he also acknowledged the competition posed by Thailand’s moves to legalize entertainment complexes housing casinos, commenting it’s “a big threat”.
Such threat, he added, made it even more important for PAGCOR to expedite its own efforts to privatize its self-run Casino Filipino brand and focus on being a regulator.
“By decoupling, we will be able to show the world that we are fair. That there is no conflict of interest,” Tengco said, according to Bloomberg.
Tengco said last year that he hopes to complete privatization of the regulator’s 41 self-run casinos by 2028.
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