PAGCOR Chairman Alejandro Tengco’s presence in the Asian Gaming Power 50 is solely predicated on the agency’s Casino Filipino operations rather than its regulatory powers, and as such it is likely his days on this list are numbered.
Recognizing the conflict of interest that comes with being both an operator and a regulator, Tengco has vowed to privatize PAGCOR’s casinos and has spent the past few years working on various upgrades and refreshments of the 43 properties. This has included everything from fresh paint and carpet to purchasing 3,341 new slot machines to update their gaming offering.
That the revenues of PAGCOR’s self-operated casinos have fallen away over the past two years will be of some concern, although the agency is basking in the record income it is bringing in thanks to the license fees and taxes it charges the country’s licensed casinos. More significant over the past two years has been the Philippines’ surging eGames sector, which now accounts for more than half of all industry GGR.
That Tengco also seems hellbent on improving how PAGCOR operates is a positive sign for the long-term viability of the Philippines as a gaming destination, while operators and suppliers alike have praised his business-friendly approach. Little wonder this Southeast Asian nation is on track to become the second largest jurisdiction in Asia behind only Macau.
