While the Philippines calls for an online gaming ban, the country's gaming regulator sees plenty of opportunities.It has already said it wants to get into online casinos, and a new announcement about developing a virtual reality (VR) casino doubles down on that stance.
Philippine Amusement & Gaming Corporation (PAGCOR) has unveiled its plans for next year. An ambitious project spearheaded by PAGCOR President and CEO Alejandro Tengco, the new online casino is scheduled to launch in early 2024.
Known as casinofilipino.com, this innovative platform aims to revolutionize the online gambling experience by incorporating cutting-edge VR technology.This immersive technology transports players into a virtual realm that perfectly simulates the atmosphere of a traditional brick-and-mortar casino.
Embracing the digital age
Tengco said online casinos have the potential to connect with players around the world.As a result, it is possible to provide an opportunity to open up an untapped market.
Some MPs want to separate PAGCOR's operations.They urge PAGCOR to stay out of the casino business and focus solely on regulation.It is unclear what will happen if PAGCOR launches an online casino.
PAGCOR is also actively strengthening its slot machine business.It has already started negotiations with various manufacturers to facilitate upgrades in this segment.
PAGCOR's new boss expressed hope that the upgrade will indulge consumers in novel gaming adventures.The goal is to replace the currently installed obsolete machines with 3500 modern machines as per the contract between PAGCOR and the manufacturers.
In addition, PAGCOR has pledged to improve its casino management system.To that end, we are creating an in-house computer software program that integrates into our existing infrastructure.
Gaming and casino regulators have reported earnings for the first half of 2023, revealing a significant figure of PHP 362.1 billion (US$6.63 million).This is below gross gaming revenue of PHP 1363.7 billion ($25 billion).
Tengco expressed optimism that PAGCOR could surpass pre-COVID-19 profit levels this year.Anticipating a notable surge in the second half, he projected revenue of PHP370 billion (US$6 million), which he said would later contribute to a significant annual revenue of PHP7,600 billion (US$710 billion).
no go logo
PAGCOR recently redesigned its logo, and the results were not entirely welcome.Frustration erupted after media outlets reported spending PHP 300 million (US$54,810) on the new design.
Tenguco defended the report, arguing that the logo wasn't the only cost.It also included "other deliverables."Among them are manuals, stationery, pamphlets, etc.
The refreshed brand design includes designer Printplus Graphic Services' rendition of flames in shades of red and blue.According to Tenguko, it stands for “energy, inspiration, passion and transformation.”It also stands for “a guiding light that helps people find their way”.
The new logo will begin to appear at all PAGCOR-managed facilities nationwide, but there will be an additional cost to roll it out. PAGCOR is looking to stabilize its image and hopes the new brand look will help establish a solid foundation.
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