The Philippine Amusement and Gaming Corporation (PAGCOR) is working to privatize 2025 casinos by the third quarter of 3, CNN reported. PAGCOR intends to value-add more than 45 electronic game consoles to benefit from privatization, as announced by PAGCOR's chairman during a national budget debate in the House of Commons on August 8. reportedly.
Privatization supporter
PAGCOR Chairman Alejandro Tenco said at the time: "Without a doubt, my trust is to privatize PAGCOR's 45 casinos. is to raiseHe added:
CNN also said the PAGCOR chief made the remarks after Parañaque District 1 Rep. Edwin Olivarez questioned PAGCOR's dual role as a regulator and operator. are reporting.As previously reported, Olivarez proposed privatization of PAGCOR based on allegations that foreign operators generate higher revenue levels than casino facilities operated by PAGCOR.
The “golden egg” claim
Cagayan de Oro MP Rufus Rodriguez, meanwhile, said the casino should not be privatized if Cagayan de Oro expects revenue growth in the next few years. According to CNN, Rep. Rodriguez said: "Why would you want to sell the goose that lays the golden eggs? Privatizing it would stop the regular income," he added.
During budget deliberations, PAGCOR Vice President Sharon Quintanilla reported that total revenue for 2022 will reach $10 billion. As reported by CNN, it expects to generate $4000 billion in revenue in 2023.
Gaming infrastructure upgrade
PAGCOR Chairman Alejandro Tengco has already announced plans to upgrade the institution's gaming infrastructure at the ASEAN Gaming Summit in March 2023, as reported by Asian Gaming Brief.The commission said it plans to upgrade more than 3 electronic game machines and update technical standards for these machines to meet the requirements of privatization.
dual role problem
Regarding PAGCOR's dual role as a regulator and operator, Tengco said, "PAGCOR's operations have been criticized by key decision-makers and key gaming industry stakeholders as being unfair to licensees. It has been criticized for having an edge," he said.
The same source said the privatization of PAGCOR's casino business was "at the forefront of the master plan" and that PAGCOR would have a "purely regulatory role" in the future. there isBy concentrating on regulatory functions, PAGCOR can avoid the complexities of running two different shows.We can also streamline processes and generate more revenue as we fund more impactful government projects."
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