PAGCOR Will Look To Launch Its CasinoFilipino.Com Website In 2024
Summary:
- PAGCOR will launch its own online casino called “casinofilipino.com”
- The platform is currently being developed and could launch in the first quarter of 2024
- PAGCOR earlier announced it would sell its land-based casinos by 2028
The Philippine Amusement and Gaming Corp (PAGCOR) is planning to launch an online casino in 2024. The agency has yet to release the full details of the plan, but Chairman Alejandro Tengco hinted at the possibility of PAGCOR entering into a joint venture to run the platform.
PAGCOR’s Online Casino Could Go Live in Q1 of 2024
In his keynote speech at the SIGMA Asia iGaming trade show and conference in Manila on July 20, Tengco stated that the gaming authority is currently in talks about what entity will handle the operations of the online casino which will be called “casinofilipino.com”. He also indicated that PAGCOR could engage in a joint venture for the planned online casino which is targeted to go live in the first quarter of 2024.
The online platform will be designed to accommodate players across the globe, reaching an international audience and establishing a presence in the online world, according to Tengco. It will also allow the agency to “tap into new markets”, improve customer engagement, and increase revenue, he added. The site is currently under development, with PAGCOR exploring all possibilities as to the running of the online platform.
The announcement comes amid plans by PAGCOR to privatize its self-run casinos by 2028, coinciding with the end of Tengco’s tenure as head of the agency. Among the main objectives of the proposed sell-off is to allow PAGCOR to ditch its casino-operator role and focus on its duties and responsibilities as the country’s gaming regulator. The sale is projected to raise an estimated PHP80 billion (US$1.47 billion), which could be used for the government’s planned sovereign wealth fund, the Maharlika Investment Fund (MIF).
Will PAGCOR Go Back to Being a Gambling Operator?
By launching an online casino, PAGCOR could revert back to being a gambling operator which would defeat the purpose of the planned casino privatization. When asked by members of the media about this, Tengco did not give a clear answer, but only stated that the online casino proposal is part of the “value enhancement”.
In his speech, Tengco also indicated they will replace their electronic slot machines with a total of 3,500 new units to provide a renewed gaming experience for customers.
PAGCOR’s income rose to PHP36.21 billion in the first six months of 2023, up 35.6% from the same period in 2022. The agency is aiming to further boost its revenue with the launch of the online casino.
Carolyn DuttonAuthor
Carolyn is our legislation expert, with a background in law she is able to cover the current state of gambling around the world
