Pagcor online casino targeted for 4Q 2024 launch: Tengco
Pagcor online casino targeted for 4Q 2024 launch: Tengco
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A plan by the Philippine gaming regulator to launch its own casino brand, casinofilipino.com, might happen by the end of this year, said Alejandro Tengco, chairman and chief executive of the Philippine Amusement and Gaming Corp (Pagcor), in comments to GGRAsia.
“We are already talking to our possible joint venture partner. In my mind, out of three companies that we’ve talked to, I already have one chosen,” stated Mr Tengco (pictured).
“Maybe within the month of July, I will already [be able to] make an announcement as to who our partner will be,” he added.
“Barring any unforeseen aspect and depending on the length of discussions or negotiations, I believe we will be able to launch casinofilipino.com in the last quarter of this year,” said the chairman.
He was speaking in an interview with GGRAsia on Thursday at the Global Gaming Expo (G2E) Asia in Macau.
Mr Tengco explained that the online-platform project would be a “joint venture” with a company that is involved in the online gaming segment in the Philippines.
“It’s not just any company, but I have made a conscious effort that it should be somebody that has a name and is very credible in the online gaming world … so that there’s no more learning curve,” he observed.
The chairman said launching Pagcor’s own online casino was “not contradictory” to the agency’s plan to privatise its operations.
The regulator has previously announced an upgrade to its network of Casino Filipino venues, including the acquisition of more than 3,000 new slot machines. The modernisation effort was said to be a step prior to launching the sell-off initiative for the Casino Filipino chain. Such a disposal was in order for Pagcor to end its operating functions so it could focus on regulatory work.
“My intention here is, phase one, to privatise all our land-based operations under the Casino Filipino brand, and then, after setting up casino filipino.com, move to phase two, the privatisation of that [online] brand,” noted Mr Tengco.
The Pagcor head confirmed the agency plans to begin the overall privatisation process “in the last quarter of 2025 at the earliest, or around the first quarter of 2026 at the latest”.
The Casino Filipino chain includes more than 40 branches and so-called ‘satellite-casinos’, operating in leased venues from third parties.
“The privatisation process of our land-based operations cannot be done overnight,” Mr Tengco told GGRAsia. “So, while this privatisation process of our land-based operations is ongoing, on a parallel side, we plan to start casinofilipino.com, and hopefully derive good value for it.”
He added: “Whatever value we’ll be able to create in the privatisation of the land-based casinos, we will be able to add more value after setting up casinofilipino.com, generating additional revenue not only for Pagcor, but for the Philippines as well.”
Asked about a deadline to complete the privatisation of the 카지노사이트 land-based operations, Mr Tengco replied: “Assuming I finish my stint as [Pagcor] chairman and CEO until 2028, then it will be my hope that before I step down, I’m able to privatise the Casino Filipino network, including the operations of casinofilipino.com.”
He also said that the agency had already reached agreements for the renovation of all the lease buildings for its Casino Filipino venues, “with at least three owners already starting renovations in different standalone branches”.
The Pagcor boss said the acquisition of 1,968 slot machines from casino equipment supplier and distributor RGB International Bhd was aimed at upgrading the existing inventory at Casino Filipino branches. RGB said the total value of the contract was just above US$81.3 million.
The new units are “set to be delivered starting next month [July],” stated Mr Tengco.
“These slot machines are the same as the machines used by all our integrated resort licensees,” he added.
The Pagcor order from RGB is for electronic gaming machines of third-party brands, namely: 888 units of Light & Wonder; 888 units of Aristocrat; 150 units of Konami; and 42 units of KL Saberi.
Pagcor also plans to upgrade its gaming tables offering, “by procuring a new casino management system”.
“Once the upgrades and renovations are complete, we expect our casinos to attract more players and guests, plus making our casinos more attractive to potential investors once we start offering them for sale,” Mr Tengco told GGRAsia.
Of the total 3,345 slot machines Pagcor plans to purchase, procurement for the second batch will likely start “before the last quarter of this year,” he added.
The official said plans were still being formulated regarding the privatisation process, but could include some “assurances of jurisdictional territory”, including exclusivity rights for a determined period, for proponents that eventually acquire a Casino Filipino branch.
“Once we become a pure regulatory entity, you can expect a more dynamic and more lucrative Philippine gaming industry with a more level playing field that promotes fair competition and equitable growth,” he stated.