The Philippine Amusement and Gaming Corporation (PAGCOR) has ordered 3,341 new slot machines for its gaming facilities as part of a major modernization effort aimed at boosting investor interest. This strategic move comes as PAGCOR prepares for the planned privatization of its casinos.
Alejandro H. Tengco, Chair of PAGCOR, stated, “As we prepare for the planned privatization of PAGCOR casinos, we aim to increase their value by upgrading our gaming facilities and equipment. This modernization is designed to make our properties more appealing to potential investors from around the world.”
Additional Slot Machines could help PAGCOR
The new slot machines, according to the official, will boost foot traffic and boost the profitability of Casino Filipino in different locations. Tengco announced in July of last year that it would be updating the Technical Standards for Electronic Gaming Machines in addition to modernizing the electronic gaming machines at its venues in Macau.
At the ASEAN Gaming Summit in March of last year, PAGCOR’s chair first told AGB that the organization intended to privatize all of its casinos in order to concentrate solely on its regulatory role.
It is commonly anticipated that PAGCOR will provide the current operators of the Casino Filipino establishments the “right of first refusal.”
These slot machines are vital for PAGCOR
While there are ways to get around the 60 percent local ownership requirement for foreign investors in casino projects, Tengco told AGB earlier this year that finding a Filipino partner might be the key to getting in.
The privatization of 45 properties is now anticipated to start in May 2025. In 2024, it is anticipated that the properties will bring in around PHP81.27 billion ($1.44 billion) from gambling, an increase of 2.4 percent annually. The total gross gaming revenue (GGR) of the country is not anticipated to be significantly impacted by the privatization. PAGCOR anticipates that the sale of its own casinos will bring in more than PHP60 billion ($1.06 billion). Tengco spoke at the IAG Academy Summit in Manila regarding the delivery of the new slot machine.
