Philippines To Get Out of Casino Business

Philippines To Get Out of Casino BusinessSince being founded in 1976, the nation’s gaming agency known as the Philippines Amusement and Gaming Corporation (PAGCOR) has grown into an organization that is responsible for overseeing 11 casinos, and 36 smaller venues, which together employ around 11,000 employees. In addition to acting as a gaming regulator, PAGCOR is also a public-private partnership collaboration which this year is expected to generate $3 billion in revenue, growing to around $7 billion by 2020.
However, the Philippine government has now decided to exit the casino business and last week announced its plan to sell off its state-owned gambling assets. According to President Rodrigo Duterte, PAGCOR should now start focussing its efforts on strengthening its position as a gambling industry regulator, with Sen. Panfilo Lacson having already introduced a bill to the Senate in order to pave the way for the landmark overhaul of the country’s gambling market. As Lacson subsequently explained:
“In order to promote a level playing field in the gambling industry and avoid conflict of interests, PAGCOR should cede its role as operator of all gambling and gaming activities. Through such manner, it can focus and put premium to its regulatory authority, which is its governmental role.”
Amongst the Philippines’s bigger gambling venues is the City of Dreams, Solaire, and Resorts World, which together with the country’s other establishments produced revenues of $284.3 million in the first quarter of 2017. From that tally, the corporation directly gave the federal government half of its income, with other requirements including each year PAGCOR paying around $300,000 to help fund the Dangerous Drugs Board.
Currently it is uncertain whether the government will be selling its holdings in the businesses on a property by property basis, or en masse. Perhaps realizing how difficult it is for a publicly owned company to operate casinos profitably, Presdient Duterte has now tasked PAGCOR, instead, with reorganizing the industry in order to make the Philippines “the top gaming and entertainment destination” for southeast Asian visitors.

Poker News
Japan Introduces Responsible Gambling Bill
28 May 2018
Japan’s bicameral legislature, known as The National Diet, consists of an upper House of Councillors and a lower House of Representatives, with the latter having started discussing the Integrated Resorts Implementation Bill last week. Being debated is the regulatory framework required in order to set up an efficient and well functioning casino market in the
Ohio Casino Revenue Up 1% to $71.8m in April
17 May 2018
The Ohio Casino Control Commission has released its gambling results for April, with the state’s four casinos collecting $71.8 million last month, up by almost 1% compared to the prior year. Meanwhile, the Buckeye State’s seven racinos fared considerably better, with their revenue rising by 8% to $89.7 million from their slots and video gaming
NJ Generates Record iGaming Revenues in February
15 May 2018
In April, New Jersey’s online gambling market saw its revenue rise by 10.6% to $23 million versus the same month in 2017, with the amount posted second only to the record $25.6 million collected in March 2018. As a result, the Garden State has now generated $92.5 million over the first four months of this
Virginia Poised For Historical Gambling Expansion
11 May 2018
Virginia is among the country’s more conservative states when it comes to gambling, and for many decades has resisted the allure and revenues that the industry might bring. In the 1990s, for instance, its legislature turned down a push for riverboat gambling, and the following decade Internet gambling cafes were outlawed. For the past five