PAGCOR is currently undergoing a rebranding process and has set a goal to privatize 45 casinos by 2025.
Alejandro Tengco, the Chair and CEO of the Philippine Amusement and Gaming Corporation (PAGCOR), announced plans to privatise 45 of its casinos by the third quarter of 2025.
During the national budget deliberations in the House of Representatives, Tengo stated: “Certainly, it is my intention to privatise the 45 casinos of PAGCOR, and I am targeting 2025 as the timeline. My objective is to enhance the value of the assets to be privatised.”
Meanwhile, Cagayan de Oro representative Rufus Rodriguez argued that there is no need for PAGCOR to privatise its casinos if it expects the assets to generate higher earnings in the future.
“It appears that everything will be in good order in the upcoming years, so why dispose of a lucrative venture? Privatising will curtail the regularity of income.”
PAGCOR projects a total income of ₱80.28bn ($4.72bn) by 2024.
In addition to its privatisation plans, PAGCOR has also unveiled a new logo to combat fraudulent transactions.
According to Tengco, nearly one thousand counterfeit licences are currently being used for illegal operations worldwide, including the Philippines.
He remarked: “We have decided to promptly change the logo to address this issue. A rebranding is in order. When rebranding, it entails more than just altering the logo.”
The graphic designer “must ensure the proper implementation of the logo’s usage,” Tengco said.
“My objective is to enhance the value of the assets to be privatised,” he informed lawmakers.