PAGCOR Chairman and CEO Alejandro Tengco urged stakeholders to reassess the financial potential behind the PAGCOR Casino Filipino upgrade, as the government prepares to transform the state-run agency into a purely regulatory body. Tengco emphasized that these land-based venues could generate at least PHP18 billion (US$320.9 million) in revenue over the next five years.
Casino Filipino Modernization Starts January 2024
PAGCOR confirmed plans to upgrade its Casino Filipino properties beginning January 2024. According to Tengco, the agency has finalized a revenue-sharing deal with a supplier for 3,000 new slot machines, expected to significantly boost income.
“We expect the delivery of 3,000 brand-new slot machines by January next year,” Tengco said. “These will operate under a revenue-sharing agreement and are projected to bring in at least PHP18 billion over five years.”
He added that PAGCOR is also modernizing its table games, replacing outdated equipment with more sophisticated setups to attract players and drive additional revenue.
Tengco revealed that once the modernization is complete, PAGCOR intends to open the Casino Filipino network to potential buyers—a move that could happen sooner than expected.
2023 GGR Nears Pre-Pandemic Record
Speaking at an iGaming event hosted by RGB International Bhd., Tengco announced that the Philippine gaming industry’s gross gaming revenues (GGR) for 2023 are close to matching 2019 levels—the highest in PAGCOR’s history.
“One year into the term of President Ferdinand Marcos Jr., our gross gaming revenues have returned to near the levels of 2019,” he said.
Tourism and Local Demand Fuel Growth
Tengco credited this recovery to rising demand for leisure and entertainment, boosted by a steady influx of tourists and strong participation from domestic players. Despite the slower return of traditional high rollers and junkets, new players are filling the gap.
Looking ahead, Tengco expects this momentum to support PAGCOR’s growth strategy. He pointed to new integrated resorts opening in regions like Clark, which aim to attract global tourism and further fuel industry expansion.
“We anticipate the sustained demand for leisure and entertainment will continue driving the Philippine gaming industry’s growth in the coming years,” Tengco noted.
PAGCOR also plans to upgrade its land-based network and expand its presence through a new online casino platform, positioning itself for long-term success in both physical and digital spaces.
