Error message

  • Notice: Trying to get property of non-object in template_preprocess_imageblock_content() (line 349 of /home/agbrief/agb/sites/all/modules/imageblock/imageblock.module).
  • Notice: Trying to get property of non-object in template_preprocess_imageblock_content() (line 349 of /home/agbrief/agb/sites/all/modules/imageblock/imageblock.module).

PAGCOR to sell casinos by year end

Philippines’ state-run regulator is set to sell its casinos before the end of the year, a move which will allow the firm to focus on its role as a regulator, The Inquirer reports.

According to Finance Secretary Carlos G. Dominguez III on the sidelines of the Asian Development Bank’s 50th annual meeting, the move makes sense as Pagcor-run casinos can no longer compete with private-led casinos.

“If our casinos were to replace a glass that’s broken, I think it will take ages as compared to what Okada and Solaire can do. It’s better [for the government] to move out of [casino operations],” said Dominguez.

“And secondly, of course, it will remove the conflict of interest when you are the regulator as well,” he added.

Dominguez confirmed the casinos’ licenses and facilities would be bid out before the end of the year, but says the terms of privatization is yet to be confirmed.

Pagcor operates 46 casinos nationwide.

More news from this jurisdiction

PhilippinesMonday, Jan 15, 2018

A retired military general is set to fill the position left by Philippine Charity Sweepstakes Office (PCSO) chairman, Jose Jorge Corpuz, who retired last week.

PhilippinesSunday, Jan 14, 2018

President Rodrigo Duterte on Thursday held a meeting with the top executives of Melco Resorts and Entertainment.

PhilippinesSunday, Jan 14, 2018

Chairman of the Philippine Charity Sweepstakes Office Jose Jorge Corpuz has resigned from his position as chairman, according to an announcement on Friday.

PhilippinesThursday, Jan 11, 2018

Philippine Amusement and Gaming Corporation (PAGCOR) has launched a second auction for two parcels of land occupied by Bloomberry’s Solaire Resort and Casino.

PhilippinesThursday, Jan 11, 2018

Philippine police have rescued a Taiwanese man from a kidnap-for-ransom gang in Paranaque City, local media reports.

PhilippinesMonday, Jan 08, 2018

The Philippines’ national tax think-tank has recommended an increase in the entrance fees required for players to enter casinos in the country, and to make their collection compulsory.

PhilippinesSunday, Jan 07, 2018

Philippine casino operator Travellers International Hotel Group has announced it has formalized an agreement with Hotel Okura Co., Ltd for it to operate a new 191-room hotel at Resorts World Manila.