After months of deliberation Philippines President Ferdinand Marcos, Jr. sworn into office the new PAGCOR members of the Board of Directors.
After much presidential deliberation, PAGCOR’s new board was sworn in, with Alejandro H. Tengco replacing Andrea Domingo as Chairman and CEO.
Philippine Amusement and Gaming Corporation (PAGCOR) Chairman and Chief Executive Officer Alejandro H. Tengco said that increased demand for leisure, travel, and entertainment will sustain the growth trajectory of the Philippine gaming industry in the coming years.
Alejandro H. Tengco, Chairman and CEO of PAGCOR, believes it's too early to discuss Japan and Thailand's competition regarding gaming. "We have been hearing these stories for years, but nothing has happened as of today."
In a keynote speech at the Asian IR Expo + Global Gaming Expo (G2E) Asia 2023 in Macau, the Philippine Amusement and Gaming Corporation's (PAGCOR) chairman, Alejandro H. Tengco, says that the regulator is undertaking efforts to upgrade its gaming venues to add value to the properties before its casinos are privatized.
Judging that the the current framework for POGOs "has become a means to coddle various illegal activities", Alejandro H. Tengco, Chairman and CEO of PAGCOR, confirms that the Philippine regulator will "put all existing Licensees and Service Providers under a probationary status", in this way, all the entities regulated under POGOs licenses will need to re-apply for a permit to operate in the country.
PAGCOR's Chairman, Alejandro H. Tengco pledges a new wave of Philippine gaming, with enforced regulation even as the group partners further with industry, including the sale of its casinos but continuation of its relationship with POGOs. In Macau, MGM China sees a stellar rebound in 1Q23, as EBITDA rises to $169 million, even as GGR overall in the city is up 450 percent yearly to $1.83 billion. The Labor Day holiday spells more for the city, with up to 340k daily border crossings expected at the top terrestrial boundary.
Alejandro H. Tengco, PAGCOR Chairman and CEO notes that the group is ushering in a new era as it partners with the industry and welcomes new and increased regulation. The group moves to sell off its own Casino Filipino assets, even while maintaining POGOs, despite some opposition towards offshore operations. The group's head says healthy competition leads a strong market.
PAGCOR's Chairman, Alejandro H. Tengco, has told AGB that he plans to privatize all of the group's self-operated casinos under its Casino Filipino brand, hoping to open up the process to both local and international bidders as soon as possible.