The Covid-19 crisis has rekindled debate over the potential privatisation of the Philippine Amusement and Gaming Corp (PAGCOR) casinos to raise funds to fight the pandemic.
The regulator has so far resisted calls to sell off the properties, arguing that they are profit making and already generating funds for the government. However, concern has been raised on multiple occasions about PAGCOR’s dual role as regulator and casino operator.
The latest call for a sell off came from Senate Minority Leader Franklin Drilon, who has asked economic managers to review state assets that may be sold off immediately to generate funds. Among those mentioned were PAGCOR’s casinos and the Philippine Charity Sweepstakes Office (PCSO).
According to Jade Entertainment CEO Joe Pisano, any such sale would likely attract considerable interest amongst both local and international investors.
“As PAGCOR operates under a congressional franchise, I expect that the sale of assets would require congressional approval,” he...
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Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.