Good morning. The Philippines’ online gaming shakeout may already be taking shape. Arden Consult says more than 60 percent of licensed system administrators were below PAGCOR’s new revenue floor based on second-quarter run rates, pushing smaller operators toward recapitalization, consolidation or exit. With new applications frozen, existing accreditations are reportedly being pitched for between $3 million and $15 million. Over in Macau, Sands is prioritizing market leadership and longer-term EBITDA growth over near-term returns, with no plans to ease customer reinvestment for now. Melco, meanwhile, is cutting costs across its portfolio to absorb REM Hotel expenses and keep its operating base broadly stable.

What you need to know

Over 60% of Philippine online gaming operators fall below PAGCOR’s new revenue floor, raising pressure to consolidate or exit: Arden Consult.
Sands is prioritizing long-term Macau share gains over near-term margins, while Melco is containing costs across its property portfolio.

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AGB Intelligence

PHILIPPINES

New PAGCOR fee floor squeezes smaller online operators

PAGCOR’s new minimum guaranteed fee (MGF) is putting pressure on smaller Philippine online gaming operators, with more than 60 percent falling below the applicable revenue benchmarks, according to Arden Consult. The firm said the measure functions as a market-selection mechanism that could drive recapitalizations, mergers and exits. Existing accreditations are reportedly being marketed for between $3 million and $15 million, although any change in ownership or control remains subject to PAGCOR Board approval and probity checks.

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Written by AGBrief Editorial The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers. More from AGBrief Editorial →