Good Morning. Privatize it, yeah, yeah. PAGCOR is aiming to do just that with its self-run casinos, with a lawyer questioning whether the process will place any limitations on the nationalities of investors. Going forward the group will also have to seek a balance between transparency and openness to investment, as it navigates headwinds. Meanwhile, the race to the Emirates continues, as MGM has announced its development partner for a $1.2 billion leisure island in Dubai, albeit with no guaranteed casino.
What you need to know
- PAGCOR privatization likely in current administration, need to clarify legal framework for the sale process: lawyer Tonet Quiogue.
- China State Group awarded $1.2 bln contract for the future Dubai leisure island with MGM IR, however no casino is guaranteed.
On the radar
- Macau’s hotel employee figures up 22 percent in 3Q23, reaching 54,000.
- Century Entertainment’s gaming table acquisition pending.
- Revenue and profit up in 3Q23 for RGB International.
- Thai authorities bust illegal casino operating on two floors of hotel.
- Miriam Adelson NBA-team purchase originally aimed at Texas casino.
AGB Intelligence
PHILIPPINES
PAGCOR privatization during this administration: lawyer
PAGCOR’s privatization plans for the casinos it runs under its Casino Filipino brand should progress within the current administration, notes lawyer Tonet Quiogue. One question is whether any nationality requirements will be put in place for bidders, and if the companies themselves will have to be at least 60 percent locally owned. The lawyer also notes that PAGCOR, being a ‘younger’ gaming jurisdiction, will need to focus on balancing investment openness and proper management going forward.
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