The Philippine Amusement and Gaming Corporation (PAGCOR) is expecting the delivery of nearly 2,000 new slot machines for its Casino Filipino gaming venues by mid-September.
These are part of a total of 3,341 slot machines that PAGCOR has ordered for its gaming venues.
Speaking of the purchase, PAGCOR Chairman Alejandro H. Tengco noted “As we prepare for the planned privatization of PAGCOR casinos, we intend to increase their value by modernizing our gaming facilities and equipment to make them more attractive to potential investors.”
The official noted that the new slot machines would help increase foot traffic and increase the profitability of Casino Filipino venues.
In July of last year, in Macau, Tengco indicated that it would be upgrading its electronic gaming machines at its venues alongside updates to the Technical Standards for Electronic Gaming Machines.
PAGCOR’s Chairman first revealed to AGB in March of last year, at the ASEAN Gaming Summit, that the group was planning to privatize all of its casinos – to focus only on its regulatory function.
PAGCOR is generally expected to grant the ‘right of first refusal’ to the current operators of the Casino Filipino properties.
Foreign investors in casino projects need to face down a 60 percent local ownership mandate, which there are ways to circumvent, but getting a Filipino partner could be the key way in, Tengco told AGB earlier this year.
Currently, the beginning of the privatization is expected in May of 2025, encompassing 45 properties. The properties are expected to generate some PHP81.27 billion ($1.44 billion) in gaming revenue in 2024, up 2.4 percent yearly. The privatization is not expected to have a large impact on the nation’s overall gross gaming revenue (GGR).
PAGCOR expects to generate upwards of PHP60 billion ($1.06 billion) from the sale of its self-run casinos.
Tengco made the statements about the new slot machine delivery at the IAG Academy Summit in Manila.
