The Philippine Amusement and Gaming Corporation (PAGCOR) expects to raise PHP20 billion to PHP30 billion ($318 million to $477 million) from selling its Casino Filipino business, as it moves to separate its casino operations from its role as regulator.
PAGCOR chairman and chief executive Alejandro Tengco said the final valuation has not yet been set. The regulator is targeting an exit from casino operations by the third or fourth quarter of 2027, The Philippine Star reported.
Losses at the state-run chain are expected to reach at least PHP7 billion ($111 million) this year, up from about PHP6 billion ($95 million) in 2025. Tengco attributed the losses largely to mounting personnel expenses.
“Casino Filipino is bleeding like mad,” Tengco said.
Approval pending
The plan still needs presidential approval. The Governance Commission for Government-Owned or -Controlled Corporations (GCG) is expected to submit its recommendation on the decoupling to the Office of the President within October. If it is approved, PAGCOR will appoint a financial adviser to finalize the valuation. “Then we execute,” Tengco said.
The sale would cover 35 casinos. Twelve are operated entirely by PAGCOR and 23 run under revenue-sharing arrangements with private partners. Tengco expects the revenue-sharing partners to bid for the casinos they already operate, and said several existing licensees, including major casino operators in Entertainment City, had expressed interest. “Some have already expressed strong interest in participating,” he said.
Among the wholly owned sites, Cebu generates the most revenue, followed by Tagaytay, Angeles, Davao and Malabon.
The price range is well below earlier estimates. In December 2025, PAGCOR maintained a late 2026 to 2027 target for the privatization, and Tengco said in July that the decoupling plan could reach the Palace in August. Separating the two functions would end PAGCOR’s role as a competitor to the private operators it supervises.
