New integrated resort operated by Bloombery Resorts Corp. billionaire Enrique Razon will open in Manila later this yr, and as much as eight more casino projects are planned, Alejandro Tengco, president and CEO of state regulator Philippine Amusement and Gaming Corp., or Pagcor, said Tuesday in an interview at his office. He added that the regulatory body also plans to sell state casinos no later than early 2026.
Singapore’s gaming regulator said it had no comment when Bloomberg News asked about Tengco’s comments and referred to financial reports by Genting Singapore Ltd and Las Vegas Sands Corp on revenues at two integrated resorts within the state.
Tengco estimates annual gross gaming revenue in Singapore to be around $6 billion.
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Manila hopes that integrated resorts and casinos will help increase the variety of tourist arrivals, which have been hit hard throughout the Covid-19 pandemic. The country is targeting 7.7 million foreign tourists this yr, after attracting 5.45 million in 2023, still below the pre-pandemic level of 8.26 million in 2019.
The country’s future casinos, which could cost as much as $1.2 billion, will probably be situated within the capital Manila and the previous U.S. Clark Air Base, in addition to in tourist magnets similar to Cebu and Boracay, he said. “As new markets open, new customers will emerge,” he said.
As the Philippines’ gaming revenue increases, the brand new integrated resorts will “hopefully neutralize the decline in Chinese tourist arrivals,” Tengco said, adding that high-stakes Chinese gamblers proceed to gamble within the country.
The Philippines can be expanding its online casino industry, which accounted for one-fifth of the country’s gross gaming revenues last yr and is predicted to grow faster than land-based casinos.
“Our advantage over Macau is that there is no online gaming there,” Tengco said. Pagcor plans to launch its own online gaming website later this yr and is searching for a three way partnership partner to run it, he said.
This is a component of Pagcor’s efforts to extend the revenue stream of the agency’s Casino Filipino brand – which incorporates 41 mostly small casino outlets – ahead of the planned sale of casino assets in order that the agency can focus solely on its regulatory function.
“We want to separate the situation because Pagcor has worn two hats for too long,” he said, adding that the corporate’s competence is rare within the gambling world.
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The law that created the agency as a gaming regulator and casino operator will expire in 2033. In order for Pagcor to denationalise casino assets and extend the lifetime of the agency for one more 25 years, an amendment to the regulation is obligatory.
Pagcor goals to supply its casinos in packages – grouped by location – late next yr or early 2026 and expects to boost between 60 billion and 80 billion pesos in sales, he said. He added that a planned gaming website would even be sold.
“If we are successful in our privatization efforts, investors will have more confidence to invest,” Tengco said.
