The Covid-19 crisis has rekindled debate over the potential privatisation of the Philippine Amusement and Gaming Corp (PAGCOR) casinos to raise funds to fight the pandemic.
The regulator has so far resisted calls to sell off the properties, arguing that they are profit making and already generating funds for the government. However, concern has been raised on multiple occasions about PAGCOR’s dual role as regulator and casino operator.
The latest call for a sell off came from Senate Minority Leader Franklin Drilon, who has asked economic managers to review state assets that may be sold off immediately to generate funds. Among those mentioned were PAGCOR’s casinos and the Philippine Charity Sweepstakes Office (PCSO).
According to Jade Entertainment CEO Joe Pisano, any such sale would likely attract considerable interest amongst both local and international investors.
“As PAGCOR operates under a congressional franchise, I expect that the sale of assets would require congressional approval,” he...
Interblock has been working hard throughout 2020 with continuous product improvements and market developments under the global pandemic restrictions. Covid-19 has significantly affected the industry, however, one of our highlights is notably the successful bidding to supply a 64-seat ETG stadium to Kangwon Land Casino, South Korea. The only casino that allows locals to gamble.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing what 2020 may have had in store.