The Philippines government has directed the Philippine Amusement and Gaming Corporation (Pagcor) to sell its casinos in order to raise funds to support the proposed P3.4tn 2017 national budget, local media reports.

pagcor

“Finance Secretary Carlos Dominguez has told us to privatise Pagcor-owned casinos,” Andrea Domingo, Pagcor chairperson, told a House budget hearing.

“We are now preparing the template for the planned privatisation so we could maximise the benefits for the government,” she said. Analysts say the move is a good one for the gaming regulator and operator.

“Pagcor’s move to sell its gaming operations and stay as regulator is a step in the right direction as this will take away potential conflicts of interest,” said Rommel Rodrigo, a gaming analyst at Maybank ATR Kim Eng, quoted by Bloomberg.

“The government will get the highest value if these casino are sold as one rather than if the assets are sold separately. Bundled as one, these casinos will give buyers a massive advantage.”

Source: Asia Gaming Brief