PAGCOR is now the industry regulator and issues licenses for online gaming, and its gambling operations are being privatized as it transforms into an independent regulator.
PAGCOR Chairman and CEO Alejandro H. Tengco confirmed the progress of the plan in an interview and said the site would go live later this year. While full profit forecasts for virtual gaming are yet to be obtained, Tengco highlighted prospects worth watching, noting the strong brand appeal of Philippine casinos.
He saw a shift in the world’s gaming habits from traditional brick-and-mortar casinos to Internet gaming, which allowed PAGCOR to reach a wider audience outside the Philippines. Tengco said that major gaming companies around the world are investing heavily in creating their own online gaming platforms.
Following a record-breaking gross gaming revenue of 285.27 billion pesos ($5 billion) in 2023, PAGCOR expects revenue from electronic gaming and new integrated resorts to increase, with total revenue reaching 336.38 billion pesos ($6 billion) in 2024. Tengco expects the electronic gaming industry, which includes electronic casinos, electronic bingo, sports betting and specialty games, to generate revenue of Php 61.75 billion ($1.1 billion) by 2024, making it the fastest-growing business going forward. He was excited about the extraordinary growth of electronic gaming in the Philippines and highlighted PAGCOR’s strategic focus on this emerging industry.
