Finance Secretary Carlos Dominguez told the press during the weekend, “Those casinos being operated directly by Pagcor I think should be privatized first. Maybe 17 of them.”
During the weekend, Finance Secretary Carlos Dominguez told the press, “Those casinos being operated directly by Pagcor I think should be privatized first. Maybe 17 of them.”
Dominguez argued that the Finance department was examining the privatization methods in order to start selling the casinos next year. Officials early said that bids could be solicited before the end of this 2017.
“[The casinos] should be [assessed ]one by one because everything is very different from the others,” Dominguez commented.
“I think there is no way they can compete [against privately owned casinos]if we don’t privatize. They might actually lose their customers,” he added.
“We might as well do it now… That is why we have to analyze how much revenues come from their winnings as against how much of the revenues come from the fees that are being paid.”
Dominguez also said he believed that the privatization of Pagcor-operated casinos would take several years.
“Its not going to happen overnight, and the deals are quite complex so we have to piece it out and see what is the best deal for the government,” he explained.
Pagcor has stated that it would back the Finance department’s plan to privatize all government-owned casinos, which total 46 at present.