Philippines to sell Pagcor casinos

According to a report published by The Philippine Daily Inquirer, the government will sell the casinos of state-run Philippine Amusement and Gaming Corp. (Pagcor).

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The Finance SecretaryCarlos G. Dominguez III confirmed the information.

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“If our casinos were to replace a glass that’s broken, I think it will take ages as compared to what Okada and Solaire can do. It’s better [for the government] to move out of [casino operations],” Dominguez told reporters on the sidelines of the Asian Development Bank’s 50th annual meeting.

“And secondly, of course, it will remove the conflict of interest when you are the regulator as well,” Dominguez added.

“Personally, I haven’t gotten [offers] because they haven’t set out the terms of the privatization. You have to set out the terms, then people will come. Of course, we will make it attractive since we do want to raise the revenues from this and remove the conflict [on interest] that’s ongoing and existing,” Dominguez said.

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Pagcor operates 46 casino properties nationwide and is required by law to give half of its annual gross earnings to the Bureau of the Treasury.

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These funds are used in community and social projects of the government.