The Philippine Amusement and Gaming Corporation (PAGCOR) announced on Thursday, July 21, that it is set to launch its own online casino in the first quarter of 2024.
According to PAGCOR chairman and CEO Alejandro Tengco’s keynote address at the SiGMA Asia Summit 2023 in Pasay City on July 21, the agency announced it plans to launch an online gaming operation dubbed “casinofilipino.com” by the first quarter of 2024.
“It will allow players to interact with the digital counterparts of traditional casino games. It will also transcend physical boundaries and will enable users from around the world to interact and participate in virtual environments. It can reach a global audience and can establish a presence in virtual communities of avid gamers. It will likewise offer an opportunity to tap into new markets and diversify its customer base,” said Tengco.
The PAGCOR chief also noted that the online Casino Filipino will “bring several benefits and opportunities such as increased revenue, extended reach and market expansion, cost efficiency, and enhanced customer engagement.”
Aside from the launch of the new gaming offering, Tengco underscored that the modernization plan includes the development of the state-run gaming and regulatory firm’s Information Technology (IT) programs and systems to help fine-tune PAGCOR’s Casino Management System.
“We have already taken the preliminary steps and entered into negotiations with different manufacturers for the modernization of our slot machines. We expect our customers to have a renewed gaming experience as we endeavor to enhance our game offerings by replacing our old machines with a total of 3,500 brand-new units of Electronic Gaming Machines under a lease agreement between PAGCOR and the manufacturer,” said Tengco.
PAGCOR recorded a total revenue from gaming operations of P34.125 billion as of the first half of 2023.
The government received contributions from PAGCOR totaling P22.62 billion, up 48.5% from P15.23 billion over the previous year.
“For the second half of this year, our total income from gaming operations is projected to be P37 billion, which brings to a total of P71 billion the projected income from gaming operations by the end of 2023. This is 94% compared to the 2019 record-breaking year of PAGCOR. If realized, it will be 30% higher than last year’s income of P55 billion,” Tengco noted.
