The Philippine Amusement and Gaming Corporation (PAGCOR) has announced the closure of two casino sites, citing significant losses over recent years.
PAGCOR said the two venues have been shuttered as part of the regulator’s ‘ongoing rationalization plan.’
Alejandro Tengco, PAGCOR Chairman and CEO, commented, “Given the sustained financial strain, continuing operations at these sites is no longer feasible.”
The first venue to close, Casino Filipino Talisay (operated by Casino Filipino Cebu), incurred net losses of PHP39.32 million ($0.67 million) in 2023, worsening to PHP49.56 million ($0.85 million) in 2024.
Casino Filipino Tagum is the other location that will discontinue operations. Operated by Casino Filipino Grand Regal, losses hit PHP36.93 million ($0.64 million) in 2024, up from PHP31.56 million ($0.54 million) in 2023.
“While our decision was driven by mounting financial losses, safeguarding the welfare of affected employees through job reassignment and comprehensive support programs is our priority,” said Tengco.
The 42 employees from Casino Filipino Talisay will be transferred to various branches under Casino Filipino Cebu. In comparison, the 33 employees from Casino Filipino Tagum will be deployed to different sites under the Casino Filipino Grand Regal in Davao.
Tengco concluded, “Our Human Resource and Development Group is actively working with affected employees to facilitate a smooth transition, ensuring that each individual receives guidance and assistance in their reassignment.”
The Corporation announced record revenues in 2024, reporting a record-high PHP112 billion ($1.93 billion) in revenue, up 41% year over year from 2023’s figure.
Before 2024, PAGCOR’s highest gross operating revenue was in 2019, before the global pandemic, when the state-owned gambling giant posted PHP81.98 billion ($1.41 billion).
PAGCOR’s Record-Breaking Revenue in 2024: Key Growth Drivers
The Chairman attributed the record-breaking performance to the electronic games and bingo sectors, contributing just over 50% of the 2024 gaming revenues.
“The continuous growth of the E-Games sector is the key driver of PAGCOR’s record-breaking performance. It reflects the increasing popularity of digital gaming platforms and the transformative impact of technology on the industry,” Tengco commented.
12.99% of 2024’s revenue came from PAGCOR-owned Filipino casino venues, with 33.91% of total receipts from the licensed casino sector.
2024 marked just the second time that PAGCOR has surpassed the PHP100 billion revenue mark, with the other being in 2018. However, the figures from 7 years ago included a one-time property sale of over PHP32 billion.
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