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State-owned Casinos Likely To Be Privatised

State owned Casinos Likely To Be Privatised

The state-owned casinos will be removed from the Philippine Amusement and Gaming Crop. (Pagcor), as the Department of Finance thinks the government will continue to earn revenue. According to the Finance Secretary, Carlos G. Dominguez III, the government, would generate more tax revenues and Pagcor would be expected to make higher licenses fees from these state-run casinos. Currently, they are being eyed for privatization.

An estimated loss of P24 billion to the government in annual revenues is expected if all the state-run casinos are privatized, according to Pagcor Chairperson Andrea D. Domingo.

Domingo further said citing concerns that the 40% of their total gross revenue is contributed by the Pagcor run or Pagcor owned casinos. These casinos make P2 billion a month or nearly P24 billion a year, a figure that needs to be maintained. Dominguez reportedly said that Pagcor should limit its worries to the regulatory functions and be away from the gambling business.