Philippines Casinos: The Philippines has always been a unique and interesting country. Despite beautiful beaches, traces of nature and other stuff, this country has always been good regarding the economy. The officials within the country have always had some interesting moves that allow them to keep the country financially strong. One of the decisions they plan to make now is selling all state-owned casinos.
Privatizing all state-owner casinos is a process that probably won’t end quickly. On the contrary, it is a procedure that will probably last longer. Yet, in this article, there are a few things we would like to analyze. Before everything, we want to explore why they have such a plan, how they plan to do that, and how much money it is possible to make that way. So, let’s go!
Online Casinos Will Still Remain an Option
Before we move to the main point of this article, there is a small note we would like to highlight. The residents of the Philippines will still have the option to gamble online. The planned economic moves for the future will not influence gambling sites in any way. So, if you would rather stay home at play games, these changes should not interest or concern you.
On the other hand, it is also worth mentioning that you need to be careful when looking for the best possible online casino. All the players must be sure that the online casino they plan to register on is completely legit and safe. The research process may take a bit more time.
That’s why it will be much easier to discover the best online casinos in the Philippines by collecting information from this guide. It is always good to apply tips given by the experts. After making things around Filipino online casinos clear, let’s find other relevant information.
Why Philippines Want to Sale All State-Owned Casinos?
The gambling laws in the Philippines have been different from those in other countries. We do not know whether and how these regulations will change in the future. Yet, it seems that there will be certain differences.
The goal of the main gaming authorities within the country is to allow PAGCOR only to have a regulatory role. For those who do not know, Philippine Amusement and Gaming Corp. owns all the land-based casinos within the country.
When you look closer, such a decision is actually quite legit. You won’t find a regulatory body that owns casinos anywhere else. These government organizations aim to issue licenses and ensure safe gambling conditions for all players. According to the officials’ predictions, the process should end in 2028. We are yet to see whether things will be done before or after that.
Will the Privatization of Casinos in the Philippines Pay Off?
Giving an answer to such a question is not quite easy. However, based on different analyses, we can say the answer is probably yes. Based on our information, the total value of all the state-owned casinos could reach 80 billion pesos.
When we convert that into USD, the total value is around 1.47 BILLION DOLLARS. In other words, this would be a perfect source of income for the government. Those funds could be improvement and transformation of other industries.
Who’s Investing in Stated-Owned Casinos in the Philippines?
The gambling industry within the Philippines has gone through a crisis during the COVID pandemic. For example, the entire industry’s revenue was around 256 billion pesos before the pandemic was officially announced. In 2021, the GGR was 113.1 billion. Yet, that doesn’t mean things are not going in the right direction.
The gambling industry in the Philippines started to recover last year. For example, in 2022, GGP was 214.3 billion pesos. That fact only confirms that things are slowly getting back to normal. Logically, that fact will also attract many different investors that could see these casinos as the chance to make a profit on a long-term basis.
As a matter of fact, the first news about potential investors has already been published in the mainstream media. Based on the information we collected, it seems that SM Investments Corporation has already shown some interest!
However, things won’t go as quickly as people probably think. First and foremost, PAGCOR must officially declare that they are ready to sell the casinos. Apart from that, it is still unclear what each casino’s price would be. The important figures within SM Investment Corp. said they are willing to hear terms and conditions before everything.
After that, they are ready to analyze whether they would purchase all the casinos or just a few of them. We will see if the new investors will show their interest in the future.
Conclusion
We still do not know whether the state-owned casinos will be privatized. Yet, based on rumors and information shared by officials, there is a big chance the plans will realize sooner or later. The approximate deadline is set for 2028. What do you think, would this be a good move?
