The first online casino to be launched by the Philippine Amusement and Gaming Corporation (Pagcor) would signal the debut of the company into the igaming market.
The Pagcor
The launch of Casinofilipino.com, which would enable legal online gambling in the Philippines through Pagcor, is scheduled for the first quarter of 2024.
Pagcor, which has always operated brick-and-mortar casinos, has announced its intention to make Casinofilipino.com seem and sound just like its actual locations.
"This will bring several benefits and opportunities such as increased revenue, extended reach and market expansion, cost efficiency and enhanced customer engagement," stated Alejandro Tengco, chairman and CEO of Pagcor. Additional cash could be generated by launching the online casino.
The virtual versions of classic casino games will be available for gamers to engage with. Because of this, users from all over the globe will be able to engage in virtual settings and connect with one another, regardless of physical distance.
It has the potential to become well-known in online groups of serious gamers and to reach people all around the world. It will also provide a chance to expand into other markets and attract a wider range of customers.
Pagcor's strategy for updating
As part of Pagcor's larger strategy for modernisation, Tengco announced the establishment of their online casino. Everything it does on land across the nation will likewise be covered by this.
According to Tengco, Pagcor can keep up its growth momentum by updating its slot machine operations, which the company has already begun to do.
Several manufacturers have been approached by Tengco to discuss the possibility of updating their slot machines, the company announced. Our clients may anticipate a revitalised gaming experience, in my opinion.
"We are leasing 3,500 brand-new units from the manufacturer to replace our old machines in an effort to improve our game offerings."
Creating IT programs and technologies to assist in refining the Pagcor casino management system is also part of the agenda.
"This will be an essential component in making Pagcor's casinos more efficient, better for customers, more secure, better for financial management, easier to comply with, and more real-time reporting and analytics," Tengco stated.
Cracking down on illicit trade
Efforts by Pagcor to combat illegal gambling in the Philippines are being bolstered by its expansion into igaming.
Xinchuang Network Technology Inc. (Pogo) was the target of a raid last month by Pagcor. Hearing rumours of illegal activity at the facility led the organisation to decide to infiltrate the operator.
May was also the month when Pagcor revoked Sun Valley Clark's licensing. According to the group, the business's premises have been utilised for illicit purposes. Earlier, CGC Technologies had its licence withdrawn as well; the company had six buildings in Sun Valley's core. Its involvement in illicit activities was exposed by an investigation.
Pagcor is now a member of the newly formed Clark Security Advisory Council, which is one of the recent reforms. Its aim to combat illicit gambling was bolstered by this.
Improvement in first-half revenue
This news follows Pagcor's revenue numbers for the first half of 2023, which were also released this week. According to the group, in the six months ending 30 June, income was almost back to pre-pandemic levels.
The revenue increased by 35.6% from P26.7bn in 2022 to P36.21bn (£513.73m/592.64m/$664.11m). In the first half of 2019 (the year before the pandemic began), Pagcor likewise claimed that the amount came just 6.7% shy of P38.81bn.
An increase in gross gaming revenue across the board in the Philippines was cited by the organisation as the primary driver of the overall revenue increase. This reached P136.37bn in the first half, up 48.7 percent from P91.72bn in the same period previous year.
