The Philippine Amusement and Gaming Corporation (PAGCOR) has closed two of its casinos due to “incurring significant losses” over the past few years.
Casino Filipino Talisay, operated by Casino Filipino Cebu in Talisay, Cebu, is one of the sites closing. The other is Casino Filipino Tagum, operated by Casino Filipino Grand Regal in Tagum, Davao del Norte.
The 75 employees across these casino operations will be moved elsewhere in the Corporation. The closures are part of PAGCOR’s rationalisation plan to improve operations.
Casino Filipino Talisay incurred net losses of Php 39.32m (approximately €654,000) in 2023 and Php 49.56m in 2024. Casino Filipino Tagum incurred losses of Php 31.56m in 2023 and Php 36.93m in 2024.
“Given the sustained financial strain, continuing operations at these sites is no longer feasible,” commented Alejandro Tengco, CEO and Chair of PAGCOR.
The 42 employees of Casino Filipino Talisay will be moved to various Casino Filipino Cebu branches, and the 33 employees of Casino Filipino Tagum will be transferred to different sites under the Casino Filipino Grand Regal in Davao.
“While our decision was driven by mounting financial losses, safeguarding the welfare of affected employees through job reassignment and comprehensive support programs is our top priority,” noted Tengco.
“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.”
PAGCOR also recently reported its financial results for 2024, noting that revenue hit a new high of Php 112bn, up 41% in comparison to the previous year (2023: Php 79bn).
Revenue from gaming operations stood at Php 97.52bn (approximately €1.6bn) and was split as follows: e-bingo, e-games and bingo grantees – Php 48.79bn; licensed casino – Php 33.07bn; Casino Filipino venues – Php 12.67bn; offshore gaming operations – Php 2.99bn.
It comes amidst continued efforts to clean up the country’s gambling ecosystem, with PAGCOR emphasising in a statement that false reports are circulating of the reopening of the POGO market.
