The Philippine Amusement and Gaming Corporation (PAGCOR) announced its decision to close two underperforming casinos as part of its rationalization plan, citing financial losses as the primary reason.
Closure of Two Sites On February 3, PAGCOR confirmed the closure of the Casino Filipino site in Talisay, Cebu. The agency also revealed plans to shut down the Casino Filipino property in Tagum, Davao del Norte.
The decision was driven by the significant losses recorded by both venues over the past few years. The Casino Filipino in Talisay, operated by Casino Filipino Cebu, incurred net losses of PHP 39.32 million ($670K) in 2023, which worsened to PHP 49.56 million ($850K) in 2024.
Similarly, Casino Filipino Tagum, operated by Casino Filipino Grand Regal, reported a net loss of PHP 31.56 million ($540K) in 2023, which increased to PHP 36.93 million ($630K) in 2024.
PAGCOR’s chair and chief executive officer, Alejandro Tengco, emphasized that the operations of both properties were no longer feasible, making their closure the most logical choice. This decision aligns with the agency’s ongoing rationalization plan.
Employee Redeployment Despite the financial losses driving the closures, Tengco assured that no employees would be displaced. PAGCOR is committed to safeguarding the welfare of all affected employees.
Tengco promised that existing casino employees would be reassigned and supported with comprehensive programs. The 42 employees from the now-closed Casino Filipino Talisay will be transferred to various branches under Casino Filipino Cebu. Meanwhile, the 33 workers at Casino Filipino Tagum will be redeployed across different sites under Casino Filipino Grand Regal in Davao.
“Our Human Resource and Development Group is actively working with affected employees to ensure a smooth transition, providing guidance and assistance in their reassignment,” Tengco stated.
Strong Financials Amid Rationalization The decision to shutter the two Casino Filipino properties comes shortly after PAGCOR published its financial report for 2024, revealing all-time high revenue figures attributed to the growing interest in online gaming products. The figures indicate that the Philippines has not only recovered from the effects of the COVID-19 pandemic but has also exceeded its pre-COVID financials.
The rationalization plan aims to streamline PAGCOR’s casino operations, bolster its financials, and continue supporting its employees.
However, the Philippine gaming sector still faces competition from illicit offshore operators. Lawmakers have vowed to protect the country from illegal gambling and ensure its permanent removal from international watchlists.