PAGCOR targets $318m-$477m from Casino Filipino sale by 2027

The Philippine Amusement and Gaming Corporation is looking to raise between PHP20 billion and PHP30 billion, or $318 million to $477 million, by selling its Casino Filipino business as part of a separation of its casino operations from its regulatory role. According to the company's chairman and chief executive, Tengco, the final valuation has not been set. The Philippine Star reported that the regulator aims to exit casino operations by the third or fourth quarter of 2027.

The state-run chain is projected to lose at least PHP7 billion ($111 million) this year, an increase from roughly PHP6 billion ($95 million) in 2025. Tengco said mounting personnel expenses were the main reason for the losses. He described the situation bluntly: "Casino Filipino is bleeding like mad."

Presidential approval is still required for the plan. Within October, the Governance Commission for Government-Owned or -Controlled Corporations (GCG) is due to send its recommendation on the decoupling to the Office of the President. Should approval come, PAGCOR would hire a financial adviser to finalize the valuation. Tengco put it simply: "Then we execute."

Thirty-five casinos would be included in the sale. Of these, PAGCOR runs 12 outright, while 23 operate through revenue-sharing deals with private partners. Tengco anticipates that those partners will bid for the casinos they currently run, and he noted that several existing licensees, among them major casino operators in Entertainment City, had shown interest. "Some have already expressed strong interest in participating," he said.

Cebu brings in the most revenue of the wholly owned sites, with Tagaytay, Angeles, Davao and Malabon following. The price range falls well short of earlier estimates. PAGCOR kept a late 2026 to 2027 target for the privatization in December 2025, and in July Tengco said the decoupling plan could reach the Palace in August. Ending the overlap between the two functions would mean PAGCOR no longer competes with the private operators it oversees.