Alejandro Tengco, Chairman and CEO of PAGCOR, stated that the licensing fees for physical casinos will be reduced to 30%, and the licensing fees for integrated resorts participating in online gaming will be reduced to 25%. Speaking at the Inside Asian Gaming Academy summit held at the Hilton Hotel in Pasay City, Tengco expressed that by lowering the licensing fees, PAGCOR aims to align with global industry standards and attract and retain more investors.
Tengco pointed out that reducing the rates will help combat illegal online gaming activities. Earlier this year, the GGR remittance rate was reduced from 55% to about 35%, which encouraged some illegal operators to obtain licenses from PAGCOR.
Tengco also mentioned that PAGCOR expects the industry GGR target to reach 335 billion pesos by 2024, with the growth of the electronic gaming sector expected to drive the performance of the entire Philippine gaming industry, and this sector is anticipated to be the fastest-growing area for PAGCOR in the coming years.
Furthermore, Tengco revealed that by 2025, Entertainment City will add a new integrated resort casino, and new projects will be launched in Cebu and Boracay in 2026.
