Online Casino Transfer: News - PAGCOR to go Private?

07/31/2010		Online Casino Style: News PAGCOR to go Private?
Home History Games News Dictionary		A surprising piece of news was published in one of this week’s reports at the Agence France Presse news, that said that the President of the Philippine government was making serious considerations to possibly privatize one of the most lucrative state-run monopolies in the nation. PAGCOR is known not only for their control of the internet gambling sector in the Philippines, but also run the land-based casinos – a huge market that could be up for sale, according to statements made by the nation’s leader. President Benigno Aquino III reportedly made statements to the French press resource that the possibility of privatization was no longer remote. Already, a full review of the books behind the organization, an acronym that stands for the Philippine Amusement and Gaming Corp, has been ordered. PAGCOR is the sole owner of gambling interests in the islands, with exclusive rights to all online casinos, as well as their brick and mortar cousins. It’s also important to note that this will be one of the first major moves made by the new administration as President Aquino has only been in office for two weeks; he will serve as the Philippine leader for the next 6 years. No time frame has yet been laid out for the privatization plan, as the government will still need to determine if any problems exist within the existing corporation and fix them before it can go up for sale. "If at some point in time we can do away with having the government be the operator and the regulator, that will be a good direction," said Aquino. Currently, the company is estimated to be worth millions in potential profits, as they earned a net income of $640 million in 2008. Forty-one casinos are currently under their operation and ownership. As a state-run entity, PAGCOR’s income goes immediately into the national budget.

07/31/2010

Online Casino Style: News
PAGCOR to go Private?

A surprising piece of news was published in one of this week’s reports at the Agence France Presse news, that said that the President of the Philippine government was making serious considerations to possibly privatize one of the most lucrative state-run monopolies in the nation. PAGCOR is known not only for their control of the internet gambling sector in the Philippines, but also run the land-based casinos – a huge market that could be up for sale, according to statements made by the nation’s leader.

President Benigno Aquino III reportedly made statements to the French press resource that the possibility of privatization was no longer remote. Already, a full review of the books behind the organization, an acronym that stands for the Philippine Amusement and Gaming Corp, has been ordered. PAGCOR is the sole owner of gambling interests in the islands, with exclusive rights to all online casinos, as well as their brick and mortar cousins.

It’s also important to note that this will be one of the first major moves made by the new administration as President Aquino has only been in office for two weeks; he will serve as the Philippine leader for the next 6 years. No time frame has yet been laid out for the privatization plan, as the government will still need to determine if any problems exist within the existing corporation and fix them before it can go up for sale.

"If at some point in time we can do away with having the government be the operator and the regulator, that will be a good direction," said Aquino. Currently, the company is estimated to be worth millions in potential profits, as they earned a net income of $640 million in 2008. Forty-one casinos are currently under their operation and ownership. As a state-run entity, PAGCOR’s income goes immediately into the national budget.