PAGCOR has put its 35 Casino Filipino venues up for sale and wants out of casino operations by the third or fourth quarter of 2027. The chain is valued at 20–30 billion pesos ($318M–$477M).
The reason is the money it loses. Losses are set to reach at least 7 billion pesos ($111M) in 2026, against 6 billion pesos ($95M) in 2025. Staff salaries are the biggest cost line. 'Casino Filipino is bleeding,' PAGCOR chairman and chief executive Alejandro Tengco said at the opening of Kaban Hotel and Casino Boracay. The price has fallen a long way from the 80 billion pesos Tengco named in March 2023; by December 2025 he had cut it to 30–50 billion pesos.
What is for sale
Twelve venues sit under PAGCOR's direct management and 23 run on revenue sharing with private partners. Those partners get first refusal on their own sites, the rest go to open bidding. Large Entertainment City operators have shown interest. Cebu, Tagaytay, Angeles, Davao and Malabon bring in the most revenue among the directly managed casinos. Severance for staff is put at 20 billion pesos ($318M), to come from the PAGCOR pension fund.
Approval and the wider market
The sale needs government approval through the GCG commission, with a decision expected in October. Privatisation would leave PAGCOR as a regulator and remove the conflict of interest of running casinos it also oversees. The backdrop is a weak year: industry GGR in 2026 is expected at 350 billion pesos ($5.56 bn) rather than the 400 billion pesos target, and PAGCOR's net income will fall below 5 billion pesos ($79M). At Kaban, Tengco is testing an alternative model in which the operator pays 35% of GGR but carries its own staff costs.
