PAGCOR expects to raise $318 million to $477 million from selling its state-owned Casino Filipino network, chairman and CEO Alejandro Tengco said. The final valuation has not been set. The exit from casino operations is scheduled for the third or fourth quarter of 2027.
The network's losses this year are expected to reach at least PHP7 billion ($111 million), up from roughly PHP6 billion ($95 million) in 2025. The main driver is rising personnel costs, Tengco said. 'Casino Filipino is bleeding,' he stated.
What the deal requires
The plan needs presidential approval. The Governance Commission for Government-Owned and Controlled Corporations must submit its recommendation on separating PAGCOR's functions to the office of the president by the end of October. After approval, the regulator will appoint a financial adviser for the final valuation. 'Then we execute,' Tengco said.
The sale will cover 35 casinos. PAGCOR operates twelve outright, and 23 run under revshare arrangements with private partners. Tengco expects revshare partners to bid for the casinos they already manage, and said several active licensees have shown interest, including major Entertainment City operators. 'Some have already expressed serious interest in participating,' he said.
Among wholly owned PAGCOR properties, Cebu generates the most revenue, followed by Tagaytay, Angeles, Davao and Malabon.
The price range came in well below earlier estimates. In December 2025, PAGCOR maintained a privatisation target for late 2026 to 2027, and in July Tengco said the separation plan could reach the presidential office in August. Separating the functions will end PAGCOR's role as a competitor to the private operators it regulates.
