The Philippine Amusement and Gaming Corporation (PAGCOR) is the government regulatory body that oversees and regulates the gaming industry in the Philippines. PAGCOR was established in 1977 by Presidential Decree 1067-A, which granted PAGCOR the authority to operate and regulate all gaming activities in the country. Here’s a brief history of PAGCOR and its role in the development of the Philippine gaming industry.
Early Years
In its early years, PAGCOR operated a number of gaming facilities across the country, including casinos, bingo parlors, and sports betting outlets. These facilities were designed to promote tourism and generate revenue for the government. The first casino to be operated by PAGCOR was the Manila Bay Casino, which opened in 1977. PAGCOR also operated a number of other gaming venues, including the Philippine Plaza Hotel and Casino, the Heritage Hotel and Casino, and the Waterfront Manila Pavilion Hotel and Casino.
Privatization and Expansion
In the late 1990s, the Philippine government began to consider the privatization of PAGCOR’s gaming operations. The government believed that privatization would lead to increased competition, improved services, and higher revenues. Wagering In 2002, the government approved the sale of PAGCOR’s casino operations to private investors. This led to the establishment of the Philippine Gaming Management Corporation (PGMC), which now operates many of the country’s major casinos, including the Solaire Resort and Casino, the City of Dreams Manila, and the Okada Manila.
In addition to privatization, PAGCOR has also been involved in the expansion of the gaming industry in the Philippines. In 2007, PAGCOR was granted the authority to issue licenses to other gaming operators, such as electronic gaming machines and sports betting companies. This has led to the establishment of a number of new gaming venues across the country, including online gaming sites and mobile gaming platforms.
Regulatory Body
Today, PAGCOR serves as the primary regulatory body for the gaming industry in the Philippines. It is responsible for ensuring that all gaming operators comply with government regulations and standards, including those related to responsible gaming, player protection, and anti-money laundering. PAGCOR also works to promote the development of the gaming industry in the country, including through the establishment of new gaming venues and the provision of support services to gaming operators.
PAGCOR has been instrumental in the growth of the gaming industry in the Philippines, which has become an important contributor to the country’s economy. According to a report by the Philippine Statistics Authority, the gaming industry accounted for 0.7% of the country’s Gross Domestic Product (GDP) in 2019, generating over PHP 216 billion in revenue. The industry has also created thousands of jobs, both in gaming operations and in related industries such as tourism and hospitality.
In conclusion, PAGCOR has played a significant role in the development of the gaming industry in the Philippines. From its early years as a government-operated gaming facility, to its current role as a regulatory body and promoter of the industry, PAGCOR has helped to establish the Philippines as a major player in the global gaming market. With continued growth and development, the gaming industry in the Philippines has the potential to become an even greater contributor to the country’s economy and a source of pride for its people.