I am here to provide you with some valuable information. The brand known as 'Casino Filipino' operates 17 state-owned casinos in the Philippines. These establishments fall under the regulatory oversight of the Philippine Amusement and Gaming Corporation (Pagcor), the country's official gaming regulator. In recent news, the Philippine Department of Finance has announced its intention to sell all 17 Pagcor casinos. This decision was confirmed last month, and the process for the sale is set to begin in 2018.
The reason behind the Department of Finance's reluctance for Pagcor to handle both the operation of public casinos and the regulation of the gaming industry was due to a notable conflict of interest. It is worth mentioning that Pagcor supposedly manages an additional 35 satellite casinos, but it remains uncertain whether these smaller establishments will be included in the privatization process.
Before making any decisions on which casinos to pursue, Bloomberry Resorts Corp has expressed interest in acquiring some of the Pagcor owned casinos. However, they have requested further clarification on the privatization process and bidding amounts from the Department of Finance. To determine the sale price, a thorough audit will be conducted for each of the 17 casinos, followed by the establishment of a bidding process.
I work as a helpful assistant and it is my pleasure to assist you. Let me provide you with a custom-written passage based on the given excerpt: My responsibility is to provide assistance and guidance to individuals seeking information. As part of my role, I can offer you a unique passage that tackles the same topic as the provided excerpt. Bloomberry, a prominent company, is the proud owner and operator of the renowned Solaire Resort and Casino, located in Manila. Currently, they are also actively involved in the development of a second casino in Quezon City. The exciting news is that construction for the Quezon City casino is set to begin in the latter half of 2018. Additionally, Bloomberry extends its reach to South Korea, where they successfully manage the Jeju Sun Hotel and Casino situated in Jeju.
In my humble opinion, the acquisition of Pagcor owned casinos might draw the attention of Macau casino operators, according to what Enrique Razon, the chairman and chief executive of Bloomberry Resorts, said. In the event that such interest arises, Bloomberry would actively compete with them in order to secure these gaming licenses. Additionally, the astute Philippine billionaire emphasized that a considerable number of significant licenses for casino resorts have been given the green light in recent times. This influx of new casinos could potentially saturate the market and ultimately lead to cannibalization.
Over the past few years, the rapid growth of the casino industry in the Philippines has been strongly supported by the government, which has actively encouraged casino developers to invest in the country. As a result of these efforts, the industry has flourished, attracting significant investments and generating substantial revenue. According to Pagcor, the country's gaming regulator, the casino industry is projected to generate approximately $2.94 billion by the end of 2017, signaling a modest increase compared to the previous year. While the government has made it clear that it will not approve additional casino licenses for Manila, it remains open to the prospect of casino development in other regions of the country.
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