The Philippine Amusement and Gaming Corporation (PAGCOR) has declared its intention to close two casinos that have been underperforming as part of its rationalization strategy. This news comes despite the industry’s strong performance in the Asian country, indicating that online casinos in the Philippines have completely overshadowed their land-based counterparts.

Filipino Casinos Close

On February 3, PAGCOR confirmed the closure of the Casino Filipino location in Talisay, Cebu, while also indicating plans to cease operations at the Casino Filipino facility in Tagum, Davao del Norte.

The decision to shut down these venues stems from their consistent financial losses over recent years. Specifically, the Casino Filipino in Talisay, managed by Casino Filipino Cebu, reported a net loss of PHP 39.32 million ($670K) in 2023, which deteriorated further in 2024 with losses amounting to PHP 49.56 million ($850K). Similarly, Casino Filipino Tagum, operated by Casino Filipino Grand Regal, experienced a net loss of PHP 31.56 million ($540K) in 2023, escalating to PHP 36.93 million ($630K) in 2024. Alejandro Tengco, the chair and CEO of PAGCOR, stated that the operations of these two properties had become unsustainable, making their closure a necessary step in line with the agency’s rationalization efforts.

Tengco assured that despite the financial motivations behind the closures, no employees would face job loss as a result of this decision. He reiterated PAGCOR’s commitment to the welfare of all employees affected by the closures.

Online Gambling Continues to Thrive

The decision to close the two Casino Filipino establishments was made shortly after PAGCOR released its financial report for 2024. This report highlighted record-high revenue figures, which the agency attributed to the increasing popularity of online gaming products. The data indicated that the Philippines has not only rebounded from the impacts of the COVID-19 pandemic but has also surpassed its financial performance prior to the pandemic.

This follows a noticeable trend that can be seen around the world – online casinos are outperforming their traditional, land-based competitors in almost every way. We can easily attribute this to the rapid gains in online gambling technology and the general convenience of digital gambling. The fact that PAGCOR was slow to adapt to the changing demands of the industry through their outdated regulations was also a big contribution.

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