The Philippine Amusement and Gaming Corporation (PAGCOR) has closed its Casino Filipino site in Talisay, Cebu, and will also shut down the one in Tagum, Davao del Norte, as part of its ongoing rationalization plan.
Both sites have been incurring significant financial losses for several years, the Philippine gaming regulator said.
“Given the sustained financial strain, continuing operations at these sites is no longer feasible,” Alejandro Tengco, Chairman and CEO of PAGCOR, said in a statement.
Casino Filipino Talisay, managed by Casino Filipino Cebu, reported a net loss of Php39.32 million in 2023, which worsened to Php49.56 million in 2024. Meanwhile, Casino Filipino Tagum, operated by Casino Filipino Grand Regal, suffered a Php31.56 million loss in 2023, which ballooned to Php36.93 million in 2024.
Despite the closures, PAGCOR assured that all affected employees will retain their jobs through reassignment.
“While our decision was driven by mounting financial losses, safeguarding the welfare of affected employees through job reassignment and comprehensive support programs is our top priority,” Tengco said.
The 42 workers from Talisay will be reassigned to other Casino Filipino Cebu branches, while the 33 employees from Tagum will be transferred to other Casino Filipino Grand Regal sites.
PAGCOR assured that its Human Resource and Development Group is working closely with employees to ensure a smooth transition and provide support throughout the reassignment process.
The closures are part of the agency’s revitalization plans. PAGCOR’s objective is to upgrade most Casino Filipino properties nationwide in order to enhance their value ahead of privatization. PAGCOR has previously stated its intention to become a pure regulator by 2028.
Original article: https://www.yogonet.com/international/news/2025/02/03/93941-pagcor-shuts-down-two-lossmaking-casino-filipino-sites
