Despite calls from some to ban online gaming in the Philippines, the country’s gaming regulator sees plenty of opportunity. The agency has already expressed its desire to enter the online casino market, and a new announcement about the development of a virtual reality (VR) casino further strengthens their position.
The Philippine Gaming and Entertainment Corporation (PAGCOR) has unveiled some plans for next year. In early 2024, a new online casino will be launched, an ambitious project led by Alejandro Tengco, President and CEO of PAGCOR.
The name of this innovative platform, aims to revolutionize the experience of online gambling by incorporating state-of-the-art virtual reality technology. Through this immersive technology, players will be brought into a virtual world that perfectly simulates the atmosphere of a traditional brick-and-mortar casino.
Embracing the Digital Age
Tengco believes that online casino have the potential to connect with players around the world, thus providing an opportunity for organizations to explore an untapped market.
Some lawmakers have expressed hope for a breakup of PAGCOR’s operations. They are campaigning for the agency to focus on regulation and ditch casino operations. It is unclear what results would be achieved if PAGCOR launched any online casino.
In addition to this, PAGCOR is actively working to enhance its slot machine business. They have already started negotiations with different manufacturers to push for an upgrade in this segment.
PAGCOR’s new boss says he wants consumers to elevate their entertainment experience by experiencing new and exciting games. To achieve this goal, he plans to replace the current obsolete machines with 3,500 units of state-of-the-art gaming equipment, all in compliance with contractual agreements between PAGCOR and the manufacturers.
In addition to this, PAGCOR also announced its efforts to improve casino management systems. To this end, they are developing in-house computer software programs and integrating them with the existing infrastructure.
The gaming and casino regulator announced earnings for the first half of 2023, which totaled 36.21 billion pesos (about $663 million), but this did not include gross gaming revenue, which totaled 136.37 billion pesos (about $2.5 billion).
Tengco said with confidence that PAGCOR is expected to surpass its pre-COVID-19 profit level by the end of this year. He predicted a sharp increase in revenue in the second half of the year, which is expected to reach 37 billion pesos ($676 million), followed by full-year revenue of 71 billion pesos ($1.29 billion).
The No-Go Logo
Recently, PAGCOR updated their logo, but the results were not entirely well-received. The complaints came after media reported that the agency had spent 3 million pesos ($54,810) designing a new logo.
Tengco has defended the reports, saying the costs involved not just the logo, but other deliverables as well. These outputs include manuals, stationery, booklets, etc.
The branding has been updated to include a flame graphic by designer Printplus Graphic Services in red and blue tones. Tengco pointed out that the flame pattern symbolizes energy, inspiration, passion and transformation, and also symbolizes the guiding light that guides people in the direction they are going.
The new logo will begin to be used on all PAGCOR-managed properties and there will be an additional cost for the introduction of the new logo. This is done to stabilize the institution’s image and it is hoped that the new brand identity will help the institution establish a solid foundation.
