By MNN
PAGCOR : Rising Financial Struggles Lead to Casino Closures
PAGCOR Casino Closures: The Philippine Amusement and Gaming Corporation (Pagcor) has announced the closure of two Casino Filipino branches, one in Talisay, Cebu, and the other in Tagum, Davao del Norte. This decision comes as part of Pagcor’s rationalization strategy to minimize financial losses and improve overall efficiency.
Escalating Losses Forced the Shutdown
According to Pagcor Chairman and CEO Alejandro Tengco, both casinos have faced significant financial setbacks, making it impractical to continue operations.
- Casino Filipino Talisay, which operates under Casino Filipino Cebu, recorded a ₱39.32 million net loss in 2023. Unfortunately, the losses increased to ₱49.56 million in 2024.
- Casino Filipino Tagum, managed by Casino Filipino Grand Regal, suffered a ₱31.56 million loss in 2023, which worsened to ₱36.93 million in 2024.
Since these losses continued to grow, Pagcor deemed it necessary to close both casinos and focus on more profitable ventures.
No Employee Will Lose Their Job
Despite the closures, all employees will retain their jobs. To ensure a smooth transition:
- 42 employees from Casino Filipino Talisay will move to other Casino Filipino Cebu branches.
- 33 employees from Casino Filipino Tagum will transfer to different sites under Casino Filipino Grand Regal in Davao.
Tengco assured that employee welfare remains a top priority. The HR and Development Group will work closely with affected staff to help them adapt to their new assignments.
Pagcor’s Commitment to Sustainable Growth
By closing these underperforming casinos, Pagcor aims to enhance efficiency and focus on sustainable growth. The agency continues to explore better opportunities while ensuring employee support and financial stability.
Source: Manila Bulletin
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