PAGCOR Projects Casino Filipino Losses to Reach US$111 Million as Decoupling Gains Momentum
Tengco expects GCG recommendation in support of decoupling and is confident President Ferdinand Marcos Jr will sign off amid Casino Filipino losses likely to rise to US$111 million. Industry GGR is unlikely to reach its US$6.36 billion target in 2026 with a more modest US$5.57 billion figure now in the shop window. PAGCOR net income to decline below US$79.5 million after 5% PSC ruling backdated to 1993.
SCCG Take — Decoupling addresses structural losses from IR competition but requires swift execution to stabilize PAGCOR finances and enable asset transfers to private operators.
PAGCOR Chairman and CEO Alejandro Tengco has reiterated confidence that the regulator’s decoupling of its regulatory and operational roles will secure necessary approvals. He anticipates a supportive recommendation from the Governance Commission for Government-Owned or Controlled Corporations to the Office of the President, followed by sign-off from President Ferdinand Marcos Jr.
Mounting Losses at Casino Filipino
According to reporting by Inside Asian Gaming, Tengco stated there is “no other way forward” for the Casino Filipino brand. The operator of almost 40 casinos nationwide has recorded losses of around Php6 billion (US$95 million) in 2026, projected to reach Php7 billion (US$111 million) by year-end due to rising operating costs and competition from integrated resorts.
Some of those integrated resorts have indicated interest in acquiring certain Casino Filipino branches once decoupling proceeds. This comes as the Philippine gaming industry contends with headwinds, with gross gaming revenue now expected to total Php350 billion (US$5.57 billion) rather than the Php400 billion (US$6.36 billion) target.
Where the Risk Lies
PAGCOR itself faces net income declining to below Php5 billion (US$79.5 million). A Supreme Court ruling mandates payment of 5% of gross revenue to the Philippine Sports Commission, backdated to 1993, compounding the impact of softer revenues.
The combination of sustained operational losses and regulatory obligations leaves limited alternatives for the status quo. Decoupling offers a route to transfer underperforming assets while sharpening PAGCOR’s regulatory focus, though execution timing will determine how effectively it addresses the projected shortfalls.
Reporting: Inside Asian Gaming
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
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