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Travel & Leisure

Philippines eyes $1.5bn from sale of state-owned casinos

Gross gaming revenue may return to pre-pandemic level by 2024

The Philippine gambling regulator is exploring a sale of state-owned casinos.    © Reuters

MANILA -- The Philippines is looking to fetch around 80 billion pesos ($1.47 billion) from the sale of dozens of small, state-owned casinos, the head of the country's gaming authority said on Tuesday.

The privatization would allow the Philippine Amusement and Gaming Corp., or Pagcor, which also runs casinos, to focus on being a regulator. The plan also comes as the government seeks to raise revenue for President Ferdinand Marcos Jr.'s sovereign wealth fund.

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