With the future of the Philippines market shifting toward large-scale commercial resorts, PAGCOR’s Airport Casino Filipino located near Manila’s Ninoy Aquino International Airport, one of the largest venues in the government corporation’s portfolio, will shut down in July amid mounting losses.
PAGCOR’s casino at Heritage Hotel Manila was closed last July.
“As much as possible we don’t want to close down any casino, but the decision depends on the viability of a casino,” Chief Executive Cristino Naguiat said.
Airport Casino Filipino generates an average of PHP180 million in gross revenues a month (US$4 million), half of which is remitted to the national treasury, leaving a balance that is not enough to cover expenses, Naguiat said. The rent alone amounts to PHP23 million a month, he said—“plus salary for more or less 800 employees, we also pay for the food for our players and, of course, electricity and other fees.”
He said the outlook for gaming in the country is positive but that growth will be driven mostly by the private sector, which PAGCOR regulates and licenses.