Philippine Amusement and Gaming Corporation
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| Public | |
| Industry | Casino |
| Headquarters | Philippines |
Number of employees | 11,000+ |
| Website | www.pagcor.ph |
Philippine Amusement and Gaming Corporation (PAGCOR) is a government-owned and -controlled Philippines corporation established through Presidential Decree 1067-A.[1] PAGCOR is the Philippines' largest contributor of revenue to the government after the Tax and Customs Authority.
History
After its establishment, PAGCOR entered itself into a contract with Philippine Casino Operators Corporation (PCOC) for the operation of the floating casino in the Manila Bay in 1977. However, after the floating casino was gutted by fire in 1979, PAGCOR shifted its focus to land-based casinos and entered into another contract with PCOC for the management of a casino at the Provident International and Resources Corporation (PIRC) building on Imelda Avenue, Parañaque City, Metro Manila, Philippines.[2] Then, under Presidential Decree 1869, decreed in 1983, it was mandated to act as the sole government corporation conducting and establishing gaming pools and casinos in the country.[3] In 1986, it was re-established and reorganized by Philippine President Corazon C. Aquino as a New PAGCOR to help raise funds for the government; Norberto Quisumbing was appointed as its first Chairman, followed by the former Development Bank of the Philippines chair Alicia LL. Reyes as its Chair and CEO. Reyes was succeeded by Ephraim Genuino under the appointment by Philippine President Gloria Macapagal-Arroyo in 2001.
The firm operates its own casinos and several VIP slot clubs in major cities across the country. It also oversees and regulates privately-owned casinos, more than 180 bingo parlors, as well as e-games cafes across the country. The company employs more than 11,000 workers. In June 2007, PAGCOR gained from a piece of legislation, Republic Act 9487, which granted the state-run gaming firm, then under the leadership of Chairman Genuino, another 25 years to regulate and operate games of chance, to issue licenses, and to enter into joint venture, management, or investment agreements with private entities for the Entertainment City in the Manila Bay area, Parañaque, and in Newport City, Pasay, in particular. Chairman Genuino successfully attracted investors to the project to put up Las Vegas-style integrated resorts. Two integrated resorts opened in 1 November 2014.
PAGCOR is under the Office of the President of the Philippines.[4] As of December 31, 2009, the Pagcor Board is composed of Chairman/CEO - Efraim C. Genuino, President/COO - Rafael Butch Francisco, Directors - Imelda Dimaporo, Philip G. Lo, Manuel C. Roxas and Susana Vargas (ex officio) and Corporate Secretary - Carlos R. Bautista.
References
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- ↑ http://ocampolaw.co-ph.com/laws/presidential-decree-1067-a
- ↑ http://www.supremecourt.gov.ph/jurisprudence/2003/mar2003/..%5C..%5C2000%5Cmar2000%5C132929.html
- ↑ http://ocampolaw.co-ph.com/laws/index.php?s=new+pagcor&submit=Search
- ↑ "House of Representatives of the Philippines". HOUSE OF REPRESENTATIVES. Retrieved 5 January 2013.