The Philippines casino monopoly Pagcor has been ordered to sell off its assets because of the country's moves to liberalize the gambling industry.
The announcement was made by Pagcor CEO Andrea Domingo, who stated that the monopoly has been ordered to sell off its land casinos to private groups, which will then see the proceeds going toward funding the country's national budget. Pagcor has not provided the price that they're looking for for the properties, but Domingo has revealed that the casino made P 48 billion in 2015.
Commenting on the matter Domingo said, "Finance Secretary Carlos Dominguez has told us to privatize Pagcor-owned casinos. We are now preparing the template for the planned privatization so we could maximize the benefits for the government."
The move is the latest for Pagcor to liberalize the gambling industry within their borders, as last week the regulator announced that it would begin issuing short-term six-month online gaming licenses to groups, as long as they don't offer their services within the Philippines.
Casino Listings will update this story as more developments arise.