Overview
The Philippine Amusement and Gaming Corporation (PAGCOR) is a government-owned and controlled corporation established to regulate and promote the gaming industry in the Philippines. It operates under the Office of the President of the Philippines and is responsible for licensing and overseeing gambling establishments, ensuring fair play and responsible gaming practices.
History of PAGCOR
PAGCOR was created in 1977 by Presidential Decree 1067-A, issued by then-President Ferdinand Marcos. The decree aimed to centralize and regulate all games of chance in the country, initially to curb illegal gambling operations. Since its inception, PAGCOR has played a crucial role in generating revenue for the government and funding various socio-civic projects.
Key Milestones:
- 1977: Creation of PAGCOR by Presidential Decree 1067-A.
- 1983: Opening of the first casino, Manila Bay Casino, marking the beginning of PAGCOR’s commercial operations.
- 1986: Post-EDSA Revolution, PAGCOR’s operations were expanded and restructured under the new government.
- 2007: Introduction of the Entertainment City project, aimed at making the Philippines a major destination for gaming and entertainment in Asia.
Previous News Highlights
- 2010: PAGCOR reported a record-breaking revenue generation of PHP 29.78 billion, marking its significant contribution to the national treasury.
- 2012: The opening of Solaire Resort & Casino in Entertainment City marked a new era for the Philippine gaming industry.
- 2017: PAGCOR’s total revenue hit PHP 55.06 billion, reflecting the growing gaming industry in the country.
Current News
As of 2024, PAGCOR continues to adapt to the evolving landscape of the gaming industry. Recent developments include:
- 2023: PAGCOR announced the launch of a new regulatory framework aimed at enhancing transparency and responsible gaming practices among licensees.
- 2024: In light of the increasing popularity of online gaming, PAGCOR is expanding its oversight to include online gaming platforms, ensuring they adhere to strict regulatory standards.
PAGCOR and Winzir
PAGCOR is the regulatory authority overseeing Winzir, ensuring that it operates within the legal framework established for gaming entities in the Philippines. As the regulator, PAGCOR ensures Winzir adheres to standards of fair play, responsible gaming, and financial integrity.
Conclusion
PAGCOR plays a pivotal role in the Philippine gaming industry, not only as a regulator but also as a significant contributor to the national economy. Through its stringent regulatory practices and continuous adaptation to industry changes, PAGCOR ensures the integrity and growth of the gaming sector in the Philippines.
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