Member since July 20, 2023
From:usa, CA
Interest in Pagcor casinos likely low as price too high Analysts at banking group Morgan Stanley say the "demand price" mentioned by the head of the Philippine gaming regulator about a small state-owned casino network "may be too high and buying interest may be low." In other comments on Pagcor's industrial development plan, analysts Praveen Choudhary, Dan Chee, Jeffrey Mak and Gareth Leung noted. "The expansion of iGaming products and electronic payment methods is positive, but we need more details." Pagcor's chairman and chief executive Alejandro Tengco said last week the group expects to raise about 80 billion PHP ($1.47 billion) from the casino sale, citing a desire to separate regulatory and operational functions. Mr Tengco said: "We are seriously considering privatizing all casinos operated by Pagcor." These casino suites operate under the brand Casino Filipinos. Includes so-called 'satellite casinos' operating in more than 40 branches and leased locations from third parties. Pagcor said casinos could be tied up when offered to bidders to create greater value. The game director also said he hopes to implement privatization during his term, which runs until 2028. Morgan Stanley noted in a previous note that Pagcor's own-branded casino reported total gaming revenue (GGR) of 37 billion PHP ($679.5 million) for 2019. "Potential PHP80 billion [sell] prices represent 11 times the corporate value of earnings before interest, taxation, depreciation and amortization ratios," the agency said, "assuming that Pagcor has a 20% margin on its 2019 GGR of 37 billion PHP and the asset is debt-free." The total GGR for the site operated by Pagcor reached 15.79 billion PHPs last year, with more than half coming from bulk market slot machines reaching nearly 8.47 billion PHPs. 슬롯
{{mediaItem.message | truncate(80)}}...