New PAGCOR headquarters to rise after signing lease deal with San Miguel Corp.
The Philippine Amusement and Gaming Corporation (PAGCOR) and San Miguel Infrastructure (SMC) have signed a 25-year lease agreement to develop a 15-hectare Nayong Pilipino property in Pasay City. The deal, sealed on 12 December, includes the construction of PAGCOR’s new corporate headquarters, a 40,000-square-metre building with an additional 15,000 square metres of fit-out space, valued at PHP2.45 billion (€39.9 million).
“This project will be more than just a structure,” Alejandro Tengco, PAGCOR Chairman and CEO said. “It reflects PAGCOR’s commitment to creating a world-class work environment for its employees — a reflection of our identity, core values, and aspirations.”
Tengco highlighted the long-standing need for such a development, describing it as a “practical and visionary solution” to the agency’s history of operating from rented offices. “For many years, PAGCOR has operated across various rented locations, with our employees spread out and often working under less-than-ideal conditions. While we have always managed to deliver on our mandates, we’ve long dreamed of a day when we could bring everyone together under one roof,” he added.
PAGCOR Chairman and CEO Alejandro Tengco (left) and SMC Chairman Ramon Ang present the artist’s perspective of the new PAGCOR corporate office that will be constructed on a two-hectare area at the Nayong Pilipino Complex in Pasay City.Source: PAGCOR
Based on the signed deal, the building will be fully financed and constructed by SMC at no cost to PAGCOR. SMC Chairman and CEO Ramon Ang assured the swift start of construction once the design receives PAGCOR’s approval. “Our goal is to maximise the potential of this property for the public’s benefit,” Ang said.
The lease allocates 13 hectares of the property for SMC’s infrastructure initiatives, which will support airport requirements. As part of the agreement, SMC turned over nearly PHP100 million (€1.6 million) in advance rentals and security deposits.
Record gaming revenue for 2024 expected
The news of the deal comes a week after Tengco said the Philippines is poised to achieve a record-breaking gross gaming revenue (GGR) of PHP350 billion (€5.7 billion) this year, surpassing the 2023 figure of PHP285 billion and exceeding PAGCOR’s 2024 target of PHP334 billion (€5.43 billion). Last week, Tengco told local media that the e-Games sector, which includes eCasino, eBingo, sports betting, and specialty games, has been a significant driver of this growth.
In the September quarter, PAGCOR reported a GGR of PHP94.6 billion (€1.5 billion), marking a 37.5 percent year-on-year increase and a 6 percent rise from the second quarter.
POGO shutdown nears completion
Last week, President Ferdinand Marcos Jr. ordered an intensified crackdown on POGOs defying the nationwide ban, directing the Philippine Anti-Organized Crime Commission (PAOCC), Philippine National Police (PNP), and Criminal Investigation and Detection Group (CIDG) to lead operations against violators. The Presidential Communications Office (PCO) reported that 53,700 POGO employment licences were revoked, with several operators shutting down voluntarily, as the government works to ensure the Philippines becomes “POGO-free” by January 2025.
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