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Possible Sale for PAGCORP

The bidding war has begun in the Philippines and the state run land and online casino gambling monopoly could be up for sale if the speculation and rumors are true. The Filipino government has long-run the monopoly successfully but in the past several weeks two key companies in the Filipino market have made offers of purchase to the government officials. The land and online casinos are hugely lucrative industries and the government has consistently maintained strict control over all internet gambling activities in the past. With the two offers in now though, Philippine President Benigno Aquino announced that he and the other government officials have received the two purchase offers and will now consider the implications of allowing gambling control outside of the government.

The San Miguel food and beverage chain was one of the first companies to show a keen interest in acquiring PAGCORP from the government – the purchase deal includes control over the brand as well as the company’s extensive land and online casino assets throughout the Philippines. San Miguel was not the only company paying attention, however. Ramon Ang is a local tycoon in the region and the industry news reports that Ang has made an offer of as much as US $10 billion for PAGCORP and all of the land and online casinos run by this gambling monopoly.

Both propositions have unique benefits and drawbacks should the Filipino government decide that selling is in their best interest. President Aquino is in the beginning stages of his presidency and selling the state gambling monopoly would be an incredibly bold move consider it has been in place for years and persevered by successive governments. Ang though is interested in the immediate cash benefits of a sale, rather than the long-term picture.