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The price is so high that I don't think there will be much interest in the PAGCO Casino

Analysts at banking group Morgan Stanley say Philippine gaming regulator chief's reference to small state casino networks could be "too high and low buying interest"

"The expansion of iGaming delivery and electronic payment methods is positive, but more details are needed," analysts Pravin Choudary, Danchi, Jeffrey Mack and Gareth Leung said in other comments on Philippine Entertainment Games Inc. (Paco)'s industrial development plans

PAGKOR Chairman and CEO Alejandro Tenco said last week that the casino sale is expected to raise about 80 billion PHP ($1.47 billion) because it wants to separate regulations from its operational functions.

"We are seriously considering privatizing all casinos run by Pagco," Mr Tengko said. This casino suite is run under the brand Casino Filipinos. It operates in locations leased from third parties, including more than 40 branches and so-called 'satellite casinos'.

PAGCO said casinos could be bundled when offered to bidders to unlock greater value. The game director also said he hopes to implement privatization during his term, which runs until 2028.

In an earlier note, Morgan Stanley noted that PAGCO's own-branded casino reported total game revenue of 37 billion PHP ($679.5 million) for 2019. https://www.racesite.pro

"Pagco's 2019 GGR of 37 billion PHP has a margin of 20% and the potential PHP 80 billion [sales] price represents 11 times the corporate value of its earnings before interest, taxation, depreciation and amortization, assuming the asset is debt-free," the agency said.

The total GGR of the site operated by Pagcor reached 15.79 billion PHPs last year, more than half of which came from mass market slot machines, reaching nearly 8.47 billion PHPs.