Every new administration, there will be a new head of cash rich Philippine Amusement and Gaming Corporation PAGCOR for short. Last July 11 the gaming corporation celebrated its 40th year and held their anniversary in the Malacanang Palace with President Bongbong Marcos and wife Liza as honored guests. PAGCOR is one cash cow of government that even Sycip, Gorres, Velayo and other auditing firms can't possibly account correctly it's winnings and losses. The new head now is Alejandro Tengco of Malolos, Bulacan. What I know about Tengco was that he made an unsuccessful run for mayor in Malolos City. I don't know him and he doesn't know me, but in many instances I saw him from a distance when he used to frequent Clark either playing in some casinos in the freeport or savoring the Capampangan dishes at Binulo, his favorite restaurant.
There was one time when the government thought of selling PAGCOR-operated casinos. Even during President Duterte’s administration his brain trust ,Department of Finance Secretary Carlos ‘Sonny ‘ Dominguez, his boyhood friend from Davao City recommended it. But later on, after crunching numbers, it was admitted by Dominguez himself that the privatization may run into some complications.
A casino is a money factory provided you know how to run them. There were casinos which failed due to poor management, like those two in Clark Freeport. The two were formerly owned politicians. The late Henry Sy who was mostly in retail business was in his nineties when ventured in gambling casino business. His City of Dreams (COD) casino in Pasay City is a jackpot. Ricky Razon aside from port operations discovered that his Solaire Casino is bringing huge cash daily and that the cash register rings every minute. His casino is raking in the money from the high rollers from Asian gamblers. According to the papers years he managed to to make the list in Forbes richest men in the world. Dae Sik Han, the Korean expat started with few tables and slot machines in the former Forbidden City night Club and now look he was able to build the Swissotel and Marriott Hotel. He is making billions in the Freeport.
RETRO- In the sixties, the casinos in this country were lined along the stretch of Roxas Boulevard. The late Nicanor 'Junior' De Guzman of Nueva Ecija was the most known among the casino operators during those years. He was in partnership with a powerful congressman from Bicol region and operated the Ambassador, Stardust, Chrysantemum and La Sirena. They were the more popular casinos and drew the most patrons.
The Magdaluyos, Riveros and few more others came up with their own establishments. They were closed down when President Ferdinand Marcos proclaimed martial law in September 1972. And a floating casino anchored at the Manila bay became the only gambling place for the habitués. Its operations had the blessing of Marcos. And later when a brother of then First Lady Imelda Marcos got interested in the casino business, a corporate vehicle known as PCOC was established to manage the gambling places and started putting up branches in some cities like Olongapo and Angeles.