In a packed auditorium filled with media and delegates, Alejandro H. Tengco, Chairman of the Philippine Amusement and Gaming Corporation (PAGCOR), delivered a stirring keynote speech to open the 2024 SiGMA Asia Summit taking place at the SMX Convention Centre in Manila.

Tengo began by acknowledging the efforts of SiGMA Asia’s Managing Director, Neil Shih, and SiGMA Group’s founder, Eman Pulis. He also extended a warm welcome to the licensees, operators, suppliers, industry stakeholders, and his fellow Pagcorians. “Welcome to the 2024 SiGMA Asia Summit,” he said, “We at PAGCOR are delighted that Sigma has decided to return to the Philippines this year.”

The Chairman of PAGCOR emphasized the importance of the summit as a platform for knowledge exchange and keeping industry players abreast of the latest trends and innovations in gaming. He noted that the event, which boasts a wide range of B2B and B2C brands alongside land-based exhibitors, has seen an impressive attendance, making SiGMA Asia a major event in the region.

“We shall also continue to adopt and integrate new gaming technology as well as adopt best practices
To ensure that the Philippines remains a major gaming destination in the region.“

Alejandro H. Tengco,
Chairman PAGCOR

Tengco shared that this year’s summit is expecting around 20,000 participants, a figure that represents a 60 percent to 70 percent increase from the previous year. He congratulated the organizers on what he anticipates will be another outstanding and successful event in 2024.

Turning his attention to the broader Asian region, Tengco expressed excitement about the endless opportunities and promising gaming markets. He highlighted the growth trend in emerging jurisdictions like Japan, Thailand, Cambodia, and Vietnam, as well as established ones in Macau, Singapore, and the Philippines. He predicted that this growth trend would continue in the coming decades, part of what experts are calling the “Asia century of unprecedented economic growth.”

Tengco pointed out that unlike the most highly developed economies in the world, Asia continues to see a healthy population, demographics, and an endless supply of manpower that is becoming more educated and sophisticated. This translates to more job opportunities and disposable income for leisure and entertainment.

He also noted the role of remittances from overseas workers in boosting Asian economies, from ASEAN countries and the Philippines to the Indian subcontinent and Central Asia. The explosion in mobile gadgets, increased population mobility, migration from rural to urban centres, and advances in technology, he said, should result in the biggest regional gaming market the world has ever seen.

Charting the course for PAGCOR’s growth

In the Philippines, Tengco observed a gradual but noticeable transition from land-based gaming to electronic gaming. He expects the same trend in neighbouring countries in the short to medium term. However, he does not believe that land-based casinos will become obsolete, as human beings are social creatures who desire connection and intimacy with others.

Tengco expects the continuing exponential growth of the iGaming sector and the opening of more integrated resorts in the next five years. He also mentioned PAGCOR’s privatization plan involving the sale of all the casinos under the Casino Filipino brand, which should start by May 2025 or early 2026 at the latest.

Finally, Tengco thanked Sigma Asia for choosing the Philippines and wished all the attendees a successful event. “We look forward to many more years of Sigma Asia here in Manila,” he concluded.

As the keynote speaker for SiGMA Asia, Tengco brings a wealth of experience and knowledge from his diverse career. His tenure as the leader of PAGCOR is characterized by a proactive approach to regulating new gaming sectors, making significant contributions to the government’s nation-building efforts through regulated gaming. His insights into the gaming industry, regulatory challenges, and corporate leadership have offered valuable perspectives to the audience of SiGMA Asia Summit 2024.

Providing a captivating display of the vibrant local culture, the  Cagayan Economic Zone Authority and Tourism Promotions Board Philippines (TPB) orchestrated the entertainment for opening of SiGMA Asia Summit. The performance brilliantly encapsulated the true spirit of Manila, Philippines, offering attendees a taste of the city’s rich heritage and lively energy

 

Alejandro H. Tengco is a key figure in the gaming industry and holds the position of Chairman and CEO of the Philippines Amusement and Gaming Corporation (PAGCOR), a role he assumed in August 2022. Prior to PAGCOR, Tengco had a successful career as a businessman, and served as the vice mayor of Malolos, Bulacan.