Tourism
AIM OF THE GAME: CREATING THE ENTERTAINMENT CENTER OF ASIA
Affectionately referring to the company as "Asia's paradise", Efraim Genuino, the Chairman and CEO of the Philippine Amusement and Gaming Corporation (Pagcor), did the impossible: he took on the task of managing the third biggest revenue-generating arm of the government and turned it into one of the most profitable corporations in the Philippines today.
Pagcor is the government-owned and controlled corporation established to regulate all games of chance in the Philippines. No one can operate a casino or any business involving games of chance without a permit from Pagcor. That said, the firm collaborates with many private companies which run casinos, and is currently in talks with Las Vegas' Caesar's Palace, Club Hotel Casino Loutraki in Greece, which owns the biggest casino in Europe, and a consortium made up of Koreans and Japanese who are looking to open casinos.
When Mr. Genuino was appointed as CEO of Pagcor in 2001, the sector, and company, were far from the winning streak they're on now. The group's gross income in 2000 was P14.62 billion ($300 million), whereas in 2005 it reached P23.3 billion ($475.5 million).
Mr. Genuino fixed the firm in three steps. First he stopped unnecessary cash drains by adopting strict cost-cutting measures and doing away with unnecessary expenses. He then improved working conditions expanding employee benefits and raising salaries. Finally, he expanded and modernized the program to make Casino Filipino branches globally competitive, essentially converting them into wholesome places focusing on entertainment and leisure.
This falls in line with Mr. Genuino's goal for Pagcor. "Our, vision is to make the Philippines a gaming paradise, but the 'Entertainment Center of Asia'. We are applying the paradigm shift from gaming to entertainment" he says. While the industry is certainly one of the most popular, Pagcor is looking to reinvent casinos to provide premier gaming and world-class entertainment, and fusing it with the tourism industry.
The company is currently working to approved a 50-year charter that will convert the Philippines into one of the biggest gaming areas in a Asia in the next five years, attracting thousands of visitors primarily from China, the rest of Asia, and eventually from all over the world.