BIZ BUZZ: No safe bets: Mideast war hits casinos

The energy shock is clearly rippling into unlikely corners of the economy.

Even the gaming industry is not spared—high oil prices are dealing casinos a weaker hand they can’t just bluff out of.

In a recent event, Philippine Amusement and Gaming Corporation (Pagcor) Chairman and CEO Alejandro Tengco conceded that the escalating Middle East war is putting pressure on the industry.

Meaning, foot traffic is starting to soften as elevated fuel costs weigh on mobility and spending, trimming the usual flow of players and patrons that keep the sector buzzing.

For the industry, the message is simple: when energy costs bite, even the house has to play a tighter game.

“This is not a good time for everyone,” Tengco said. “Gaming jurisdictions globally are feeling the impact of the oil crisis, and even more progressive countries like Singapore, Macau, and the United States are not spared.”

Still, Tengco struck a hopeful tone, emphasizing teamwork and “staying connected,” as the industry leans on dialogue and collaboration to navigate the uncertainty—because nothing says resilience quite like industry mixers in volatile times.

He also urged closer coordination among stakeholders, as Pagcor prepares to adjust its approach in response to the evolving situation brought about by the war.

“At Pagcor, we will adjust what we need to do. We have to be in tune with the times and ensure that responsible gaming remains at the center of what we do,” Tengco added.

Part of these adjustments is the long-awaited split of Pagcor’s regulator-operator double life in the country’s multibillion-peso gaming industry, through the privatization of its casino operations.