Philippines

The Senate has officially approved the bill that includes casinos in the Anti-Money Laundering Act (AMLA).

Under a revised scheme announced on May 25, POGO licensees offering RNG games will be required to pay a percentage of gross gaming revenue, rather than the previous staggered flat-rate.

Offshore gaming companies have emerged as one of the main drivers of growth in Philippines’ office market in the first quarter, Business World reports, referencing a report by Pronove Tai.

While the Philippine Economic Zone Authority (PEZA) last month made the decision to bar online gaming firms from leasing space in its accredited sites, an exception will be made for Pagcor licensees, according to a source close to the matter.

Asia’s casinos may face growing pressure from their banks as efforts to combat global money laundering increase, adding another level of scrutiny, compliance experts say.

 

Asia’s casinos may face growing pressure from their banks as efforts to combat global money laundering increase, adding another level of scrutiny, compliance experts say. Operators in the major gaming jurisdictions in the region are already facing increased regulation, with Macau introducing new rules in 2016 and the Philippines taking steps to bring the gaming industry under AML legislation for the first time.



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Udenna Group has sold a 25 percent stake in listed oil company Phoenix Petroleum Philippines to raise P4 billion (US$80 million) to help finance the development of an IR on Mactan, Cebu.

The Philippines-based subsidiary of Melco Resorts & Entertainment has announced it has changed its name to Melco Resorts and Entertainment (Philippines) Corporation.

Casino operator Wynn Macau is reportedly being taken to court by a former Pagcor official, disputing the results of a 2011 report naming him and his wife as beneficiaries of an “improper relationship” between Kazuo Okada and Pagcor officials in 2008 and 2009.

A number of South Koreans were arrested across Manila last week on suspicion of internet fraud and illegal online gambling.

Philippine-listed DFNN has announced it plans to raise up to P624.4 million (US$12.4 million) through a private placement deal with UK-based Excel Century Investment Ltd., according to a company filing to the Philippine Stock Exchange.

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