Philippines

A Philippine court has granted an order preventing Kazuo Okada’s Universal Entertainment from terminating a real estate deal with Century Properties Group, according to local media reports.
The Makati Regional Trial Court Branch 66 made the order on July 25.
Universal’s Philippine unit Tiger Resorts Leisure and Entertainment had teamed up with CPG and First Paramount Holdings 888 to build a luxury integrated resort in Manila’s Entertainment City.
However, Okada terminated the accord when First Paramount pulled out of the deal.

A Philippine lawmaker has proposed a bill to regulate online gambling amid concern over the impact on minors.
Bill 4540 was filed in the House of Representatives by Samuel Pagdilao though has not yet passed the committee level.
The measure calls for the imposition of a jail sentence of between five to 10 years, or a fine ranging from P5 million ($115,000) to P10 million, or both, against any licensee or employee of a licensee who knowingly allows a person under 18 years of age to open, maintain or use an Internet gaming account.

Sinophil will pay 12.3 billion pesos, or $286 million, for Belle Corp’s gaming industry assets, according to stock exchange filings.

Belle, which is developing the City of Dreams integrated resort with Melco Crown Entertainment, has spun off its gaming business into Sinophil to focus on property development and other interests.

Sinophil will pay 10.8 billion pesos for Belle’s equity interest in Premium Leisure and Amusement Corp, the company that holds the Pagcor license for COD. It will pay in cash.

Belle Corp said that it’s considering expanding the $1.45 billion City of Dreams integrated resort project that it’s jointly developing with Melco Crown Entertainment.
The company confirmed in an announcement to the Philippine Stock Exchange that management has held preliminary discussions with the owners of land near the site to either buy or lease the property, on which it could expand the COD resort.

Philweb said Vice Chairman and Director Eric O. Recto has resigned effective July 21st, to focus on his roles at ISM Communications Corporation and Philippine Bank of Communications.
The company, which runs a chain of internet gambling cafes across the Philippines, gave no details of a potential successor.

Philippine property developer Belle Corp may sell between a 20 and 30 percent stake in gaming firm Sinophil Corp to improve liquidity and widen public ownership of the stock, the Philippine Star newspaper quoted a senior Belle executive as saying.
Belle, which has partnered with Melco Crown in the Manila City of Dreams project, recently spun off its gaming assets into Sinophil, which had largely been a dormant holding company.
Belle paid 9.11 billion pesos ($207.6 million) to subscribe for shares in Sinophil as part of the transaction.

Sinophil posted a profit in the three months to end June as gross revenue surged.
The company had a profit of 1.22 billion pesos, compared with a loss of 4.1 million pesos in the year earlier quarter.
Net income came in at 1.22 billion pesos ($28 million) compared with 199 pesos in the prior period.

Philweb, which operates internet cafes dedicated to online gambling across the Philippines, said its profit in the three months through June dipped slightly though operating revenue rose.
The company posted a profit attributable to parent equity holder of 211.84 million pesos ($4.9 million), compared with 262.47 million a year earlier. Earnings per share dipped to 0.180 from 0.189.
Operating revenue rose to 414.6 million pesos, from 373.5 million pesos in the same period a year earlier.

Travellers International Group said through June 30th it has spent about 1.11 billion pesos ($25.5 million) of the 16.8 billion pesos that it raised through an initial public offering on the expansion of hotel properties at its Resorts World Manila integrated resort.
Travellers International, which is a joint venture between Alliance Global Group and Genting Hong Kong, outlined the spending allocation in a Philippine Stock Exchange filing.

PhilWeb, which operates 299 eGaming cafes across the Philippines, said its business model is attracting growing interest across Asia from regulators and gaming firms eager to replicate the business at home.

The Philippines, which is positioning itself as a major casino hub in Asia, is already the regional leader in the rapidly expanding online gambling market. It’s the only country in the region where online gambling is legal and regulated, although several others, such as Singapore and Cambodia are considering rule changes.

PhilWeb, which operates 299 eGaming cafes across the Philippines, said its business model is attracting growing interest across Asia from regulators and gaming firms eager to replicate the business at home. The Philippines, which is positioning itself as a major casino hub in Asia, is already the regional leader in the rapidly expanding online gambling market. It’s the only country in the region where online gambling is legal and regulated, although several others, such as Singapore and Cambodia are considering rule changes.



This content is for members only. To continue reading

Join Now

Pages