Philippines

 

 

Bloomberry Resorts Corp. reported that the Solaire Manila Resort & Casino generated 578.3 million pesos ($14.1 million) during its half-month of operation at the end of the first quarter. Of that total, gaming generated 495.6 million pesos but the company posted a net loss of 1.1 billion pesos for the quarter due to pre-opening and operating expenses. Bloomberry said it will open the next phase of the resort, "1A", by mid-2014, adding an all-suite hotel tower, high-end retail area, restaurants and a theatre.

 

Shin Yun-jae, a manager at junket operator Pink Dolphin, has been charged with allegedly embezzling 13.5 million pesos ($328,000) from the company and then using it to gamble himself at Resorts World Manila. Shin allegedly confessed the theft to his bosses afterward.

 

 

Philippine Amusement and Gaming Corp. contributed 3.43 billion pesos to government coffers in the first quarter, down 3 percent from a year earlier. The state-owned company still expects to remit 11.1 billion pesos for the year, which would match its 2012 target, though it expects revenues to rise 8 percent to 44.15 billion pesos, including 29.53 billion pesos from gaming.

 

 

Genting Group and Philippine partner Alliance Global Group Inc. have hired banks for a planned $500 million initial public offering for their joint venture Travellers International Hotel Group to raise funds for the $1.1 billion Resorts World Bayshore casino hotel project. The venture already operates Resorts World Manila, which opened near the city's international airport in 2009. The Bayshore project is scheduled to open in 2016 in Manila's Entertainment City, already home to Bloomberry Resorts Corp.'s Solaire casino hotel.

 

Belle Corp. has asked Philippine Amusement and Gaming Corp. for a lease for an additional 10 hectares for a third phase of its $1 billion joint venture Belle Grande Manila Bay casino hotel, which is to open next year. The initial phases are being built on a 6.2ha site in Entertainment City, the new Manila gaming zone already home to the Solaire casino hotel.

 

The Philippine National Police relieved 92 officials of their positions under a "one strike" policy aimed at making local commanders responsible for the persistence of illegal gambling in their jurisdictions. The police said they arrested 277 bet collectors, bettors and "financiers" in around 100 operations nationwide since February, though no operators were caught.

 

The National Bureau of Investigation foiled the attempted kidnapping of Flor Ty, a casino financier at the Manila Pavillion Casino, after being tipped to the plan. Agents announced their presence after the four kidnapping suspects blocked in a  Philippine Amusement and Gaming Corp. car carrying Ty with two cars of their own and the gunmen surrounded her car. The agents and the gunmen then exchanged fire and one of the suspects was wounded.  Two suspects escaped. The group  allegedly planned to demand a 20 million peso ($485,000) ransom.

 

 

Melco Crown (Philippines) Resorts Corp. began a road show to raise up to $377 million through the private placement of new shares. The unit of Melco Crown Entertainment Ltd. is seeking to fetch a price of 11 to 14 pesos a share (27-34 cents) as it meets with investors in Manila, Hong Kong, Singapore and the US to fund its share of the cost of developing the $1.3 billion Belle Grande Manila Bay casino hotel with Belle Corp.

 

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