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Philippines

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.



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Universal Entertainment’s Philippine unit is in talks with local partners to complete its resort development in Manila, local media cited Philippine Amusement and Gaming Corp Chairman Cristino Naguiat as saying. The regulator also reiterated that the $2 billion project will not be allowed to open if it fails to comply with Philippine laws limiting foreign ownership of land. 

Solaire Resort and Casino, the newest integrated resort in the Philippines, has launched a major branding and marketing campaign with AirAsia, wrapping an Airbus A320 with the resort’s colours.
The plane will make its maiden flight in July, in the start of a campaign scheduled to run through to 2016. Solaire claims to be the first consumer brand in the Philippines to fully wrap a brand around a commercial airline.

Melco Crown Entertainment’s Filipino unit plans to sell new shares to finance a major increase in the total budget for its City of Dreams project in Manila.
The company is increasing its estimate for the Entertainment City resort by about a third, from $680 million to $832 million.
Shares in Melco Crown (Philippines) Resorts were suspended in Manila pending the news and will resume trading on Thursday. The company gave no further details of the share issue in a stock exchange filing today.

The number of Australians visiting the Philippines is now at record levels and budget carrier Cebu Pacific is adding four direct services from Sydney to Manila in September to cope with the additional demand, according to reports.
There has been an 8.4 percent surge in Australian visitors to The Philippines in the past two years, according to the Australian Bureau of Statistics.

Japanese billionaire Kazuo Okada denied reports he paid a bribe to receive a license for Universal Corp’s Manila Bay Resorts project in the Philippines, pointing out that he had been granted a permit on the same terms as other operators in the complex.
“Hence, there would be no basis to allegations that improper payments were made to obtain preferential treatment,” Okada’s lawyer Yuki Arai was quoted by local media as saying.

Belle Corp has said it will pay 9.11 billion pesos ($207.6 million) to subscribe for shares in its Sinophil subsidiary in a spinoff of the gaming assets of the group.

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