Philippines

 

In a shareholder meeting, developer Empire East Land Holdings on Wednesday said it was still in discussions with Japan’s Okada on the upscale residential project which was part of the $2 billion entertainment project for which he recently lost support. Empire President Charlemagne Yu said they were closely watching developments with regards to the project and that he would like to know if Okada was “willing to pursue the residential (projects) regardless of the outcome of the casino project.”

 

South Korean businessman Yi Sung-jung was killed when his SUV was sprayed with bullets by the passenger on a motorcycle in Mandaue City, Cebu. Police said that Yi was a financier at the Casino Filipino in the Crown Regency Hotel where he was staying. He was also a car dealer.  The police said that Yi's bag contained what appeared to be a number of illegal drugs.

 

 

Travellers International Hotel Group Inc. has postponed plans for a $500 million initial public offering until later this year amid volatile markets. The company, which operates Resorts World Manila and is developing Resorts World Bayshore in the capital, is a joint venture between Malaysia's Genting Group and local Alliance Global Group Inc. Travellers had begun pre-marketing for its IPO.

 

 

 

 

Asian Betting and Gaming Enterprise's Dafabet brand signed a two-year deal to replace Genting Group as the main club sponsor of English Premier League team Aston Villa. Dafabet offers both casino games and sports betting online. AsianLogic Ltd. is the main shareholder in Asian BGE. 

 

Philippine Long Distance Telephone Co. sold 93.45 million shares in PhilWeb Corp. back to the company for 1.01 billion pesos ($23.5 million). The sale marks the third of four planned sell offs as PLDT liquidates its interest in the gaming group, in which it previously held a 26.3 percent stake.

 

 

Singapore state investment company Temasek Holdings disclosed that it has built up a stake of 222.24 million shares, or 5.02 percent, in Melco Crown (Philippines) Resorts Corp., the local unit of Macau casino operator Melco Crown Entertainment Ltd. Melco Philippines is developing the $1 billion Belle Grande Manila Bay casino hotel in a joint venture with Belle Corp. Temasek's stake is worth 2.2 billion pesos ($53 million). Melco unsuccessfully competed for one of the two casino licenses Singapore awarded in 2006. 

 

 

Philippine Amusement and Gaming Corp. will close its casino in the Heritage Hotel Manila after 20 years of operations. The state-owned operator has told hotel owner Grand Plaza Hotel Corp. that it will not renew its lease for the casino when it expires July 10. Pagcor has been paying monthly rent of 10.72 million pesos ($258,000) and describes the casino on its website "as the most accessible hotel and casino in the metro". The casino has more than 50 tables and more than 400 slot machines. Pagcor operates three other casinos in the capital.

 

Pages