Philippines

Philweb Corp has appealed to the Securities and Exchange Commission (SEC) to allow the block sale of Roberto Ongpin’s stake to Gregorio Ma. Araneta III ahead of the mandatory tender offering to minority shareholders.

The Philippines government has formally ended its four-month war on online gambling, with the government now focusing its attention on opening up the online gaming industry to more players.

The Philippines gaming regulator has received interest from 76 companies for its offshore gaming licenses, with contracts to be awarded starting this month.

Universal Entertainment said it has placed $400 million in notes, securing a “significant majority” of the construction costs for its $2.4 billion Okada Manila resort in the Philippines.

Tiger Resort, Leisure and Entertainment says it’s on track to open Okada Manila by year end, becoming the third and biggest property to open in Entertainment City.

The Philippines might be blacklisted by the Financial Action Task Force (FATF) if it fails to include casinos in the coverage of the Anti-Money Laundering Act (AMLA).

Global surveillance business Synectics says it has been selected to supply an integrated surveillance solution for one of the new integrated resorts in the Philippines.

Former Philweb chairman, Roberto V. Ongpin has sold his 53.76 percent stake in gaming technology provider Philweb Corp. to its new chairman, Gregorio Araneta, for P2 billion ($41.4 million). The sale was announced by R. G. Manabat & Co., the local arm of KPMG, the financial advisor on the transaction.

Universal Entertainment says it’s carefully considering the optimal opening time for its new integrated resort in the Philippines, which had been set to open in December this year.

Alliance Global, which is working with Malaysia’s Genting Group to build a second property in Manila, says it expects to finalize the blueprint for the resort by June next year.

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