Thursday, November 7, 2024

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Philippine Government steps up POGO ban, closure by year-end

The Philippines' newly appointed Interior Secretary, Jonvic Remulla, has committed to ensuring the complete shutdown of all Philippine Offshore Gaming Operators (POGOs) by year-end.

PH SCBPO workers will not be affected by POGO ban: Senator

Philippine Senator Mark Villar has assured that workers employed by Special Class Business Process Outsourcing (SCBPO) companies will not be impacted by the complete ban on POGOs in the country.

Daily Asia Gaming eBrief: Executive Order on POGO ban expected within two weeks

Ban it, ban it again, ban it even more. Senators in the Philippines aren't yet content with the Executive Order that is set to ban POGOs, even though it could be just two weeks away. The legislators aim to future-proof the ban from coming administrations by altering laws to ensure that they can't make a resurgence in the country. Meanwhile, Macau's next Chief Executive has met with the gaming industry, urging "healthy development". In Thailand, the nation's new Prime Minister is urging economic growth, including casino complexes.

Philippines’ AMLC sees reduced money laundering following POGO ban

The Philippines' Anti-Money Laundering Council (AMLC) has reported a decline in money laundering activities following the announcement of a ban on Philippine offshore gaming operators (POGOs).

Daily Asia Gaming eBrief: Guidance expected in coming days/weeks over POGO ban

It continues to be a waiting game in the Philippines, as uncertainty clouds the future of the offshore gaming industry following the announcement of a POGO ban, to take effect by December 31st. A top legal expert points out that bills still need to be passed by legislative bodies to confirm the change, even as operators sit in limbo, expecting the worst. Meanwhile, SkyCity saw flat results for its fiscal year, despite an uptick in premium play. And in Macau, a joint operation by authorities busted a $420 million illegal currency trade group, continuing efforts to clean up the gaming sector.

One month after POGO ban order: Unclear path forward

One month after Philippine President Marcos' POGO ban, the immediate effect and December 31st deadline have sparked debate, with implementation details still unclear.

Daily Asia Gaming eBrief: Rents to halve in Metro Manila due to POGO ban

The POGO stick - what goes up, must come down. The real estate sector in particular will face the brunt of the offshore gaming operators ban - with rents in Metro Manila expected to halve and vacancy rates increase, despite the sector being less exposed than before. Meanwhile, the Cagayan Economic Zone Authority is battling to keep its interactive gaming licenses, with its CEO testifying that POGOs never operated in the Philippines' first offshore hub. And in Macau, MGM China delivered record-breaking 2Q24 results, with strong EBITDA and revenue topping $1 billion.

POGO ban could halve rental and increase condo vacancy rates: experts

Real estate experts in the Philippines predict that the government's recent ban on Philippine Offshore Gaming Operators (POGOs) could send shockwaves through the real estate industry

China praises POGO ban decision

The Chinese Embassy has welcomed President Marcos' Philippine Offshore Gaming Operator (POGO) ban announcement stating the decision 'serves the common interests of people of both countries' and that the industry helps breed 'serious crimes'.

Daily Asia Gaming eBrief: Real estate sector to see most immediate effect of POGO ban

A sinking tide takes all ships. According to experts, the real estate sector is likely to be the first impacted by the POGO ban recently announced by the Philippine President. But ancillary services will also take a strong hit, with estimates of up to 42K employed by the industry. This could be further agitated, as foreign workers employed by POGOs are being told to leave the country, despite reports PAGCOR is hoping for an exemption on some POGO operators. Meanwhile, Las Vegas Sands has reported its second quarter results, improving strongly from 2Q23, but down sequentially as construction weighs on its Macau and Singapore offerings.