Tuesday, April 23, 2024

Wai Ming Yap and Gina Ng

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*Wai Ming Yap is a partner at Morgan, Lewis & Bockius LLP and is also the Managing Director at Morgan Lewis Stamford LLC, a Singapore law corporation affiliated with Morgan, Lewis & Bockius. Gina Ng is a senior associate. 

LATEST NEWS

Senator urges Philippines gov’t to boost crackdown on foreigners involved in illegal POGOs

Philippine Senator Sherwin T. Gatchalian is urging the country's Bureau of Immigration (BI) to intensify efforts to prevent foreigners involved in illegal Philippine Offshore Gaming Operators (POGOs) from entering the country and establishing more illicit operations.

Crown Resorts found suitable to retain Sydney casino license

Crown Resorts is retaining its casino license in Sydney, after authorities in New South Wales ruled that the group’s remediation efforts have been sufficient.

Macau gov’t gaming tax revenue tops $882M in March

Macau’s government brought in some $882.71 million in gaming tax revenue during the month of March, a 77.26 percent yearly increase but down slightly month-on-month.

FEC casino subsidiary Palasino raising $2M in new share allotment

The Hong Kong Stock Exchange has given the green light for a new share issuance by Palasino Holdings Ltd, a newly-listed subsidiary of developer Far East Consortium (FEC), with the issuance aiming to raise some $2 million.

President Marcos: Filipino hospitality a pillar of Philippine tourism

Philippine President Ferdinand R. Marcos Jr. has emphasized the pivotal role of Filipino hospitality in driving the growth of Philippine tourism and fostering overall economic development.

Imperial Pacific International files for bankruptcy

Imperial Pacific International (CNMI) LLC, facing mounting financial pressure, has sought refuge in Chapter 11 bankruptcy protection, halting negotiations with the Commonwealth Casino Commission (CCC).

Philippines top Macau int’l visitor market, visitation at 68% of FY19 levels in 1Q24

Macau's international visitor arrivals have already recovered to 68.2 percent of 2019 levels, with 584,026 foreign tourists received in the first quarter of 2024. The Philippines led the charge, with over 110K tourists.

Drops in VIP trigger 44% fall in PLC’s City of Dreams Manila GGR share

City of Dreams Manila saw a significant drop in VIP revenue during the first three months of the year, causing one of its parent companies - Premium Leisure Corp (PLC) - to record a 44 percent annual drop in gaming revenue from the property.

Morgan Stanley lowers Sands China’s 2024 EBITDA estimates due to share loss

Morgan Stanley has revised down Sands China’s 2024 EBITDA forecast to $2.4 billion, an 8 percent decrease, due to lower market share this year.

Suntrust secures $38M loan for development of Westside City Project 

Philippines gaming operator Suntrust Resort Holdings has secured a $38 million loan from LET Group to ‘fund project costs and the construction of its Westside City Project hotel and casino.

The Star remediation plan was “too ambitious”, fraud could happen again: executives

Executives from The Star have highlighted shortcomings in the group’s remediation efforts, with one top official claiming they were “too ambitious” and another noting that fraud issues could possibly happen again.

Las Vegas Sands eyes on Thailand

Las Vegas Sands CEO Rob Goldstein has once again confirmed the company's interest in Thailand, responding to inquiries from investment bank analysts regarding the company’s 1Q24 results.

Shin Hwa World to raise $39.6M via rights issue

Hong Kong-listed casino developer Shin Hwa World Ltd has announced a series of capital reorganization measures, including plans to raise HK$263.7 million ($39.6 million) via a rights issue.

LET Group targets profit conversion after $31.2M loan repayment

Hong Kong-listed LET Group Holdings Ltd. aims to convert its share of losses in a joint venture into an accounting profit.

Aristocrat finalizes all regulatory approvals for NeoGames acquisition

Aristocrat Leisure Limited has announced that it has finalized ‘all necessary regulatory pre-approvals’ for its acquisition of iLottery and iGaming solutions provider NeoGames.

The Star Gold Coast CEO tenders resignation

The Star has announced yet another departure from its corporate leadership, with Jessica Mellor – CEO of The Star Gold Coast - tendering her resignation.

Macau CAA gives green light for more flights and routes

Macau’s Civil Aviation Authority (AACM) has outlined upcoming changes to scheduled flights, signaling a positive shift for air travel in the region.

Commissioner acknowledges ‘prejudice’ in IPI case, lawyer claims company has no money

Two developments surrounding Commissioner Martin Mendiola and Attorney Michael Chen have made headlines this week.

Chinese Embassy endorses Philippines in addressing the ‘root causes’ of POGOs

The Embassy of China in the Philippines, on Thursday, has issued a statement emphasizing its support for the Philippine Government in addressing the 'root causes' of issues stemming from the offshore gambling industry.

Macau received 585K foreign visitors in 1Q24, reaching 68% of 2019 levels

Macau is still working on bringing more international visitors to improve the pace of its recovery. In the first quarter of the year, the city received 585,000 international visitors out of a total of 8.9 million visitor arrivals. This means international visitors accounted for only about 6.6 percent of the total visitors.

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