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POGO-linked Alice Guo charged over $16.3M estimated tax deficiency

Viviana Chan
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POGO-linked Alice Guo charged over $16.3M estimated tax deficiency

The Philippine Bureau of Internal Revenue (BIR) on Thursday filed a criminal case with the Department of Justice against Alice Guo for alleged tax evasion and failure to file Annual Income Tax Returns for taxable years 2019 to 2023, the Philippine News Agency reported. 

The case involves an estimated income tax deficiency of more than PHP1.008 billion ($16.3 million), inclusive of surcharges and interest.

The Guo case is the largest of five criminal tax cases filed by the BIR, which together involve an aggregate estimated tax deficiency of more than PHP1.46 billion ($23.7 million).

The investigation was prompted by Guo’s testimony during a May 22nd, 2024 Senate hearing concerning a raid on a Philippine Offshore Gaming Operator (POGO) compound in Bamban, Tarlac, during which she admitted to owning various real properties, vehicles, and interests in several corporations.

Subsequent investigation identified significant assets and financial transactions associated with Guo, including real properties, motor vehicles, a helicopter, bank transactions, and shares of stock. BIR records showed that Guo failed to file Annual Income Tax Returns for five consecutive years beginning in 2019, despite substantial documented expenditures during the period.

Using the expenditure method to reconstruct income, the bureau found the submitted documents insufficient to explain the magnitude of the transactions identified, concluding that Guo had undeclared income.

Waterfront Manila Hotel reconstruction suspended on cost concerns, restart eyed for 2028

Viviana Chan
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Waterfront Manila Hotel reconstruction suspended on cost concerns, restart eyed for 2028

Acesite (Phils.) Hotel Corporation has suspended the reconstruction of the Waterfront Manila Hotel & Casino, citing ballooning costs and weak tourism prospects, according to a Thursday filing to the Philippine Stock Exchange.

The property, formerly known as the Manila Pavilion Hotel and referred to in the filing as the Waterfront Manila Pavilion Hotel, is located along United Nations Avenue in Ermita, Manila. It burned down in March 2018 in a fire attributed to faulty electrical wiring, which ignited in the casino’s slot machine area and claimed the lives of six PAGCOR employees.

The company said revised reconstruction estimates have reached PHP3.6 billion ($58.5 million), a marked increase from pre-pandemic projections, as materials and labor costs surged alongside rising fuel prices, pushing the budget ‘way beyond the scope of the insurance collected.’ Structural and civil corrective measures, together with re-layout additions, have driven the budget higher still.

Reconstruction began in 2019 with PHP1.5 billion ($24.4 million) provided by the hotel’s insurance carriers, before slowing as the pandemic progressed.

A phasing plan previously submitted to regulators had targeted a soft opening in 2026. However, management pointed to the local market’s inability to generate sufficient foreign room sales this year, as well as weak indications of a tourism uptick in 2027 amid the ongoing US-Israel-Iran war.

The company also noted that Manila’s gaming market is facing a ‘serious plateau‘ as online gaming expands, while inbound tour operators from China have been reluctant to bring in players who frequented the city during the POGO era, despite a no-visa policy for Chinese tourists.

Management said it will adopt a ‘cautious stance’ toward committing sizeable investments until tourist arrivals stabilize and projected gains in room rates, occupancy, and gaming revenue cover loan repayment and investment returns. The earliest estimate for restarting construction is 2028.

To strengthen its balance sheet, the company has appropriated PHP764 million ($12.4 million) in retained earnings for the reconstruction, and will set an annual maintenance budget to keep the superstructure safe and usable.

FBI says Cambodia provided key access in online scam compound probes

Viviana Chan
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FBI says Cambodia provided key access in online scam compound probes

The Federal Bureau of Investigation (FBI) is working closely with Cambodian authorities to disrupt online scam compounds, with Cambodia’s anti-scam commission providing what FBI Co-Deputy Director Andrew Bailey described as “unprecedented access” to raided sites, according to a June 10th virtual press briefing hosted by the U.S. Department of State’s Asia Pacific Media Hub.

Bailey said the FBI’s legal attaché, or LEGAT, office in Phnom Penh has been cooperating with Cambodia’s Commission for Combating Online Scams, or CCOS, to share intelligence and dismantle scam centers. He said the evidence collected from raided compounds was “remarkable,” adding that the FBI would continue to encourage Cambodia to intensify efforts against criminal networks operating such sites.

“Our LEGAT office in Cambodia has worked closely with the Cambodian Commission for Combating Online Scams, or CCOS, in order to share intelligence and dismantle the scam centers there,” Bailey said. “CCOS has provided our LEGAT with unprecedented access to raided scam compounds.”

Bailey made the comments in response to a question about Cambodia’s crackdown on the local scam industry and concerns over sanctioned alleged scam bosses who have not faced legal proceedings in the country.

The comments come amid growing U.S. concern over Southeast Asia-based scam centers targeting Americans, including operations linked to Cambodia. In April, the U.S. Department of Justice said its Scam Center Strike Force had taken coordinated actions against Southeast Asian criminal organizations operating scam centers that defrauded Americans of billions of dollars, including the seizure of a Telegram channel used to recruit human trafficking victims to a scam compound in Cambodia.

Bailey said the FBI’s focus remains on disrupting and dismantling the criminal networks behind the compounds and protecting victims. The agency will continue to expand collaboration with CCOS and the Cambodian government, he added.

Bailey described scam compounds as part of a wider transnational organized crime threat across Southeast Asia, involving large-scale fraud, cryptocurrency exploitation, money laundering and human trafficking.

He said the FBI is using an intelligence-driven strategy focused not only on individual compounds, but also on major actors, hidden networks and “linchpins in the criminal ecosystem.”

NagaCorp proposes 10-year share option scheme for directors, staff

Viviana Chan
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NagaCorp proposes 10-year share option scheme for directors, staff

Cambodia casino operator NagaCorp is asking shareholders to approve a new share option scheme that would let the company grant equity incentives to directors and employees over the next 10 years.

The proposal is due to be put to a vote at the Hong Kong-listed firm’s annual general meeting on June 25th, and would also require the Hong Kong Stock Exchange’s Listing Committee to approve the listing of any shares issued when options are exercised.

NagaCorp said the scheme is intended to “provide incentive or reward” to participants for their contribution to the group and their continuing efforts to promote its interests. Eligibility would extend to directors across the group and employees of the company and its subsidiaries, including new recruits offered options as a hiring incentive.

The board would have full discretion over who receives options, weighing factors such as performance, length of service, and potential contribution to the group’s growth. Grantees would pay nothing to accept an option, and the rights could not be transferred or sold.

Shares issued under the scheme — together with any other share plans — would be capped at 10 percent of NagaCorp’s issued share capital as of the adoption date, excluding treasury shares. Any individual receiving more than 1 percent of issued shares within a 12-month period would need separate shareholder approval, while grants to directors, the chief executive, or substantial shareholders would face additional sign-off requirements.

Options would carry a minimum 12-month vesting period, though the board could shorten this in limited cases, such as “make-whole” grants compensating new hires for options forfeited at a previous employer. The exercise price could not fall below the higher of the closing price on the grant date or the five-day average before it.

Notably, the scheme attaches no mandatory performance targets and no clawback mechanism, unless the board chooses to impose such conditions on individual grants.

Asia Gaming eBrief: IEC partners DigiPlus unit for Philippine online gaming launch

AGBrief Editorial
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Asia Gaming eBrief: IEC partners DigiPlus unit for Philippine online gaming launch
Good morning. The shortcut is the strategy. International Entertainment is taking a quicker route into Philippine online gaming, signing with DigiPlus subsidiary TGXI to connect LaVie Resort & Casino Manila to an approved online platform. The setup gives the company speed but not a free pass: the LaVie operator remains responsible for licenses, reporting, audits, and compliance, with operations limited to Philippine IP addresses. Meanwhile, Citigroup expects Macau GGR to dip during the World Cup before bouncing back swiftly in mid-July, helped by a packed calendar of concerts and NBA China Games. The brokerage still forecasts 6.5 percent GGR growth for 2026. And in Cambodia, the government has rejected Amnesty’s claims that its scam crackdown is superficial, citing action against 25 casino licenses.

What you need to know

On the radar

AGB Intelligence

ONLINE GAMING

International Entertainment upgrades Manila casino hotel with $9.2M construction deal

IEC partners DigiPlus unit for Philippine iGaming launch

International Entertainment Corporation is moving into Philippine online gaming through a non-exclusive partnership with Total Gamezone Xtreme Incorporated, a wholly owned DigiPlus subsidiary. The agreement will allow IEC’s New Coast Leisure Inc., operator of LaVie Resort & Casino Manila, to use TGXI’s online gaming infrastructure and certified content. The company said the arrangement would reduce the time and resources needed to build a platform from scratch.

Industry Updates

Corporate Spotlight

How Crypto Adoption in Asia is Changing iGaming Payments

Yevhen Krazhan, CSO for GR8 Tech

Yevhen Krazhan, CSO at GR8 Tech, explores how surging crypto adoption across Asia is revolutionizing iGaming payments, stating: “When I look at what’s changing fastest in Asia, it’s payment behavior,” as wallets, stablecoins, and seamless cross-border transfers become deeply ingrained in player habits. The winning operators will be those that offer fast, reliable, and local deposits and withdrawals. To make sense of it, Yevhen breaks Asia into two crypto realities.

INTELLIGENCE | ASEAN | AWARDS | CAREERS | EVENTS

Sands China secures Top 1% S&P Global Sustainability rankings for fourth consecutive year

AGBrief Editorial
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Sands China secures Top 1% S&P Global Sustainability rankings for fourth consecutive year

Sands China has solidified its position as a global leader in corporate social responsibility after earning Top 1% rankings in the Corporate Sustainability Assessment (CSA) scores of the S&P Global Sustainability Yearbook 2026 for both its Global and China editions.

The integrated resort operator also secured the prestigious “Industry Mover” distinction in the China edition for the second consecutive year, making Sands China the only integrated tourism and leisure enterprise worldwide to secure all three accolades this year.

S&P Global’s Sustainability Yearbook is one of the world’s premier benchmarks for corporate environmental, social, and governance (ESG) performance. For the 2026 China edition, S&P Global evaluated nearly 1,800 companies across mainland China, Hong Kong, and Macao, selecting only 193 for yearbook inclusion.

Sands China emerged in the elite Top 1% tier of just 36 companies, marking its fourth consecutive year at this level. On the global stage, which evaluated over 9,200 entities, the gaming operator ranked among the 71 companies that earned a Top 1% score.

“Sustainability is the cornerstone of corporate resilience and long-term development,” said Grant Chum, Chief Executive Officer and Executive Director of Sands China Ltd. “We are very honoured to be once again ranked in the Top 1% in both the Global and China editions. These recognitions fully affirm our continued investment and achievements in innovation and long-term planning.”

To achieve the “Industry Mover” title, a company must achieve the strongest ESG score improvement in its sector, including a minimum 5% year-over-year jump. Sands China surpassed this threshold, elevating its CSA score by more than 6% over the past year.

Kalshi introduces risk scoring and employer verification to combat insider trading

Frank Schuengel
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Kalshi introduces risk scoring and employer verification to combat insider trading

Prediction markets exchange Kalshi has rolled out a suite of market integrity measures, including a risk scoring framework and mandatory employer verification for high-risk markets, based on recommendations from its independent Surveillance Audit Committee’s first quarterly report.

The measures, announced on June 9th by Kalshi Head of Enforcement Robert DeNault, took effect immediately. Under the new framework, each market proposed for listing is assigned a risk score that evaluates six factors: corporate KPI or events risk, outcome concentration risk, market importance, regulatory compatibility, non-traditional insider risk – where a trader holds material non-public information without a pre-existing legal duty not to trade on it – and national security risk, which assesses whether kinetic activity such as military action could be connected to a market’s resolution.

For markets that score above a certain threshold, Kalshi now requires traders to submit employer information before they can participate. The platform uses that information to identify individuals who may have access to significant non-public information and restrict their participation where necessary.

DeNault said the measures build on the company’s position as a federally regulated exchange. “By implementing these new integrity measures, we continue to lead the industry on the issue of market integrity amongst federally regulated prediction markets,” he said.

Kalshi also disclosed enforcement figures for the first quarter of 2026. The platform conducted more than 150 investigations, blocked over 100 potential insider trades using new screening tools, made more than 20 referrals to law enforcement, and took five disciplinary actions against traders. Market pages now include tools for users to submit whistleblower reports directly to Kalshi’s surveillance team, which the company says monitors the feed around the clock.

The independent Surveillance Audit Committee was appointed to review Kalshi’s monitoring and enforcement of abusive trading behavior, including insider trading, market manipulation, and spoofing. For its first report, the committee interviewed staff, examined policies, reviewed detection algorithms, and assessed national security risks across listed markets. Kalshi said the committee will deliver quarterly reports going forward.

Malaysia police launch Op Soga XI as World Cup illegal gambling surge expected

Frank Schuengel
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Malaysia police launch Op Soga XI as World Cup illegal gambling surge expected

The Royal Malaysia Police have launched a nationwide crackdown on illegal gambling ahead of the 2026 FIFA World Cup, activating Op Soga XI across all state contingents as authorities anticipate a significant surge in sports betting activity during the tournament.

Bukit Aman Criminal Investigation Department director Datuk M. Kumar announced the integrated operation on June 10th, one day before the World Cup’s opening matches, saying enforcement would focus on both online and physical gambling activity across the country. Online targets include syndicates operating betting platforms and websites, as well as social media accounts used to promote illegal wagering. Physical operations will target illegal gambling premises, bookmakers, betting agents, and individuals organising or participating in unlawful betting activity.

Kumar said the operation also involves strategic cooperation with the Malaysian Communications and Multimedia Commission and Bank Negara Malaysia, with both agencies tasked with identifying and blocking platforms, websites, and financial transactions linked to illegal gambling syndicates.

Offenders face action under multiple statutes, including the Common Gaming Houses Act 1953, the Betting Act 1953, the Penal Code, and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001. Op Soga is a recurring Royal Malaysia Police enforcement framework specifically timed to major international football tournaments. The previous iteration, Op Soga IX, ran during the 2022 Qatar World Cup and resulted in more than 400 arrests within its first three weeks of operation, with seized betting credit values exceeding RM10.6 million by early December of that year.

The 2026 World Cup runs from June 11th to July 19th, with matches spread across the United States, Canada, and Mexico, a format that creates a broader range of match times and, for Southeast Asian bettors, more accessible viewing windows than previous Gulf or European-hosted editions.

Macau GGR to rebound swiftly after World Cup slowdown: Citigroup

Viviana Chan
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Macau GGR to rebound swiftly after World Cup slowdown: Citigroup

Macau gross gaming revenue is expected to recover quickly after a near-term slowdown linked to the FIFA World Cup, supported by a busy calendar of concerts and major events immediately after the tournament, according to Citigroup analysts.

Citigroup analysts George Choi and Timothy Chau forecast Macau GGR to decline 10 percent year-on-year in June and 5 percent in July, as the World Cup, running from June 11th to July 19th, could temporarily divert gaming budgets from Macau.

However, the analysts expect a ‘swift GGR recovery’ immediately after the tournament, led by a busy calendar of star-studded concerts and events in mid-July. These include performances by K-pop groups and Taiwanese singer Zhao Chuan, as well as NBA China Games featuring the Houston Rockets and Dallas Mavericks, which the analysts said should attract visitors and stimulate spending.

Citigroup said this would support a return to positive GGR growth for the rest of the year, with the brokerage forecasting Macau GGR growth of 6.5 percent for 2026 and 5.7 percent in the second half.

The analysts said this year’s World Cup could have a stronger impact than previous major soccer tournaments due to its expanded format. The tournament includes 104 total matches, more than double the 51 matches in UEFA Euro 2024 and well above the 64 matches in the 2018 FIFA World Cup.

Citigroup pointed to UEFA Euro 2024 as a recent example of the impact major soccer tournaments can have on Macau gaming demand. During the event, from June 14th to July 14th, Macau GGR fell to a trough of MOP514 million ($64 million) per day, 17 percent lower than the 2024 daily average of MOP620 million ($77 million).

Despite the expected short-term weakness, Citigroup said it remains bullish on Macau gaming stocks, describing any pullback as an ‘enhanced buying opportunity.’ The analysts said their investment approach is to ‘defend and counterattack,’ recommending investors build positions during potential short-term share-price weakness.

Citigroup maintained Galaxy Entertainment and Sands China as its top picks, citing premium mass strength and dividends. It also rated Wynn Macau, MGM China and Melco as buys, while maintaining a sell rating on SJM. The brokerage said Galaxy, Sands China, Wynn Macau and MGM China have resumed dividends and offer yields of 5 percent to 7 percent.

BetConstruct AI names Lena Yasir as its new Chief Executive Officer

AGBrief Editorial
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BetConstruct AI names Lena Yasir as its new Chief Executive Officer

The renowned provider of award-winning iGaming technologies, BetConstruct AI, has announced the appointment of Lena Yasir as its new Chief Executive Officer.

Yasir brings 20 years of global iGaming expertise to BetConstruct, with a proven track record in B2B commercial strategy, international expansion, and scaling high-performing teams across regulated and emerging markets.

Before joining BetConstruct, Yasir held senior leadership roles at industry giants like Play’n GO, Evolution, and OnGame Network. Most recently, she served as Chief Commercial Officer at Pragmatic Play, where she played a central role in driving the company’s global B2B growth.

“BetConstruct AI is a highly respected and successful company in the global iGaming industry, and I am proud to be joining the business at such an exciting time.”

Lena Yasi

Known for her direct leadership style and sharp understanding of operator needs, Yasir’s appointment marks an exciting new chapter for BetConstruct. In her new role, she will focus on accelerating global revenue, driving innovation, and strengthening partnerships across the iGaming ecosystem.

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