Philippines-listed eGames service provider PhilWeb Corporation has firmly denied reports suggesting that the online gaming platform PlayTime is pursuing a backdoor listing through the company.
The eGames service provider clarified that it has had ‘no interactions, communications, or engagements’ with PlayTime.
The statement, issued via a filing with the Philippine Stock Exchange (PSE), addressed both an exchange inquiry and a report by Bilyonaryo.
Following its initial filing dated March 24th, PhilWeb responded on March 25th to an inquiry from the PSE regarding an ‘unusual price movement’ in its shares, as the company’s stock declined nearly 30 percent, from PHP3.29 ($0.057) to PHP2.31 ($0.04) per share that same day.
In the document, PhilWeb attributed the drop to ‘market reactions’ following Bilyonaryo’s article, which was published on March 21st.
The company also clarified that it had no prior contact with the news platform or its representatives before the article’s publication, apart from its official response to the PSE.
PhilWeb stated that aside from its upcoming 2024 financial report, there are ‘no reportable or disclosable corporate events or activities at this time.’
PlayTime, launched in January 2024 and licensed by the Philippine Amusement and Gaming Corp (PAGCOR), states that it has over 20 million subscribers and approximately 2 million active users. The platform also says it is one of the fastest-growing online entertainment platforms in the Philippines.
The Respin feature can trigger randomly on any spin. During the feature, only wilds and a randomly selected paying symbol can land. Each new paying symbol or wild that hits awards an additional respin.
Lucky Mouse takes place on a 3-4-3 grid where all wild symbols carry a random multiplier from 2x to 5x. The wild feature can be activated randomly, distributing up to 10 wild multipliers across the reels.
Featuring vibrant visuals and captivating characters, Fat Panda games are tailored for new and casual players in search of fast, simple gameplay with high hit rates and snappy win animations.
Irina Cornides, Chief Operating Officer at Pragmatic Play, said: “Fat Panda is a new studio creating exclusive titles for Pragmatic Play. Starting with Lucky Tiger and Lucky Mouse, Fat Panda games stand out for their simple features, playful graphics, and high win frequency.”
On Friday, March 21, 2025, the Philippine Amusement and Gaming Corporation (PAGCOR) officially opened its 49th socio-civic center in this town, set to serve and benefit over 2,000 residents.
The PHP50 million facility built in Barangay San Isidro can also serve 22 neighboring barangays in Luisiana, also known as the “Little Baguio of Laguna.”
The two-story structure will function as a community hub and an evacuation center during emergencies. It features common restrooms on both floors, a multipurpose open area, dining halls, a kitchen, a first-aid room, storage spaces and a breastfeeding room.
Luisiana Mayor Jomapher Uy Alvarez underscored the facility’s role in the town’s development as the local government prepares for the reconstruction of its municipal hall. “We are sincerely grateful for the timely completion of this socio-civic center which will be highly beneficial to our town,” he said.
“Our municipal hall has aged significantly, and with its planned reconstruction in 2025, this socio civic facility will serve as a crucial extension for local government operations,” Alvarez noted.
Sangguniang Barangay Member Joseph Pedron for his part emphasized the facility’s dual purpose for the community.
“This PAGCOR-funded socio-civic center will be a tremendous help to us,” he said. “It can accommodate evacuees in times of calamities, and given its well-built infrastructure, it can also generate income for our barangay and municipality,” he said.
Meanwhile, PAGCOR Assistant Vice President for Community Relations and Services Eric Balcos, who graced the facility’s inauguration, urged the residents to take responsibility for maintaining the building to ensure its long-term use.
“We ask that the community take good care of this center as if it were their own home so that future generations of Luisiana residents can continue to benefit from it,” Mr. Balcos said.
Embattled Australian gaming operator The Star has announced that it has extended its refinancing possibility with Salter Brothers Capital to April 1st of 2025.
The proposal includes a potential to provide total debt capacity for the group of up to AU$940 million ($590 million) which would allow The Star sufficient liquidity to refinance all of the group’s existing debt.
In a Stock Exchange filing on Tuesday, The Star indicated that Salter Brothers Capital requested to extend the terms of the deed, noting that SBC has ‘advised that it is working towards making a binding offer with respect to the refinancing proposal’.
The Star notes that, if the refinancing proposal is accepted, it would be followed by a further period of exclusivity to enable preparation of documentation and finalization of conditions.
This comes amongst reports that The Stars largest shareholder – billionaire pokie businessman Bruce Mathieson – is backing a proposal from American casino giant Bally’s and could potentially contribute up to AU$50 million ($31.4 million) in capital if the deal is finalized with the American group.
Bally’s had previously proposed to inject capital into the struggling group in exchange for majority shareholding. At the time, Bally’s was proposing about AU$250 million ($158 million) for the stake in the casino operator.
The move also comes after The Star’s joint venture partners in Queen’s Wharf Brisbane – Hong Kong-listed Far East Development Corporation and Chow Tai Fook – aim to assume ownership of The Star’s 50 percent stake in Queen’s Wharf Brisbane.
The move to divest their stake in Queen’s Wharf Brisbane would significantly lighten the load of The Star in regards to debt while consolidating its stake in its Gold Coast assets bringing them to 100 percent ownership.
The divestment would also provide a transitionary period for The Star to relinquish its casino license for Queen’s Wharf Brisbane – ideally transitioning to its joint venture partners. Without such a casino license transition, the buyout would not make sense, given how essential the casino is to the multi-billion dollar property.
Macau satellite casino operator Macau legend has released a profit warning, indicating that it is expecting a HKD$640 million ($82.32 million) loss for FY24 compared to a HKD$4.9 million ($630K) loss for 2023.
Parts of the loss relates to the shuttered investment project the company was trying to formalize in Cape Verde.
In November of last year, the Cape Verde government announced it had terminated its contracts with Macau legend development claiming repeated violations of obligations related to a €250 million ($264.7 million) tourism and gaming investment in the capital city of Praia.
The project was first announced in 2015 but has not progressed since construction began in 2016 causing the government to claim that MLD violated the legal frameworks surrounding its obligations.
The group notes that it is expecting the recognition of a significant impairment loss in relation to the deposits paid property and equipment and right of use assets held by the group’s investment projects in Macau and Cape Verde.
It also highlights that it recognized a provision from Macau complimentary tax of HK415 million in the prior years due to a disposal of a subsidiary of the group.
The group in 2023 agreed to sell its entire investment in MLD resorts Lao limited for $39 million. This relates to the former Savan Vegas hotel and casino project in Laos.
The group had also sold off its interests in the Macau Landmark satellite casino operation.
While the group notes that the ‘impairment and the write back of provision are non-cash items and do not have an impact on the group’s cash flow and operations’, it does note they will ‘significantly impact reported performance for the reporting period’, resulting in the loss.
Macao Legend’s satellite casino operations in the gaming hub – it’s only income stream – also face uncertainty due to the termination of the extension agreement for satellite casinos at the end of 2025.
Good Morning: Looking out for the small guy. Authorities in Victoria, Australia, plan to trial carded play at around 40 venues by mid-2025 to promote responsible gambling, although the initiative has faced criticism for its delayed rollout and potential negative impact on smaller venues. Meanwhile, The Thai government’s proposal to legalize entertainment complexes with casinos has garnered significant public support, with approximately 80% of participants in a recent consultation backing the initiative, which aims to boost tourism and revenue while officials review legislative details to improve access for local patrons and address concerns over regulatory frameworks and casino access criteria.
Authorities in Victoria, Australia, plan to initiate a three-month trial of carded play at approximately 40 venues by mid-2025, following a recent legislative amendment that passed the Legislative Assembly. The proposed law aims to enforce requirements for carded play on poker machines in hotels and clubs, allowing patrons to make more informed spending choices. However, the bill has faced criticism for its delayed implementation and concerns about its impact on smaller venues and casual gambling. Additionally, the legislation seeks to introduce new spin rate limits for electronic gaming machines (EGMs) to slow play.
Wynn Resorts CEO Craig Billings estimated the UAE gaming market GGR could reach volumes ranging from $5 to $8 billion.
Billings discussed the company’s strategic expansion into the United Arab Emirates during an interview with CNBC’s Jim Cramer, highlighting the region’s robust market opportunities.
The UAE issued Wynn its first commercial gaming operator’s license last year, allowing the company to develop the Wynn Al Marjan Island casino resort in Ras Al Khaimah, which aims to cater to the local market.
The project will cover approximately five million square feet, featuring 1,500 hotel rooms, over 25 dining options, a substantial gaming floor, and a unique production show being created from scratch.
He emphasized the region’s wealth, affluence, and growing population as key drivers for the project, which is set to open in 2027 and has already reached the 42nd floor in construction. Wynn Resorts holds a 40-percent stake in the project, partnering with Marjan LLC and RAK Hospitality Holding LLC.
Additionally, Wynn has secured an exclusive, renewable 15-year casino license for Ras Al Khaimah, with projections indicating the property could generate at least $1.33 billion annually in gross gaming revenue.
Billings noted that the resort’s location is just 50 minutes from Dubai International Airport, enhancing its accessibility.
In the UK, Wynn is also moving forward with the acquisition of Crown London (Aspinalls), a members-only casino in Mayfair, which Billings described as a strategically significant move to enhance the brand’s customer database and strengthen ties with patrons who frequent both London and the UAE.
He expressed confidence in the UAE market’s stability, stating that Wynn will be the sole operator for a significant period and that the region offers substantial potential for growth.
The Thai government’s proposal to legalize entertainment complexes featuring casinos has received considerable public support, according to a recent public hearing.
While the initiative aims to boost tourism and generate revenue, officials are also exploring potential adjustments to ease access for local patrons as the draft legislation undergoes detailed review.
The public consultation held by Thailand’s Finance Ministry from February 28th to March 14th, 2025, revealed that around 80 percent of the 71,289 participants backed the draft law to introduce casinos within extensive entertainment complexes. However, the hearing also generated significant feedback on key elements of the proposed legislation.
Definitions and Scope: Discussions emphasized the need for clearer definitions within the act. Specific suggestions focused on refining the definition of “Entertainment Complex Business” to explicitly include tourism, recreation, and entertainment services. The absence of a defined term for “gambling” was also noted.
Furthermore, there were calls for clarity regarding the qualifications and appointment process for “officials” overseeing these complexes. The role of the “Minister in charge” also sparked debate, with concerns raised about potential conflicts of interest.
Regulatory Framework: The proposed regulatory structure, including the Entertainment Complex Policy Committee and the Entertainment Complex Business Control Office, received mixed reactions.
Suggestions for the Policy Committee included expanding its authority to promote investment, monitor operations, and ensure public input.
For the Control Office, proposals focused on clarifying its objectives, organizational structure, and operational procedures. This included calls for enhanced transparency, robust anti-money laundering measures, and clear guidelines for licensing and enforcement.
Casino Access and Control: A major point of discussion centered on the criteria for Thai citizens’ access to casinos. The initial proposal of a THB50 million ($1.5 million) fixed deposit requirement drew criticism for being overly restrictive. Alternative suggestions included lower deposit thresholds, allowing other assets as collateral, or considering income verification.
The hearing also addressed concerns about responsible gambling, with recommendations for measures such as setting betting limits, implementing identity verification systems, and providing support for individuals with gambling problems.
The Thai government has acknowledged the feedback received during the public hearing and has indicated that it will carefully consider the suggestions as it refines the draft Entertainment Complex Business Act. Officials emphasized the importance of balancing the economic benefits of the proposed legislation with the need for robust regulatory oversight and responsible gambling measures.
The next steps will likely involve further review and revisions to the draft act before it is presented to Parliament for consideration. The government remains committed to creating a comprehensive and effective legal framework for the development of entertainment complexes in Thailand.
Despite the overwhelming support for the Finance Ministry’s public hearing, it is worth noting that just one day before, a poll conducted by the National Institute of Development Administration (NIDA Poll) indicated that most Thai citizens are concerned about the government’s proposed entertainment complex policy.
Among the concerns raised were doubts about the policy’s economic effectiveness, fears of increased gambling addiction, and worries over potential money laundering activities.
Earlier this month, the Thai government confirmed that its Cabinet had delayed the final deliberation of the controversial casino bill, emphasizing the need for a thorough review and public consultation. Thai Prime Minister Paetongtarn Shinawatra assured that all concerns would be addressed before any decision is made.
Market-wide casino gross gaming revenue (GGR) in Macau reached MOP14.6 billion ($1.82 billion) in the first 23 days of March, according to estimates from Citigroup.
On Monday’s investment memo, Citigroup analysts George Choi and Timothy Chau note that this figure translates to a daily run rate of MOP643 million ($80.1 million) for the week of March 17th-23rd. This represents a modest increase of 3 percent compared to the previous week, which saw a daily run rate of MOP621 million ($77.4 million). However, the overall monthly performance suggests a more nuanced picture.
While the weekly figures indicate a positive trend, underlying data points to a decline in both VIP and mass market segments.
Industry sources indicate that VIP volumes fell between 8 to 10 percent month-over-month, and mass GGR experienced a decrease of 7 to 9 percent month-over-month. This suggests that the slight weekly GGR increase may be attributed to a higher VIP hold rate, rather than an increase in overall gaming activity.
The month-to-date (MTD) daily GGR run rate of MOP635 million ($79.1 million) is largely flat year-over-year compared to the full month of March 2024, which recorded a daily run rate of MOP629 million ($78.4 million).
Given these observations, Citigroup analysts are maintaining their March 2025 GGR forecast unchanged at MOP19.5 billion ($2.43 billion). This forecast represents approximately 75 percent of the March 2019 levels and remains flat year-over-year. To reach this forecast, the remaining days of March would need to average a daily GGR of approximately MOP613 million ($76.4 million), a figure deemed conservative by the analysts.
The U.S. Supreme Court declined to hear an appeal from casino mogul Steve Wynn regarding the defamation protections established in the 1964 case New York Times v. Sullivan.
According to Reuters, Wynn, former CEO of Wynn Resorts, had sought to overturn the “actual malice” standard, which requires public figures to prove that defamatory statements were made with knowledge of their falsity or reckless disregard for the truth.
Wynn’s lawsuit against the Associated Press (AP) stemmed from a 2018 article that accused him of sexual assault in the 1970s.
Nevada’s top court dismissed his case, stating he did not show that the AP report was published with actual malice. Wynn’s lawyers expressed disappointment at the Supreme Court’s refusal to reconsider this precedent, arguing that it allows media outlets to publish false information without consequence.
The court has previously shied away from revisiting this standard, despite calls from justices like Clarence Thomas and Neil Gorsuch to reassess its relevance in today’s media landscape awash with misinformation.
