Chinabank is planning the sale of the property where Emerald Bay was set to rise, after PH Resorts was unable to buy back the rights to the land in time from the lender.
According to reports, the head of the bank, billionaire Hans Sy, indicated that the property is up for sale for “people who showed interest”.
The 12.4-hectare plot involves the planned IR in Lapu-Lapu, Cebu, which has struggled to find financing and continue construction which began back in 2017.
PH Resorts, led by Dennis Uy, sold the property to Chinabank in 2023, in order to cover a bridge loan from the bank. The company was given an option to buy back the property by March 31st, of 2025.
In its most recent financial report, PH Resorts even indicated that, as of April 30th, it was ‘working on a possible repurchase option following its expiration’.
However, Chinabank’s Sy indicated that PH Resorts would no longer be buying back the property.
“We already gave them more than a year. It’s already in our name […] They don’t have to renew that (agreement) […] we’re not renewing anymore,” Sy told reporters.
This comes despite PH Resorts’ parent company Udenna Corp signing a memorandum of agreement with EEI Corporation on December 6th of last year ‘to finance, construct, and complete Emerald Bay’.
The year 2024 marked a significant turning point for the Web3 industry, particularly in the realm of online gambling, a recent report by Bitrace highlights.
As the market capitalization of crypto assets soared and infrastructure adoption reached unprecedented levels, the online gambling sector thrived alongside it. However, this growth also saw an alarming rise in the use of cryptocurrencies by criminal enterprises, leveraging the same infrastructures that support legitimate online gambling.
The report from Bitrace shows troubling statistics regarding crypto-related crimes. Notably, stablecoin inflows to high-risk addresses—defined as blockchain wallets associated with illegal activities—totaled approximately $649 billion in 2024, reflecting a slight increase from the previous year.
These high-risk addresses, primarily found on Ethereum and TRON networks, underscore the vulnerabilities in the crypto ecosystem.
While the proportion of high-risk activities in total stablecoin transactions decreased to 5.14 percent from 5.94 percent, this rate remains significantly higher than in 2021 and 2022, indicating a persistent issue.
Online gambling growth
Amidst these challenges, online gambling has continued to expand. In 2024, online gambling platforms and associated payment processors managed transactions totaling $217.8 billion, an increase of over 17.5 percent from 2023. This growth reflects the increasing acceptance of cryptocurrencies within the gambling sector, with USDC’s share of stablecoin transactions rising dramatically to 13.36 percent, up from 5.22 percent in the previous year.
Despite the positive developments in online gambling, the black and gray markets remain robust. In 2024, blockchain addresses linked to illicit trade received over $278.1 billion, indicating a slight rise from the previous year.
The proliferation of escrow services like Huione Guarantee has facilitated these transactions, further entrenching illicit activities within the crypto landscape.
The report also reveals a staggering increase in crypto fraud, with stablecoin inflows to fraudulent addresses reaching $52.5 billion in 2024, surpassing the total of previous years combined. This surge may reflect improved detection capabilities and the increasing sophistication of fraud tactics, as more cases come to light.
Regulatory responses and compliance
Despite the challenges posed by crypto crime, regulatory measures have begun to take effect.
In 2024, stablecoin issuers like Tether and Circle froze over $1.3 billion in assets linked to illicit activities, a significant increase compared to previous years. Moreover, the US Office of Foreign Assets Control (OFAC) and Israel’s National Bureau for Counter-Terror Financing (NBCTF) have intensified efforts against terrorist financing, although the inherent anonymity of crypto continues to pose challenges.
Hong Kong was said to serve as a model for effective regulation, demonstrating that clear legal frameworks and compliance measures can enhance market stability and trust. Following the implementation of these policies, the proportion of high-risk funds in stablecoin inflows within Hong Kong dropped sharply, indicating a successful crackdown on illicit activities.
Still, the report warns that the online gambling sector continues to capitalize on the growth of cryptocurrencies, while crypto crime remains a pressing concern, with regulatory frameworks and compliance measures essential in curbing illicit activities, creating a safer environment for both operators and consumers.
Thai Prime Minister Paetongtarn Shinawatra has strongly defended the proposed casino entertainment complexes for Thailand, emphasizing that strict security measures will be implemented to ensure responsible gambling operations.
Her statement was made during the NBT’s Empowering Thais with PM Paetongtarn program, which was reported by the Bangkok Post. The official used the time to criticize political opponents for deliberately creating confusion about the project, which she believes could attract significant foreign investment without using taxpayer money.
“The investment isn’t coming from the state or people’s tax money – it’s private and foreign capital. That means more revenue through taxation, especially from regulated gambling,” Paetongtarn said.
The prime minister explained that the development would follow the “Singapore model” and should not be viewed simply as building a casino. The planned complex would feature hotels, concert venues, convention halls and a world-class, tightly regulated gaming facility.
The prime minister emphasized responsible gambling as the focus, explaining that strict rules, background checks and security standards would be implemented. She clarified that the facility would not be a place where anyone could simply walk in hoping to win millions and leave with their winnings without proper oversight.
She cautioned that political agendas were distorting public perception of the plan. According to Paetongtarn, some critics are weaponizing the issue for political advantage by falsely portraying Thailand as becoming a haven of vice. She pointed to Singapore, the United Arab Emirates, Japan, and the United States as examples of countries that have successfully used man-made attractions to drive economic growth.
The premier stressed that the entertainment complex represents a crucial opportunity for Thailand to keep pace with global trends, create jobs, and attract year-round tourism, eliminating the concept of a tourism low season. Paetongtarn expressed concern about Thailand being left behind, citing Japan’s plan to transform the Osaka World Expo site into an entertainment complex by 2030 as inspiration. She suggested this project is Thailand’s chance to develop the world-class attractions that citizens often admire abroad.
However, opposition remains strong. On the same day as the broadcast, Thanakorn Komkrit, secretary-general of the Stop Gambling Foundation, warned on Facebook about casinos potentially becoming centers for money laundering.
Citing a 2024 United Nations Office on Drugs and Crime report on casinos and illicit finance in Southeast Asia, Thanakorn noted that non-financial businesses like casinos often escape strict regulation, making them ideal for money laundering operations.
The report identifies various methods for laundering money through casinos, including converting illicit cash into gambling chips and back again, player collusion, junket tours facilitating cross-border VIP gambling, and layering financial transactions to hide origins.
Thanakorn questioned if Thailand was prepared to deal with this kind of 24/7 laundering convenience, highlighting concerns that without comprehensive regulation, casino legalization in Thailand could enable criminal activity.
Currently the casino bill’s first reading has been postponed to the next legislative session which will start only in July this year. The casino bill has already obtained approval by the cabinet on January 13th.
As reported by AGB, the casino bill faces significant obstacles and could be unlikely to pass Parliament due to opposition from the Bhumjaithai Party. Bhumjaithai Party is a coalition partner in the Paetongtarn administration.
Data released by the Macao Government Tourism Office (MGTO) show a significant surge in visitors to Macau during the first four days of the May Day holiday (May 1st–4th). The total number of visitor arrivals reached 757,000, marking a 42 percent increase compared to the same period last year.
Mainland Chinese tourists made up the majority, accounting for 81 percent of arrivals with 618,000 visitors — a 40 percent year-on-year increase. Hong Kong also contributed significantly, with 90,000 visitors, representing 11 percent of the total and nearly a 50 percent rise compared to the previous year.
Notably, May 2nd — the second day of the mainland’s Labor Day holiday — saw Macau’s border crossings reach their highest post-pandemic traffic levels. The total number of entries and exits on that day exceeded 837,000, breaking several records.
According to the Public Security Police Force (PSP), visitor arrivals alone reached a new post-pandemic high of 221,000 — far surpassing the previous daily peak recorded during earlier holiday periods.
To manage the large crowds, the PSP implemented crowd control measures at popular tourist sites, including the Ruins of St. Paul’s.
Over the entire four-day period, the police recorded approximately 3.12 million entries and exits in Macau — a 28 percent year-on-year increase, with an average of around 779,000 crossings per day.
The Labor Day holiday in mainland China runs from May 1st to 5th, while May 5th is also a public holiday in Macau and Hong Kong, marking Buddha’s Birthday.
Australian developer Multiplex reported a significant financial setback, posting a net after-tax loss of AU$219.5 million ($140 million) for the last calendar year, largely attributed to a AU$192.6 million ($125 million) write-off related to the Queen’s Wharf casino and resort project in Brisbane.
According to The Australian Financial Review, this loss marks a sharp increase from a previous loss of AU$34.6 million ($22 million), despite a 33 percent rise in revenue to AU$4 billion ($2.6 billion).
The financial troubles stem from complications with the Star Entertainment joint venture, which saw project costs balloon from AU$2.6 billion ($1.7 billion) to AU$3.6 billion ($2.3 billion), leaving the owners with AU$1.4 billion ($900 million) in debt. Ongoing disputes between Multiplex and Star led to a legal battle in Queensland’s Supreme Court, which was settled out of court.
A spokesperson for Multiplex cited various challenges, including COVID-19 impacts, inflation, adverse weather, and over 1,000 client-requested design changes, as contributing factors to the losses. Despite the setbacks, the company expressed pride in completing the complex project.
In March, Star Entertainment mitigated its financial issues by selling its 50 percent stake in the Queen’s Wharf project to partners Chow Tai Fook Enterprises and Far East Consortium, along with other assets. In a separate deal, Star recently agreed to transfer majority control of its operations to Bally’s Corporation for AU$300 million ($195 million).
Multiplex, owned by Brookfield Asset Management, highlighted its ability to manage large projects, though it faces challenges from rising costs and a declining construction market.
The company anticipates an improvement in conditions moving forward, supported by a diversified global portfolio. Overall, the construction industry is facing increased financial difficulties, with insolvencies rising 17 percent this year, reflecting broader economic challenges.
Everi Holdings, a leading provider of land-based and digital casino gaming solutions, has announced that its digital CashClub Wallet® technology now powers Penn Entertainment, Inc.’s ‘PENN Wallet’ at M Resort Spa Casino in Henderson, Nevada.
The “PENN Wallet” offers M Resort guests the ability to access cashless payments throughout the gaming floor via integrations with existing loyalty and payments systems. PENN currently utilizes CashClub Wallet technology across 22 properties in 11 jurisdictions.
CashClub Wallet elevates patron engagement with frictionless, omnichannel payments. Everi’s industry-leading cashless payments solutions drive additional volume, improve operational efficiencies, and transform the traditional casino cash-centric environment into a modern, seamless experience for an enhanced player journey.
Incorporating more funding sources than ever before, including PayPal and Apple Pay, CashClub Wallet provides diversity in accessing and distributing funds via Everi’s Banking as a Service (BaaS). It is the most widely adopted land-based digital gaming wallet in the U.S.
“Self-service capabilities are increasingly favored by consumers across all of their spending experiences, and Everi is leading the way in casino player engagement by providing M Resort patrons with convenient, end-to-end mobile funding through our delivery of comprehensive, integrated solutions,” said Darren Simmons, Everi’s Executive Vice President and FinTech Business Leader. “Our agreement with PENN is enhancing the casino resort experience across the country, as we continue to work together to deploy solutions that streamline the financial access process with new, convenient digital funding options.”
Wynn Macau announced the grant of awards under its Employee Ownership Scheme on May 2nd, 2025, benefiting 424 employees of the group.
This initiative allows the Selected Participants to subscribe to a total of 424,000 ordinary shares, representing approximately 0.008 percent of the company’s issued share capital.
The awards have been granted at no purchase price, with the closing price per share set at HK$5.29 ($0.68) on the grant date. The vesting period is structured so that 50 percent of the awards will vest on May 2nd, 2028, and the remaining 50 percent on May 2nd, 2029.
If these dates do not fall on a business day, they will be adjusted to the next business day. The awards do not include performance targets.
A clawback mechanism is in place, stipulating that if a selected participant’s employment is terminated due to resignation, misconduct, or violations of company policies, their awards will lapse automatically. The Group has not provided any financial assistance to purchase shares under the scheme.
The Employee Ownership Scheme aims to align the interests of participants with the company and its shareholders, motivate employees to enhance the company’s value, and recognize their contributions to long-term growth.
The remuneration committee believes this grant is appropriate and aligns with market practices.
Wynn Resorts is schedule to release its first quarter results on May 6th (Eastern Daylight Time). For FY24, the group’s Macau operations brought in some $3.68 billion, helping to bolster its efforts to continue to grant employees share options.
Coolbet has partnered with Oddin.gg to empower its esports coverage, starting with the integration of Oddin.gg’s Odds Feed to deliver a best-in-class experience to bettors across almost all of its active markets.
The collaboration marks a strategic milestone for both companies, built on shared goals of innovation, reliability, and long-term growth.
This multi-year partnership supports Coolbet’s global expansion strategy by incorporating Oddin.gg’s industry-leading solutions to deliver scalable, high-quality esports betting coverage. Both teams are aligned in their focus on operational excellence and collaboration beyond day-to-day delivery—including upcoming joint education initiatives and local engagement programs. Since going live in late 2024, the integration has already delivered measurable results—most notably an 80% increase in GGR from November 2024 to March 2025.
Coolbet selected Oddin.gg following a comprehensive evaluation of several providers, prioritizing long-term reliability and product quality. The decision reflects Oddin.gg’s ability to consistently deliver scalable solutions and trusted performance in fast-moving, regulated markets.
“Working with Oddin.gg has exceeded our expectations, both in terms of product performance and the relationship itself,” said Christian Erlandsson, Director of Sports at Coolbet. “We’ve seen a strong impact since launch, and we’ve appreciated how smooth and responsive their team has been. What’s been especially refreshing is that we’re already moving beyond day-to-day operations to explore new ways of working together, like joint industry panels and knowledge-sharing initiatives.”
“Coolbet is an ambitious and forward-thinking partner. From the very start, they were clear about what they wanted to achieve, and it’s been a pleasure to support their growth with our solutions,” added Marek Suchar, Co-Founder and Managing Director at Oddin.gg. “We’re proud to share that Oddin.gg was selected over other providers based on product quality and vision. And as we deepen this collaboration, we’re excited about what we can build together—not just in terms of numbers, but in how esports betting is delivered to Coolbet’s end users.”
KingMidas Games, a leading iGaming provider, has announced the successful launch of its game portfolio on Sportsbet.io. This new partnership with one of the world’s largest iGaming operators was facilitated through renowned iGaming aggregator, Hub88.
The collaboration brings KingMidas Games’ engaging titles—spanning Next-Gen, Classic, and Slots genres—to Sportsbet.io’s global player base. These games are designed to deliver immersive gameplay, high-performance mechanics, and differentiated experiences tailored for modern players.
“We’re excited to see our games go live on Sportsbet.io, a platform known for innovation and exceptional player engagement,” said Alex Mozir, Head of Sales at KingMidas Games. “With Hub88’s robust integration capabilities, we’re seamlessly expanding our reach and delivering cutting-edge content that stands out in competitive markets.”
Alex Haig, Director of Sportsbet.io at Yolo Entertainment said: “At Sportsbet.io, we’re always on the lookout for partners who share our vision of pushing boundaries and delivering fresh, high-quality gaming experiences. We were immediately drawn to KingMidas Games, with their innovative mechanics, strong design and user-first approach. Thanks to Hub88, this integration has been seamless, and we’re confident our players around the world are going to love what’s in store.”
The launch reflects KingMidas Games’ ongoing global expansion strategy, underpinned by strategic partnerships that bring localised and next-generation gaming content to top-tier operators worldwide.
International Game Technology (IGT) announced that IGT PlaySports technology is now driving retail sports betting at Silver Reef Casino Resort in Ferndale, Wash.
This agreement builds on IGT PlaySports‘ leadership in the region, marking the 11th casino in Washington State to deploy the Company’s award-winning sports betting platform, and the 10th casino in the State to leverage its trading advisory services.
“Silver Reef Casino Resort is excited to partner with IGT PlaySports for the relaunch of our sports betting offering,” said Wendy Carter, Silver Reef Casino CEO. “We believe that IGT PlaySports’ proven technology and experienced trading advisory team will help us attract sports fans with a premier betting experience and engage guests with localized offers.”
“IGT PlaySports is proud to extend our momentum in Washington State via a new sports betting agreement with Silver Reef Casino Resort,” said Joe Bertolone, IGT SVP of Sports Betting. “As a preferred supplier in the region, IGT PlaySports is highly qualified to help Silver Reef Casino Resort develop a comprehensive sports betting offering that caters to the casino’s unique needs and serves as a meaningful player acquisition and engagement tool.”
