Aristocrat confirmed as first int’l company to be granted Gaming Related Vendor License for UAE

UAE

Kelsey Wilhelm

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October 29, 2024

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Aristocrat confirmed as first int’l company to be granted Gaming Related Vendor License for UAE

Aristocrat has confirmed that the company is the first international slot and online technology company to be granted a Gaming-Related Vendor License and is allowed to do business in the United Arab Emirates.

A company release confirmed the reports that the company had been granted a license by the General Commercial Gaming Regulatory Authority (GCGRA) – the entity responsible for overseeing commercial gaming in the UAE.

This license allows Aristocrat to provide land-based electronic gaming machines (EGMs) and online games and technology solutions to commercial gaming operators licensed by the GCGRA.

Speaking of being the first to receive the ‘Gaming Related Vendor License’, Aristocrat’s CEO of Gaming, Hector Fernandez noted that “At Aristocrat, our vision is to deliver the best seat in the house wherever, and whenever the world plays. We look forward to doing so by providing premium content for UAE players while encouraging responsible gameplay”.

The news comes as the Chief Operating Officer of RAK Hospitality, the developer behind the Wynn Al Marjan Island project, told media that the UAE’s first integrated resort would be opening within the first quarter of 2027.

Wynn Al Marjan Island, Hotel entrance project render, Wynn Resorts — _{Hotel arrival at Wynn Al Marjan Island}

Wynn Al Marjan Island, view from the pool, project render, Wynn Resorts — _{Hotel arrival at Wynn Al Marjan Island}

Other licenses have also reportedly been issued to gaming-related entities for the provision of products and services in the UAE, however, the GCGRA has kept the information close to its chest.

Human trafficking charges filed against former PH presidential spokesperson Harry Roque Jr.

Philippines

Kelsey Wilhelm

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October 29, 2024

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Human trafficking charges filed against former PH presidential spokesperson Harry Roque Jr.

Authorities in the Philippines have filed human trafficking charges against the former presidential spokesperson Harry Roque Jr. and two others for alleged involvement in a Philippine Offshore Gaming Operator hub.

The charges were filed on Monday by the Presidential Anti-Organized Crime Commission (PAOCC) and the Philippine National Police-Criminal Investigation and Detection Group (PNP-CIDG).

According to the nation’s news agency, they relate to Roque and the others’ alleged involvement in Lucky South 99 Corporation, the POGO hub raided in Porac, Pampanga.

Roque, Mercides Macabasa and Ley Tan’s charges now join those filed against Cassandra Ong and 53 others for violation of the human trafficking act.

Inter-Agency Council Against Trafficking-IACAT, Philippines, Human trafficking

Macabasa served as Lucky South’s security compliance officer, while Tan was the head of its accounting department.

Roque was included due to his purported “active participation in the furtherance of the illegal activity” of the POGO, according to Inter-Agency Council Against Trafficking (IACAT) prosecutor Darwin Cañete.

Cañete cited a “statement or testimony from the assistant vice president of PAGCOR that last July 26^th, respondent Roque and Cassandra Ong went to their office to have a meeting”.

The prosecutor furthers that there were alleged “follow-ups” by Roque with the PAGCOR official about the renewal of the POGO’s license.

Harry Roque Jr. has denied any involvement in POGOs.

Steven Spartinos, Co-CEO at Kiron, commented: “Data security is a top priority for us, and this certification validates our commitment to providing a safe and secure environment for our customers. “It demonstrates our commitment to industry best practices and providing our customers with the highest level of data protection.”

“We have always handled our partners’ data with the utmost care but we now have certification that sensitive data is stringently safeguarded by us, to the same high standards as the products we provide them with,” he added.

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MGM joined hands with the Labour Affairs Bureau of the Macau SAR Government (DSAL) to launch the “Hengqin-Macau Cultural Tourism New Quality, New Productivity Training Program”, with the Livelihood Affairs Bureau of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin as the supporting unit, in response to the national strategy to develop high-quality productive forces and a skilled talent pool in the culture and tourism industries.

The program encourages MGM team members to gain insights into tourism development not only within the Cooperation Zone but across the country, keeping them abreast of the latest market trends and providing excellent service with new skills and technologies. As a result, the team members are better equipped to provide exceptional service to MGM’s guests. In addition, the program aims to strengthen collaboration and unity between Hengqin and Macau’s cultural tourism industries.

The launch ceremony of the program has taken place at the MGM Cotai Ballroom.

MGM and DSAL launch comprehensive Hengqin-Macau training initiative — _{The launch ceremony of the “Hengqin-Macau Cultural Tourism New Quality, New Productivity Training Program” took place at the MGM Cotai Ballroom}

Distinguished guests included:

Chen Min, Level I Division Rank Official of the Exchange Office of the Economic Affairs Department of the Liaison Office of the Central People’s Government in the Macao SAR;
Wong Chi Hong, DSAL Director, and Cheung Wai, Head of the Vocational Training Department;
Huang Yujie, Director of the Livelihood Affairs Bureau of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, and Wang Jintao, Deputy Director of the Social Security Division;
Iao Fu, Head of the Studies and Information Analysis Division of the Gaming Inspection and Coordination Bureau;
Zhang Libao, Chairperson of the Zhuhai City Workers’ Education and Vocational Training Association, and Lu Ling, Executive Secretary-General of the association.
Wendy Yu, Executive Vice President of Human Resources of MGM, and Francis Tan, Vice President of Learning & Talent Management of MGM, were also present, along with 120 MGM team members.

Wong Chi Hong, DSAL — _{Wong Chi Hong, Director, DSAL}

Speaking at the ceremony, DSAL Director Wong Chi Hong said, “The Labour Affairs Bureau is honored to have been invited by MGM to co-organize this program. With the rapid growth of the tourism industry, neighboring regions are introducing new elements to attract visitors. Although Macau has strong cooperation with Guangdong and a growing integration with Hengqin, the tourism industry must continue to innovate and use new technologies to polish further Macau’s ‘golden business card’ as an international metropolis. I hope all participants will make the most of this program to strengthen their professional skills and contribute to the development of tourism in Macau.”

Wendy Yu, Executive Vice President of Human Resources of MGM, said, “Talent development is an integral part of MGM’s philosophy. To build a highly skilled workforce for smart tourism, MGM has once again partnered with the Labour Affairs Bureau to launch this brand-new certificate course, which symbolizes the integration of Hengqin and Macau. The goal is to combine the strengths of both regions, enabling our team members to gain a deep understanding of guest needs and emerging tourism products. We believe this program will equip our team and deepen their understanding of market trends. The program will also support the appropriate economic diversification of Macau and promote connectivity in the cultural tourism sector.”

“Since 2020, MGM has collaborated with the DSAL to provide professional training to more than 5,500 team members. The collaboration aims to elevate Macau’s tourism talent to an international level and consistently deliver outstanding, professional service to guests that reinforce Macau’s position as a “World Center of Tourism and Leisure”.

This new training program is led by MGM’s local industry experts and features guest speakers, including Professor Zhu Hong from Sun Yat-sen University, Adjunct Professor Sun Lei from Zhuhai City Polytechnic, and Professor Zhang Hui from Sun Yat-sen University. The training is expected to benefit over 500 participants, giving them a better grasp of national tourism development, advanced technologies, and market trends.

Moody’s assigns stable outlook for Genting, citing performance stability

Viviana Chan

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October 28, 2024

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Moody’s assigns stable outlook for Genting, citing performance stability

Moody’s Ratings has affirmed the issuer ratings for Genting Berhad and Genting Overseas Holdings Limited (GOHL) at Baa2, while granting Genting Singapore Limited an A3 rating.

All ratings carry a stable outlook, indicating Moody’s confidence in the companies’ future performance.

Yu Sheng Tay, a Moody’s Ratings Analyst, explained that the ratings reflect expectations of stable operating performance and consistent cash flow generation.

This stability is largely attributed to the group’s diversified gaming operations and strong market positions in key regions like Singapore and Malaysia. Tay noted, however, that Genting’s expansion plans, particularly in New York, could lead to a significant increase in debt, potentially impacting the ratings negatively.

Analysts note that Genting Berhad’s Baa2 rating is underpinned by its geographically diversified gaming operations spanning Asia, EMEA, and the Americas. The company holds duopoly and monopoly positions in Singapore and Malaysia, which contributed 72 percent of its segment EBITDA in the first half of 2024.

Furthermore, Genting Berhad’s non-gaming ventures, including energy and plantation segments, provide additional earnings diversification.

Looking ahead, Moody’s anticipates that Genting Berhad’s EBITDA will grow by approximately 4 to 5 percent annually in 2024 and 2025, rising from MYR10 billion ($2.3 billion) in 2023. This growth is expected to be driven by its gaming operations in Singapore and Malaysia, along with a smaller contribution from Las Vegas.

Despite ongoing regulatory complaints related to its Resorts World Las Vegas LLC operations and a minority shareholder dispute in Resort World Bimini, the expectation is that these issues will not lead to significant financial damage or operational disruptions.

Genting Singapore

The affirmation of Genting Singapore’s A3 rating highlights its robust position as one of only two licensed casino operators in Singapore, bolstered by its full ownership of the integrated resort Resorts World Sentosa (RWS).

This structure positions Genting Singapore to generate strong earnings, with projected EBITDA of around SG$1.2 billion ($91 million) in 2024, marking a modest increase from the previous year.

Despite temporary operational capacity reductions due to hotel renovations, Genting Singapore is expected to recover, with EBITDA anticipated to rise to approximately SG$1.3 billion ($98 million) in 2025 as new attractions are phased in. The company is investing SG$6.8 billion ($5.1 billion) in expanding and refreshing its offerings at RWS, with spending spread over several years and peaking between 2027 and 2029.

Genting Singapore plans to fund this capital expenditure primarily through internal cash sources, maintaining strong liquidity and minimal debt levels.

Genting Overseas Holdings

The affirmation of GOHL’s Baa2 ratings reflects its role as a holding company for Genting Singapore, which leads to structural subordination risks. GOHL relies entirely on dividends from Genting Singapore to cover interest expenses, making it vulnerable to the financial health of its parent company, Genting Berhad. Consequently, the credit quality of GOHL is intrinsically linked to Genting Berhad’s performance.

Resorts World Las Vegas, Genting Bhd — _{Resorts World Las Vegas}

With a significant reliance on Genting Berhad’s resources, GOHL faces the challenge of redeeming or refinancing its $1.5 billion notes due in 2027. The stable outlook for GOHL aligns closely with that of Genting Berhad, reflecting the interconnectedness of their operations.

But the law firm points out that there is an unresolved issue, namely whether licensed gaming concessionaires operate games of chance which either have not been legally authorized ‘and therefore are not included in their respective concessions’ or have been authorized but breach approved rules. The firm questions whether in either case, these may constitute a criminal offense, ‘irrespective of being sanctioned as an administrative offense’.

Wagering on illegal games of chance is also criminalized, while even the presence in the place where an illegal game of chance is being operated is also criminalized.

Illegal mutual betting/illegal lotteries

Mutual betting – either operating a mutual betting pool that isn’t legally authorized (irrespective of whether it’s a regular activity) or betting are also criminal offenses.

Regarding lotteries, during the final passing of the bill, many comments were made about the illegal sale of lottery tickets (such as those for the Mark 6 in Hong Kong) – which could result in a fine or up to two years in prison.

Those operating illegal lotteries without legal authorization face up to three years or a fine;
Counterfeiting or ‘tainting’ lottery tickets or using or selling them also carries a punishment of up to three years in jail or a fine.

Illegal foreign exchange for gambling

In the bid to crack down on the illegal money exchangers that were highly prevalent around Macau’s casinos, authorities are now criminalizing illegal foreign exchange for gambling.

This focuses on commercial operations operated ‘stably and profitably’ and exchanges ‘made with the purpose of gambling’. This presumes that the gaming activity would take place in the casino, but encompasses the act of the exchange to ‘all adjacent areas where activities of an artistic, cultural, recreational or commercial nature or connected to the hotel industry are carried out’. The group notes this essentially includes ‘the areas opened to the public in integrated resorts or other casino complexes’.

The punishment for the crime is a prison sentence of up to five years.

Penalty framework changes

Another highlighted point was adding criminal liability for corporations or other legal entities, beyond in individuals who had committed the offense. This expands the scope to ‘legal entities and other collective bodies without legal personality,’ who are ‘now liable for the criminal offenses committed on their behalf by the members of their bodies, representatives or agents acting under the authority of the bodies or representatives’.

Legal entities can face fines of up to MOP18 million ($2.25 million) and judicial winding up.

In addition, directors and representatives of the legal entity ‘may be jointly and severally liable for the payment of the fines applicable to the legal entities provided that they are found to be responsible for committing the offense’.

Criminal investigation

The new law grants further measures for authorities to investigate suspected offenses.

This includes undercover agents, who are allowed to investigate the suspected offenses. Actions by such undercover agents ‘that may represent an offense are not punishable provided they act proportionally to the purpose’. However, they cannot incite someone to commit an offense.

The identity of informants also is not to be disclosed, but this can be lifted during trial if the court believes the information provided was false.

Domicile searches had previously generally not been allowed between 9 pm and 7 am ‘even with a court warrant’. This time limitation will now not apply ‘to the crimes of illegal operation of games of chance, illegal operation of mutual betting and illegal online gambling, considering the predominantly nocturnal nature of these crimes (the need for a prior supporting search warrant remains unchanged)’.

Highly organized criminality, will now also include ‘illegal operation of games of chance, illegal operation of mutual betting and illegal online gambling, illegal operation of lotteries, illegal lending for gambling, illegal foreign exchange for gambling, coercion for gambling and gambling fraud’. This could lead to temporary contact restrictions for those under investigation and an extension of the pre-trial duration maximum period.

Wynn Al Marjan Island set to open in the first quarter of 2027: Report

UAE

Viviana Chan

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October 28, 2024

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Wynn Al Marjan Island set to open in the first quarter of 2027: Report

Wynn Resorts‘ luxurious project in the UAE, Wynn Al Marjan Island in Ras Al Khaimah, is confirmed to open in the first quarter of 2027, according to Donald Bremmer, Chief Operating Officer of RAK Hospitality.

Bremmer stated to Arabian Business that the development of Wynn Al Marjan Island is “perfectly on track” and has experienced “no suggestions of any delays.”

Earlier this month, Wynn Resorts was granted the UAE’s first commercial gaming operator’s license. However, the gaming regulator, General Commercial Gaming Regulatory Authority (GCGRA), has not provided additional details regarding the license awarded to Wynn Resorts.

Initially budgeted at $3.9 billion, the project’s costs have increased to $5.1 billion. Wynn Al Marjan Island will be the first integrated gaming resort in the Middle East and North Africa (MENA) region, and construction has already transformed the emirate’s skyline.

The building has surpassed 90 meters in height, making it the tallest structure in Ras Al Khaimah. Work is progressing swiftly beyond the 15th floor, as the resort takes shape on its prime beachfront location.

Wynn Al Marjan Island will span 62 hectares on Al Marjan Island, featuring 1,542 rooms and suites, along with 22 exclusive Villa Estates situated along a newly designed marina. The resort will also boast a sprawling 3.6-hectare poolscape, complete with multiple swimming pools, water features, and private cabanas.

Demonstrating its long-term commitment to the region, Wynn Resorts has recently acquired an additional 70 acres of land on Al Marjan Island for future development. The company now owns all 155 acres of Island 3, where the resort is situated.

Wynn Al Marjan, UAE, Wynn Resorts — Hotel arrival at Wynn Al Marjan Island

Casino accounts for 4% of total hotel space

Craig Billings, CEO of Wynn Resorts, highlighted the UAE as “the most exciting new market for our industry in decades.”

The gaming facility, which will be the first of its kind in the UAE, will occupy approximately 4 percent of the hotel’s total area, underscoring the resort’s focus on luxury hospitality and entertainment.

The development is poised to significantly boost tourism in Ras Al Khaimah, with projections indicating it will attract over 5 million visitors to the emirate by 2030. This aligns with RAK’s broader tourism strategy, which aims to triple international visitors to 3.5 million by the end of the decade.

Meanwhile, Wynn Resorts is targeting high-net-worth customers for this project. According to the company’s presentation, 9.7 million high-net-worth individuals live in the UAE, accounting for nearly 20 percent of the world’s total millionaires. This group is seen as a key customer base for the resort.

Beyond gaming, the resort will offer 22 unique dining, lounge, theater, and bar venues, along with a 15,000-square-meter shopping esplanade showcasing luxury boutiques. A five-star spa and salon will cater to wellness enthusiasts, and a 7,500-square-meter meetings and events center will accommodate conferences, conventions, and celebrations.

Construction, which began in early 2023 with UAE-based contractor ALEC Engineering and Contracting, is expected to see the full tower exceed 300 meters upon completion.

Kangwon Land’s 3Q24 non-gaming sales amounted to KRW55.1 billion ($40 million), reflecting an increase of 3.3 percent from a year earlier and a substantial 70.7 percent rise sequentially. Non-gaming sales during this period mainly derived from the firm’s hotel operations, condominium business, and skiing activities.

Covid resurgence brings cold winter to South Korean gaming

The firm’s operating profit for the July to September period was KRW93.0 billion ($67 million), representing a 1.3 percent increase from a year ago and a 26.7 percent increase quarter-on-quarter.

Earlier this month, Kangwon Land announced a corporate value-up plan that includes a share buyback initiative and financial goals aimed for achievement by 2028.

The firm pledged to initiate a share buyback program totaling KRW100 billion ($73 million). The first phase will involve a buyback of KRW40 billion ($29 million) in 2024, with an additional KRW60 billion ($44 million) planned for 2025 and 2026.

The SEC reported its role in implementing key reforms for risk-based supervision of designated non-financial businesses and professions (DNFBPs). Additionally, the FATF recognized an increase in the use of financial intelligence and a rise in money laundering investigations and prosecutions, along with enhanced identification and prosecution of terrorism financing cases.

The SEC has mandated the declaration of beneficial ownership in the General Information Sheets of all corporations, making this information accessible to law enforcement agencies, including the Philippine National Police and the Bureau of Internal Revenue.

In 2021, the SEC prohibited the issuance and sale of bearer shares to promote transparency and prevent the misuse of corporations for illicit purposes.

In the future, the SEC is committed to sustaining its AML/CFT reforms through enhanced supervision, continuous audits, and the integration of beneficial ownership registry initiatives into its strategic plan for 2023 to 2028.

These efforts reflect the SEC’s long-term dedication to safeguarding the financial system against illicit activities while supporting the Philippines’ aim for a complete exit from the FATF grey list.

Countries on the FATF grey list face restrictions and additional scrutiny, resulting in transaction failures, delays, and costs that ultimately affect consumers.

Following its assessment of the Philippines’ compliance, the FATF Asia/Pacific Joint Group plans to conduct an on-site visit early next year. This visit aims to verify the implementation of anti-money laundering and combating the financing of terrorism (AML/CFT) reforms and to ensure they are both underway and sustainable, with ongoing political commitment to these efforts.

SEC Chairperson Emilio B. Aquino highlighted this milestone as a testament to the Philippines’ commitment to combating money laundering and terrorism financing through essential reforms that align with global standards.

The SEC plans to continue investing in digital initiatives and optimizing resources to ensure the long-term viability of these reforms. It also aims to uphold transparency and compliance while collaborating with local and international partners to enhance AML/CFT measures.

Human trafficking charges filed against former PH presidential spokesperson Harry Roque Jr.

Authorities in the Philippines have filed human trafficking charges against the former presidential spokesperson Harry Roque Jr. and two others for alleged involvement in a Philippine Offshore Gaming Operator hub.

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Kiron Interactive achieves ISO27001 certification for data security

Kiron Interactive has strengthened its position as a trusted partner and leading provider following the award of an ISO IEC 27001 certification. The prestigious international standard recognizes organizations that implement robust information security management systems (ISMS).

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MGM and DSAL launch comprehensive Hengqin-Macau training initiative