The Philippines’ House Quad Committee (Quadcom) is calling for swift action against Chinese nationals accused of acquiring Filipino citizenship in order to buy property and operate businesses in the country.
Quadcom turned over documents on Monday, including those relating to Aedy Tai Yang, who allegedly evaded foreign ownership laws to set up companies such as Empire 999.
Amongst the documents are a birth certificate from 2004, despite Yang claiming to be born in 1983, along with marriage and tax declarations and corporate records.
Documents relating to land deals between Yang and the government of Mexico, Pampanga – including deeds, resolutions and Memorandums of Agreement – were also included.
The exchange is part of Quadcom’s investigation into illegal Philippine Offshore Gaming Operators (POGOs), drugs, land grabs and extrajudicial killings during the war on drugs led by former president Rodrigo Duterte.
After questions raised by the Australian Securities Exchange (ASX), The Star Entertainment Group Limited has defended its decision to not disclose a AU$1.44 billion ($966 million) non-cash impairment charge prior to its latest financial report.
In a letter issued to The Star on October 15th, the ASX raised several questions, namely whether the announcement of a new debt facility of up to AU$200 million ($134 million) from its corporate lenders, and the material non-cash impairment charge, constituted significant information expected to materially affect its securities’ price and should have been disclosed.
Regarding the AU$200 million ($134 million) debt facility, The Star responded that it first became aware of the agreement on September 25th, 2024, and that it announced the entry into that arrangement on the same date.
‘This announcement was made promptly and without delay after the relevant commitment documentation was executed by The Star’s lenders and The Star. At all times prior to this documentation, there was no certainty that any agreement would be reached,’ The Star company secretary Jennie Yen noted in the response.
As for the anticipated AU$1.44 billion ($966 million) non-cash impairment charge, The Star stated that it did not believe the release of this information would materially affect the price or value of its securities.
In its financial statements for the year ended June 30th, 2023, The Star recorded a non-cash impairment of AU$2.17 billion ($1.46 billion) across its properties in Sydney, Gold Coast, and Brisbane. This impairment was attributed to altered operating conditions, increased casino duty rates, rising discount rates, and declining earnings.
The Star considered that the mentioned AU$1.44 billion non-cash impairment, ‘which did not impact The Star’s underlying cash earnings,’ would not have been a surprise to the market or constituted market-sensitive information. Therefore, it deemed it was not obliged to release that information under ASX rules prior to the results announcements.
This situation arises amid ongoing regulatory challenges for the company; it has faced a AU$15 million ($10 million) fine and has had its license conditions tightened by the New South Wales Independent Casino Commission (NICC).
Despite these penalties, The Star’s casino license remains suspended rather than revoked, with NICC-appointed manager Nick Weeks overseeing operations until at least March 31, 2025.
The Star considered that a further non-cash impairment, ‘which did not impact The Star’s underlying cash earnings’ would not have been a surprise to the market, or otherwise constituted market sensitive information.
Therefore, it considered was not obliged to release that information under ASX rules prior to the release of the results announcements.
This comes in the context of the company’s ongoing regulatory challenges; it has faced a AU$15 million ($10 million) fine and has had its license conditions tightened by the New South Wales Independent Casino Commission (NICC).
Alliance Global Group, Inc (AGI), led by CEO Kevin Tan, has confirmed plans for its first casino outside Metro Manila, targeting Boracay’s Newcoast township for this expansion.
The project will be managed by AGI’s subsidiary, Boracay Newcoast Resorts, Inc. (BNRI), and aims to deliver a boutique-style casino, smaller than AGI’s Newport World Resorts in Manila. The investment for this development is set at $300 million, aligned with BNRI’s provisional license from PAGCOR.
Tan emphasized that the new facility will cater specifically to the Boracay market, focusing on a “modest-sized” resort that fits the area’s unique environment. While the project is still in the planning stages, it marks a strategic shift for AGI, expanding beyond the Manila gaming scene.
The company acknowledged that this move is a response to growing demand for more diverse tourism and entertainment options in Boracay. However, given the scale of this venture, AGI expects a smaller financial impact compared to its larger developments like Newport World Resorts.
AGI has committed to keeping stakeholders informed as the project progresses, ensuring transparency in line with regulatory requirements. The group also included a disclaimer about forward-looking statements, emphasizing that details could change based on market conditions and regulatory processes. The company’s cautious approach underlines its focus on adapting to market trends while exploring new opportunities in the Philippine gaming sector.
With the planned development, AGI aims to tap into Boracay’s thriving tourism market, adding a new dimension to the island’s offerings. The project represents a strategic move to diversify AGI’s portfolio, combining the allure of Boracay’s natural beauty with a tailored gaming experience.
The Philippines’ Presidential Anti-Organized Crime Commission (PAOCC) has requested the Philippine Amusement and Gaming Corporation (PAGCOR) to assist in facilitating the return of foreign workers employed by discontinued Philippine Offshore Gaming Operators (POGOs).
According to PAOCC spokesperson Winston John Casio, despite the ongoing POGO ban, 38 POGOs remain legally operational in the Philippines.
Foreign workers from these operators were given a deadline of October 15th to downgrade their working visas to tourist visas, with a requirement to leave the country by the end of the year.
As stated in the ban order announced by President Ferdinand Marcos Jr. in July during his third State of the Nation Address, all POGO operations need to be wound down by the end of the year.
Casio emphasized the need for collaboration among various agencies, particularly with PAGCOR, to ensure that POGO workers leave the country promptly. He expressed concern that if these workers remain, many may seek to go underground and work illegally.
He noted that the longer these individuals are allowed to stay, the greater the likelihood they will find ways to remain in the country. Casio mentioned the existence of regulatory loopholes in the gambling sector and appealed for adherence to the President’s directive to fully eliminate POGOs.
In a recent report, the Bureau of Immigration stated that over 12,000 foreign workers from discontinued POGOs have applied to downgrade their working visas. This number is less than half of the 30,000 foreign workers previously employed by POGOs.
In addition, Casio warned that there may still be more than 100 illegal POGO hubs operating underground throughout the country.
The National Bureau of Investigation has indicated that some POGOs are circumventing the ban by breaking into smaller groups and establishing operations in residential areas to evade detection. Casio reiterated the urgency for these foreign POGO workers to leave the Philippines, as they no longer possess valid working visas.
As the US presidential race heats up between Vice President Kamala Harris and former President Donald Trump, several bookmakers are pointing to a Trump victory on November 5th.
Blockchain-based election betting site Polymarket has reported a 60 percent chance of a Trump victory, marking the first time this threshold has been crossed since late July.
Recently both Reuters and The Wall Street Journal reported that the surge in betting was fueled by four accounts that collectively placed over $30 million in wagers.
Since Polymarket prohibits US residents from placing bets on US elections, with the company verifying all its significant traders to ensure they are not using VPNs to hide their actual locations, these users are believed to be overseas gamblers.
Source: Polymarket
Other prominent betting platforms echo this trend: Betfair places Trump’s odds at approximately 58 percent, while Kalshi assigns him a 57 percent chance, and PredictIt and Smarkets give him 54 percent and 58 percent, respectively.
Election Betting Odds, which aggregates data from major markets, shows Trump with a 57 percent likelihood of winning, the most favorable margin since July 29th, up from around 48 percent at the end of September.
The emergence of legal election betting markets has added a new dimension to the political landscape, allowing citizens to wager on outcomes following a recent court ruling that lifted restrictions on such platforms.
During the 2020 US presidential election, more than $1 billion were believed to have been wagered worldwide on the possible winner even before polling day.
On October 2nd, the US Court of Appeals for the District of Columbia Circuit ruled in favor of Kalshi, a New York-based financial exchange, allowing it to offer event contracts on the presidential race and other electoral metrics. New contracts were made available on Kalshi and brokerage giant Interactive Brokers within days.
Tarek Mansour, Kalshi’s founder, reported over $12 million wagered shortly after the ban was lifted, while Barron’s noted more than $6.3 million had been bet on the Harris-Trump matchup.
The US Commodity Futures Trading Commission (CFTC) has expressed concerns regarding the legality of such markets, but the recent ruling has opened new avenues for political analysis.
Elon Musk
While traditional polling, such as that from The New York Times, indicates Harris leading Trump 50 percent to 47 percent, prediction markets present a contrasting narrative, with Kalshi estimating Trump has a 55 percent chance of victory.
Social media has also played a role in shaping these betting markets, with a recent post from Elon Musk boosting Trump’s odds on Polymarket after he claimed Trump was leading Harris in betting markets. Following Musk’s comments, Trump’s lead on the platform surged nearly 10 points.
Macau’s gross gaming revenue (GGR) is estimated to have reached approximately MOP14.6 billion ($1.83 billion) for the first 20 days of October, implying a daily run-rate of MOP730 million ($91.4 million), according to investment bank JP Morgan.
The higher daily run-rate recorded during the October Golden Week, which took place from October 1st to 7th, contributed to a slowdown in the subsequent week. The daily rate fell to MOP514 million ($64.7 million), down from MOP846 million ($106 million) in the first two weeks, when the figures were buoyed by Golden Week.
Despite this slowdown, analysts expect October GGR to reach MOP21 billion ($2.63 billion), slightly exceeding earlier forecasts of MOP20 billion ($2.5 billion). If this target is met, October will represent the highest GGR recorded so far this year.
In the context of rising GGR forecasts for the month of October, JP Morgan notes that the downside risk to consensus estimates is limited for the fourth quarter of the year.
The report also indicates that mass GGR has recovered to 110-115 percent of pre-COVID levels, while VIP gaming has reached around 25 percent. These figures are an improvement over the recovery rates for the third quarter, which were 105-110 percent for mass gaming and 23-25 percent for VIP.
However, JP Morgan cautions against extrapolating these results for the entire quarter, as the strong Golden Week performance significantly influenced the figures. Nonetheless, the recovery signifies a positive shift following two consecutive quarters of decline.
As the earnings season approaches, analysts DS Kim, Mufan Shi, and Selina Li highlight that investors will scrutinize the sustainability of this above-seasonal momentum for the remainder of the quarter. They aim to gain a clearer understanding of the ‘demand inflection’, influenced by the positive wealth effect and other stimuli.
Hong Kong is exploring the possibility of easing age restrictions on horse racing events to boost tourism, according to Secretary for Culture, Sports and Tourism Kevin Yeung Yun-hung.
Hong Kong Secretary for Culture, Sports and Tourism Kevin Yeung Yun-hung
In a radio interview cited by the South China Morning Post, Yeung stated that the government has been in discussions with the Hong Kong Jockey Club, encouraging the club to leverage its unique position to promote horse racing as a key tourist attraction.
He highlighted that few regions worldwide have reached the same scale as Hong Kong in horse racing, which regularly hosts international events that attract horses, owners, and enthusiasts from around the globe. Yeung emphasized the need to fully capitalize on this feature and mentioned ongoing discussions about whether the current age restrictions remain necessary.
Currently, individuals under 18 are not permitted to bet or enter premises where bets are accepted, including horse racing venues. Tourists aged 18 or above with valid travel documents can enjoy free entry to the Jockey Club’s public enclosure. Yeung noted that both the government and the Jockey Club share the goal of promoting horse racing as one of Hong Kong’s major attractions. They are exploring ways to make racecourses more accessible to tourists and promote events on a global scale.
When asked if the age restriction poses a challenge to boosting the city’s horse racing appeal, Yeung acknowledged the importance of limits but suggested they should be adaptable based on changing needs. He added that any necessary restrictions would be implemented after careful consideration.
In Hong Kong Chief Executive John Lee Ka-chiu’s recent policy address, the government proposed developing tourism offerings based on Hong Kong’s unique characteristics, including horse racing, alongside other types of tourism such as yacht, panda, cultural, and ecotourism.
Local reports earlier suggested that the government had already initiated talks with the Jockey Club about relaxing age limits at racecourses, potentially positioning them as family-friendly attractions for tourists.
It is worth noting that the Hong Kong Jockey Club reported a total turnover of HK$134.7 billion ($17.3 billion) for the 2023/24 season, down 4.5 percent from HK$141.1 billion ($18.1 billion) the previous year.
Meanwhile, in Macau, where gaming is the dominant industry, the Macau Jockey Club ceased operations in April this year, marking a failed attempt to transform horse racing into a tourism attraction amid the ongoing weakness in horse racing betting.
MGM organized a five-day familiarization trip for Japanese travel trade representatives from Tokyo, held between October 14 and 18, in support of the Macao SAR Government’s initiative to expand the international tourist market.
During the trip, the representatives visited MGM’s two properties MGM MACAU and MGM COTAI, convention and entertainment facilities, as well as the world heritage sites in Macau, immersing themselves in Macau’s unique blend of Eastern and Western cultural heritage and rich tourism offerings. Through the familiarization trip, MGM aims to promote the city’s “Tourism+” appeal to Japanese travelers and potential MICE groups.
MGM CotaiMGM Macau
MGM had already organized two familiarization trips during March and September for the travel trade industry from Seoul and Busan, South Korea. This Japanese delegation consisted of 16 representatives from Tokyo’s MICE, airline, and media sectors.
On October 15, MGM hosted a welcome dinner for the delegation at MGM COTAI, to which more than 20 industry peers and association representatives from Hong Kong and Macau were invited.
Distinguished guests at the dinner were Betty Fok, Head of the Destination Marketing Department of the Macao Government Tourism Office; Steve Chan, Senior Manager of the Promotional Activities and Development of Conventions and Exhibitions Department of the Macao Trade and Investment Promotion Institute; Vic Lam, Chief of the Division of Tourism, MICE and Commerce of the Economic Development Bureau of Guangdong-Macao In-Depth Cooperation Zone in Hengqin; Kevin Wong, Assistant to Vice President, Commercial cum Regional General Manager – Greater Bay Area of Air Macau Company Limited; and the MGM’s management.
Guests of Honor performed a toast at the welcome dinner.
To showcase Macau’s designation as the Creative City of Gastronomy, MGM arranged a welcome dinner with a lineup of five renowned MGM culinary heads, including Yang Dengquan, Executive Sous Chef who helms the Michelin Star and Black Pearl award-winning restaurant Five Foot Road; Homan Tsui, Executive Chef who leads the Black Pearl-winning restaurant Imperial Court; Tam Yim Chan, Executive Chef of Chún; Joao Costa Casimiro, Chef de Cuisine of Rossio; and Bruno Le Francois, Executive Pastry Chef of MGM. The sumptuous 10-hands dinner highlighted the essence of Macanese and Chinese cuisines with east-meet-west elements.
The welcome dinner highlighted the essence of Macanese and Chinese cuisines with a lineup of five renowned MGM culinary heads.
Addressing the dinner, Dr. Iwan Dietschi, Senior Vice President of Hospitality of MGM, said, “Since last year, MGM has been proactively expanding our foreign tourist markets in line with the Macao SAR Government’s initiative. Japan has become the third largest among overseas tourist market for Macau and MGM is keen on further tapping into the Japanese market.”
“With Macau’s recent designation as the ‘Culture City of East Asia 2025’, we anticipate a stronger rapport and collaboration between Japan and Macau, in the context of deepening cultural and tourism exchange. To further build on the relationship between Japan and MGM, we are planning to organize more familiarization trips for the Japanese tourism industry. It is also in our plans to establish sales points in Tokyo and other cities in Japan, to serve the increasing demands of Japanese travelers.”
One of the representatives of the Japanese MICE delegation, Mr. Okuno, said, “We are delighted to have been invited by MGM for this familiarization trip, which has given us a deeper understanding of Macau’s unique tourism strengths and positioning. With its rich cultural tourism resources, Macau holds a strong appeal for the Japanese. In addition, the collaboration between Macau and Hengqin in the MICE sector presents exciting new opportunities. I look forward to seeing closer cooperation between MICE representatives from Macau and Japan, as we explore future opportunities to drive the sector forward together.”
The delegation visited Macau’s heritage sites, as well as the cultural tourism offerings at the Barra District and Macao Grand Prix Museum.
MGM carefully crafted the itinerary for the Japanese delegation, which included visits to MGM’s hotels and convention facilities. In addition, MGM arranged the “Macau Cruise” for the delegation to traverse Barra and Coloane in comfort by sea. Along the way, they visited heritage sites such as the Ruins of St. Paul’s and A-Ma Temple, as well as the cultural tourism offerings at the Navy Yard in the revitalized Barra District.
BGaming, a fast-growing iGaming content provider has unveiled its final art and gaming mash-up of 2024 as part of its ongoing creative project ‘When Art Meets Gaming’.
Half-Maltese artist Tim Marsh is well known for his architectural style, composing works using dynamic geometric forms, patterns and lines to embed a sense of movement. His influences include his capoeira practice, which he has enjoyed since being a teenager. The Brazilian martial art influences the tribal elements of his graffiti work.
His career began in the fashion industry in 2006, where he created designs for clothing brands and directed the fashion pages of French magazine Snatch. He has previously worked with the likes of L’Oreal, Kenzo and Smart cars. Since 2009, the artist has been involved in light painting and held shows in Malta and France.
Ahead of BGaming’s attendance at SiGMA Malta, the muralist has produced artistic interpretations of BGaming’s top games characters from titles such as Wild Tiger, Book of Cats MEGAWAYS™, Elvis Frog TRUEWAYS, Aztec Magic Bonanza, and Gold Rush – Johnny Cash.
This marks the studio’s fourth and final ‘When Art Meets Gaming’ collaboration of the year, after they teamed up with creators Gonçalo MAR, Mr Cenz and Clandestinos Art throughout their jam-packed 2024 event calendar.
Kate Puteiko, CMO at BGaming, said: “We are proud to collaborate on our eighth artistic partnership with the hugely talented Tim Marsh, a highly respected muralist who has breathed new life into our iconic characters once more. Supporting artists in the cities we visit remains one of the greatest passions at BGaming and we look forward to continuing our dedication to giving back next year.”
Artist Tim Marsh said: “I found this work quite unexpected as I am used to working on murals and live paintings. This was a different exercise from what I’m used to but to be working from a computer and not fighting the elements was enjoyable. Only a few days before, I had been struggling to finish a wall in the Parisian rain. I am used to taking inspiration from hand painting artwork in real life, so this presented a welcome and unique challenge for me.”
Pragmatic Play, a leading content supplier to the iGaming industry, has released Big Bass Halloween 2, the latest addition to its popular Big Bass franchise and a Halloween-themed sequel that more than doubles the original’s maximum win potential.
The possessed fisherman returns in this ominous 5×3 slot, where free spins modifiers add even more chances to win in the bonus game.
Landing 3-5 scatters triggers the bonus game with an initial 10-20 free spins. If just two scatters land on the reels, a third can be hit through one of two random features.
Before the bonus game begins, a selection of free spins modifiers can be awarded randomly, including extra free spins, more money symbols, and the opportunity to start the bonus trail at level two.
During the feature, the fisherman collects symbols to round up the value of all money symbols on the screen – these can be worth up to 5,000x each. If collect symbols land without any money symbols in view, or vice versa, a feature can randomly trigger to award wins. Every fourth fisherman awards 10 additional free spins and a money symbol multiplier of 2x, 3x, and finally 10x, helping players to reel in wins of up to 5,000x.
Big Bass Halloween 2is the latest addition to Pragmatic Play’s popular fishing-themed slots series, following recent hits Big Bass Mission Fishin’ and Big Bass Vegas Double Down Deluxe.
Irina Cornides, Chief Operating Officer at Pragmatic Play, said: “Big Bass Halloween 2 brings free spins modifiers to one of Pragmatic Play’s most successful slots series, helping players to reel in wins of up to 5,000x.”
