The Cebu government plans to expand its monitoring efforts to cover Philippine Offshore Gaming Operators (POGOs) and similar activities in the area.
This initiative will involve scrutinizing e-games and internet-based entertainment hubs to ensure they are not being used as fronts for POGOs.
The move follows a raid last weekend, which uncovered an illegal POGO operation and led to the rescue of 162 foreign workers.
According to the Philippine News Agency, Acting Mayor Raymond Alvin Garcia stated at a press conference on Tuesday that the Business Permit and Licensing Office (BPLO) is collaborating with the Cebu City Police Office to inspect these e-games centers.
Garcia mentioned that while there is no guarantee that POGOs are not operating in the city, while inspections of call centers revealed that e-games and internet games are commonly found.
He added that the BPLO and local police discovered that internet gamers gather in certain venues, but these operations are not POGOs and their business registrations are legitimate.
The BPLO reported that no establishments are registered as POGOs by their operators. Garcia also noted that while computers are present at these venues, their operations are legal. The goal remains to ensure that no illegal activities, such as POGOs, are taking place.
The Commonwealth of the Northern Mariana Islands (CNMI) government has opposed Imperial Pacific International (IPI) LLC’s motion to approve bid procedures for the sale of nearly all its assets, arguing that the proposed sale does not adequately benefit the creditors.
According to a local media outlet, IPI has now brought this agreement to the attention of the NMI District Court, requesting the chief judge to approve the bid procedures for the sale of most of its assets.
The CNMI government, represented by Chief Solicitor Robert Glass Jr. from the Office of the Attorney General, has filed a motion opposing IPI’s request, arguing that it primarily benefits the proposed “stalking horse” purchaser, Loi Lam Sit, rather than all creditors.
Glass argued that the court should reject the bid procedures because they do not sufficiently benefit the creditors. He stated that the entire process is designed to favor the insider, Loi Lam Sit, who initially proposed a $7 million loan to finance the bankruptcy proceedings but ultimately provided only around $1.5 million for the Chapter 11 liquidation.
Loi Lam Sit was originally approached by the debtor, and this relationship was later redefined as a “friend of the debtor.” According to Glass, this change raises serious doubts about whether Sit is an arms-length buyer or an insider.
Glass further contends that IPI’s proposed bidding process is flawed, as it disregards the lease provisions governing the transfer of the lease. He also points out that the proposed process allows the “stalking horse” purchaser to “win” without demonstrating the ability to complete the building project or the financial capacity to meet the lease terms, which require the hotel’s completion.
A “stalking horse purchaser” refers to an initial bidder selected by a bankrupt company to make the first offer on its assets. This bid establishes the minimum price that the assets can be sold for in a bankruptcy auction. The term “stalking horse” reflects the role of the initial bid in setting a benchmark, encouraging other potential buyers to place higher offers.
Earlier last month, IPI filed a request with the US federal bankruptcy court to approve the sale of its hotel casino and other real estate assets to businessman Loi Lam Sit for $10 million.
Good morning.Thailand is again front and center, with recent political shifts highlighting the importance of the possible upcoming gaming industry on a global scale. And local billionaires are not wanting to miss out, with a host preparing projects from Bangkok to Phuket. Meanwhile, the world’s top gaming industry, Macau, continues to shine, with analysts at Seaport indicating that August saw its best performance since the city’s reopening.
As legislation gets further, Thailand’s billionaires are lining up to take advantage of the potential nascent casino industry, with various magnates announcing plans to develop entertainment complexes from Bangkok to Phuket. Expert and author Daniel Cheng looks at exactly what is happening now, who the major players are, and what we can expect going forward.
Altenar, a leading sportsbook provider is bringing its global expertise to Asia, looking to expand its operations. Since 2011, Altenar has powered hundreds of online sports betting sites worldwide and is a major B2B provider in Europe and Latin America licensed markets.
For global betting company 1xBet, Asia is a key market for several reasons. This is why 1xBet pays special attention to the Asian market and actively promotes its sports betting platform and the most popular gambling games on the continent.
Shares of casino operator Star Entertainment have been suspended from trading after failing to submit its financial results by the due date, the Australian stock exchange operator announced on Monday.
Star Entertainment entered a trading halt on Friday to address the fallout from a critical report on its corporate culture and to assess the impact on its fiscal 2024 results.
In a filing on Friday, the company stated that it was scheduled to release its full-year results later that day and was “considering the implications the report may have for disclosures concerning its financial results for the year ended June 30th.”
Adam Bell SC
The trading halt on Friday followed a regulator’s statement that Star Entertainment remained “unsuitable” to hold a casino license.
The New South Wales Independent Casino Commission (NICC) published the second Bell Report regarding The Star and is now considering the future of the suspended casino operator. Two volumes of the three-volume report will be made public as the NICC reviews the findings of Mr. Adam Bell SC and their potential implications.
The first Bell Report (Bell Inquiry), released in 2022, deemed The Star unsuitable to hold a casino license due to serious regulatory failures. That same year, the state government imposed AU$100 million ($68.1 million) in fines on The Star due to “major failings” at its casinos.
Macau welcomed 6.7 million visitors during the summer vacation, marking an 11.7 percent increase from the previous year. This figure represents a recovery to 93.4 percent of the levels seen in 2019, with a daily average of 107,764 tourist arrivals.
According to data released by the Public Security Police Force, Macau’s control points recorded a total of 37.8 million border crossings from July to August, with a daily average of 609,794 trips. These figures surpass pre-COVID levels, reflecting an increase of 12.5 percent compared to the same period last year and 11.9 percent compared to 2019.
The summer also saw three record-breaking single-day highs in passenger traffic, with the current peak being set on August 24th, when 753,580 crossings were recorded.
Additionally, several control points in Macau set new records for the highest number of arrivals and departures on a single day during the summer vacation.
The Border Gate reached a new one-day record of 399,580 border crossings on August 24th, while the Hengqin Macau Port recorded 88,517 border crossings on the same day.
On July 26th, the Airport Immigration Terminal set a new post-pandemic record with 26,917 border crossings in a single day.
Hann Resorts has reportedly postponed its IPO to mid-2025, having been previously scheduled for either this year or early next year.
According to a report from Philstar, citing sources, the delay is attributed to the US Federal Reserve’s shift in policy. Sources indicated that “this is a significant IPO” and “[HANN] requires the Fed to cut rates to attract international investors to Asia.” They also mentioned that Hann Resorts plans to use this period to strengthen its valuation through robust earnings performance.
Dae Sik Han, Chairman, Hann Resorts
Hann Resorts, owned by South Korean businessman Dae Sik Han, operates a casino resort in the Clark Freeport Zone.
The IPO is intended to secure new funding for expanding its gaming operations and developing its multi-billion dollar Hann Reserve.
The company currently operates around 147 gaming tables, 868 slot machines, two VIP clubs, and two five-star hotels at its Hann Casino Resort.
Hann Casino floor
The company’s parent firm, Hann Philippines, is also developing the $2 billion Hann Reserve (with potential expenditure reaching $4 billion), a 450-hectare luxury estate in Tarlac.
Pragmatic Play, one of the iGaming industry’s leading content suppliers, is saddling up for a new adventure in Mustang Gold Megaways.
In the base game of this 6×7 slot with 117,649 ways to win, money symbols can hit with random values of up to 15x the stake. Four fixed jackpot tiers – Mini, Minor, Major, and Grand – can also be won, offering prizes between 20x and 2,500x the player’s bet.
Each collect symbol that lands awards all money prizes, free spins, and instant fixed jackpots on the screen, potentially leading to huge wins.
The bonus game can be triggered with up to five free spins for every scatter collected on the same spin. Before entering the feature, players can gamble up to five times for the chance to win even more free spins – with each successful gamble improving the odds of winning the next. During the bonus game, sticky gold collect symbols trigger respins as well as prizes as they slowly descend the reels.
Mustang Gold Megaways follows recent hit releases such as Sumo Supreme Megaways and Bow of Artemis in Pragmatic Play’s award-winning Slots portfolio.
Irina Cornides, Chief Operating Officer at Pragmatic Play, said: “Mustang Gold Megaways builds on the iconic original slot from Pragmatic Play with more winning ways and features, introducing players to a new 6×7 grid, bigger jackpots, and an exciting gamble feature that can lead to more free spins.”
Macau’s gross gaming revenue (GGR) reached MOP19.75 billion ($2.46 billion) in August, representing a recovery to 81 percent of the GGR recorded in August 2019. This marks the best relative comparison since Macau’s reopening following the pandemic.
According to the latest investment memo from Seaport, Macau’s August’s revenue grew by 14.7 percent year-on-year and 6.2 percent month-on-month. This growth was supported by strong visitation and consistent daily earnings throughout the month. Early-month tourism showed over a 14 percent year-on-year increase, according to the Macau Government Tourism Office (MGTO).
The average daily GGR in August exceeded MOP637 million ($79.27 million), making it the third strongest monthly daily GGR in 2024, excluding the Golden Week holidays.
The calendar’s favorable structure, with five Fridays and Saturdays and four Sundays, likely contributed to revenue growth, alongside solid visitation and minimal impact from the Olympics.
Illicit money exchange crackdown
Vitaly Umansky, a senior analyst at Seaport, notes that the crackdown on money changers and their networks in China may have led to a reduction in money flows into Macau and caused some individuals to postpone their visits. However, the overall impact on the city’s gaming revenues is expected to be minimal.
The investment memo suggests that the crackdown will not significantly affect Macau’s GGR. As we approach the fourth quarter, it is anticipated that the intensity of these enforcement actions will decrease, and any disruption to revenue streams will likely remain limited.
Umansky also highlights that the heightened scrutiny, which includes a focus on loan sharking activities, reflects broader national efforts to combat illegal financial practices and the use of cryptocurrency to move money out of China. Over the past year, Macau has seen a rise in criminal activity related to illegal money exchange, prompting authorities to address these issues more aggressively.
Impact of Xi’s visit in the fourth quarter
The outlook for Macau’s GGR remains cautiously optimistic for the third quarter of 2024. According to Morgan Stanley‘s investment memo, GGR for 3Q24 is projected to be relatively flat quarter-on-quarter, with a potential slight decline of 2 percent compared to 2Q24.
This projection assumes a 9 percent month-on-month decrease in September GGR, consistent with seasonal trends. Despite this, robust leisure visitations continue to positively support GGR.
Looking ahead to the fourth quarter, the outlook becomes more cautious. Morgan Stanley notes that Macau SAR will celebrate its 25th anniversary in December, and the anticipated impact of President Xi’s visit and the Chief Executive election in October is likely to result in weaker GGR performance.
For September, Morgan Stanley forecasts a GGR of MOP18 billion ($2.24 billion), reflecting a 20 percent year-on-year increase but a 9 percent month-on-month decline.
BETBY, the premium sports betting supplier, has announced the expansion of its long-standing partnership with 4RaBet, building on their initial agreement to provide premium sportsbook solutions. This enhanced collaboration is now focused on capturing growth opportunities in the Asian market.
4rabet brings “extensive expertise and a deep understanding of the Asian market,” which will support BETBY’s goal of expanding its presence in the region. BETBY plans to introduce a variety of content and features specifically tailored for the Asian gaming community.
This latest development with a key industry partner further solidifies BETBY’s reputation for establishing successful partnerships, following several similar expansions announced in recent months.
Chris Nikolopoulos, CCO at BETBY, commented: “We are thrilled to expand our presence in the Asian market alongside 4RaBet. We recognize the vast potential in the region and are dedicated to providing an exceptional sportsbook solution and betting experience for players there. This partnership is a significant milestone in our mission to deliver innovative betting experiences, including our popular esports content, that resonate with the Asian audience.”
South Korean foreigner-only casino operator Paradise Co has reported significant growth in its casino revenue for the month of August.
The latest figures show a robust increase in revenue across both table games and machine games, indicating a strong performance in the company’s core business areas.
In August 2024, casino sales climbed 30.2 percent from the previous month and 4.1 percent year-on-year, reaching KRW80.18 billion ($59.91 million).
This positive performance was driven by gains across all segments, particularly in the gaming table category, which saw a 32.1 percent month-on-month increase to KRW75.5 billion ($56.41 million). Revenue from gaming machines also rose by 5.7 percent, totaling KRW4.72 billion ($3.52 million).
The table drop, representing the total amount of cash exchanged for chips, hit KRW667.5 billion ($498.78 million), reflecting a 23.1 percent increase over July and a 16.9 percent rise compared to the same period last year.
Looking at the year-to-date performance, Paradise Co’s casino revenues for the first eight months of 2024 have grown by 14.3 percent, totaling KRW561.1 billion ($419.28 million). This growth is supported by a 17.8 percent increase in the table drop, which now stands at KRW4.64 trillion ($3.46 billion).
The company operates several prominent casinos, including Walkerhill, Jeju, Incheon Paradise City, and Busan Casino.
