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Goa to crackdown on unauthorized Sri Lankan casino ads promoting online gaming

AGBrief Editorial
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Goa to crackdown on unauthorized Sri Lankan casino ads promoting online gaming

Goa’s government has vowed to take action against unauthorized advertisements for Sri Lankan casinos promoting online gaming in the coastal state.

Addressing the nation’s legislative assembly on Tuesday, Chief Minister Pramod Sawant assured that the state will pull down all such illegal hoardings (advertising boards), as reported by the Indo-Asian News Service.

The issue was raised by Goa Forward Party MLA Viaji Sardesai, who claimed that despite his earlier complaint to the Home Department, the authorities had not taken any action against these advertisements, which he said violate the Goa Daman and Diu Gambling Act.

Sardesai questioned how these advertisements were being allowed, arguing that online gaming is considered illegal and not permitted under the GST Council’s rules.

In a response, CM Sawant acknowledged that a case has been registered at the Porvorim police station regarding the unauthorized casino advertisements. He stated that the state is taking legal advice and will register more cases to crack down on such violations.

“Hoardings of those having casinos in Sri Lanka and trying to operate online gaming from here will not be allowed. The state is not earning any revenue out of it. Our advertising policy is not finalized, and they are taking benefit of it. But I can assure you that we will pull down the hoardings or raze them,” Sawant told the legislative assembly.

The move comes as part of Goa’s efforts to tighten its grip on gambling activities and ensure compliance with the relevant laws and regulations. The coastal state has recently agreed to amend the local Goods and Services Tax Act to clarify the taxability of various forms of gambling.

The currently valid law is an amendment to the original 2017 GST Act and only came into force in October of last year. The new bill will clarify how gambling activities – including horse racing, casinos and betting – are taxed.

The Star Chief Risk Officer Scott Saunders resigns

Nelson Moura
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The Star Chief Risk Officer Scott Saunders resigns

In another management reshuffle, Australian gaming operator The Star Entertainment Group Limited announced that its Chief Risk Officer Scott Saunders has tendered his resignation, about one and a half years since his appointment.

Saunders was originally appointed in February 2023, as the The Star was subject to state investigations as well as Australia’s financial crimes watchdog, AUSTRAC, being leveled with millions of dollars in fines, and facing numerous class action lawsuits over alleged misrepresentations of its anti-money laundering compliance efforts to stakeholders.

The group stated at the time that Saunders would ‘play an integral role in returning The Star to suitability and earning back the trust and confidence of our regulators and other stakeholders’.

“I want to thank Scott for his dedication and commitment to The Star during a difficult and transformative period and wish him well in his future endeavors”, Neale O’Connell, The Star’s Acting Group Chief Executive Officer said in the dispatch.

Saunders had previously served as General Manager, Financial Crime, and Chief Compliance Officer at the Australian banking group Westpac.

In its recent statement, The Star informed that Saunders will continue in his role for the next six months, until his expected departure date of January 31st, 2025.

‘During this transition period, he will remain focused on The Star’s ongoing remediation program and help facilitate an orderly handover to his successor’, the group added.

Additionally, Saunders will step down from his positions as a director on the boards of all relevant subsidiary companies, effective from the same departure date.

As for a replacement, The Star only noted it will commence the search for a new Group Chief Risk Officer ‘in the near future’.

The company has seen a raft of executive changes recently, having announced the appointment of a new group CEO and Managing Director last month, with the group’s Chairman – David Foster – resigning, following the resignations of CEO Robbie Cooke and CFO Christina Katsibouba in the first quarter.

The group has also been the target of speculation regarding a potential takeover, and of an Australian Stock Exchange (ASX) price query after a sudden share price hike.

“There are no POGOs in CEZA”, says Cagayan Economic Zone Authority CEO

Viviana Chan
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“There are no POGOs in CEZA”, says Cagayan Economic Zone Authority CEO

The CEO of the Cagayan Economic Zone Authority (CEZA), Katrina Ponce Enrile, stated that “There are no POGOs in CEZA. There never were, and there never will be,” during a hearing held by the House Committee on Public Order and Safety on Wednesday morning.

The hearing aimed to clarify whether the interactive gaming licenses issued by CEZA would be affected by the Philippine offshore gaming operators (POGOs) ban order, announced on July 22nd during the Philippine President’s State of the Nation Address (SONA).

According to Ferdinand Marcos Jr., the ban order is effective immediately, with a deadline at the end of the year to wind down all POGO operations in the country. However, during the SONA, the order to close down POGOs was issued to PAGCOR, which doesn’t have oversight over CEZA.

CEZA

During the Wednesday hearing, Congressman Joseph Lara, of Cagayan’s third district, stated that CEZA should not be part of the inquiry.

“I would like to reiterate my point from the last hearing that CEZA is not part of this investigation, as it does not fall under PAGCOR’s jurisdiction. This investigation should focus on the illegal POGOs,” he said.

“Now, the Senate President and the Secretary of one of our agencies should be excused from this discussion. CEZA should not be on the defensive; rather, we should act as resource persons in this matter.”

“Let us concentrate on PAGCOR’s problem. In the last hearing, it was established that PAGCOR has no authority or any provision in its Charter concerning POGOs. This cannot be applied because it is not about offshore gaming; it is about internet gaming.”

As reported previously by AGB, Cagayan, by Charter the first authorized zone to explore online gaming in the Philippines, has been operating in this space for over two decades.

In the same hearing, Katrina Ponce Enrile emphasized that CEZA’s operations are not involved in POGO-related crimes.

She also lamented that CEZA has been losing clients since POGO operations were allowed in the Philippines under Duterte’s Executive Order 13, which was issued in 2017.

Meanwhile, in the same hearing, Chief Presidential Legal Counsel Juan Ponce Enrile, father of Katrina Ponce Enrile, publicly backed President Marcos’ decision to ban POGOs in the country.

CEZA
Juan Ponce Enrile

“If I were the President, I agree with what he said; I would kick out POGOs in this country,” Enrile said on the sidelines of the House hearing on POGO operations.

“POGO is a money laundering operation,” Enrile added.

Enrile, however, did not directly respond to whether Marcos consulted him regarding the decision to ban POGOs, which the President announced during his recent policy address. 

A veteran politician who has served under multiple administrations, Enrile said he never considered POGOs when he advocated for the creation of the CEZA.

In previous interviews with AGB, CEZA’s CEO Katrina Ponce Enrile noted that her father had been instrumental in the creation of PAGCOR’s Charter.

Daily Asia Gaming eBrief: IGT delivers strong 2Q24 results, revenue at $1.05B

AGBrief Editorial
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Daily Asia Gaming eBrief: IGT delivers strong 2Q24 results, revenue at $1.05B
Good morning. Results season is in full swing, with IGT the latest to report its earnings, nearly topping $1.05 billion in revenue, with strong performance from its global lottery segment and an uptick from its Gaming & Digital arm. The CEO praised the spin-off of the segment, for some $4.05 billion in cash, as the group continually seeks growth. Meanwhile, in the Philippines, PAGCOR’s income increased by over 40 percent in 1H24, helping to compensate for the increase in expenses, which went beyond its expectations.

What you need to know

On the radar

AGB Intelligence

RESULTS

IGT-International Game Technology, IGT delivers strong 2Q24 results, revenue at $1.05B

IGT revenue flat in 2Q24, at $1.05B

International Gaming Technology (IGT) reported solid second-quarter earnings, with the company’s revenue nearing $1.05 billion. This was supported by Global Lottery revenue of $613 million, a slight yearly fall while Gaming and Digital revenue rose to $436 million. The group’s CEO lauds its constant investment for its success, while praising the sale of its Gaming and Digital business to Apollo Funds.

Corporate Spotlight

Know Your Enemy: An Interactive Guide to Online Gaming Fraud

Sumsub, Online Gaming Fraud, verification platform

Online gaming fraud is on the rise in the iGaming industry. In Q1 2022, there was an 85% increase in fake account registrations compared to Q4 2021. While players are undoubtedly affected by gaming fraud, iGaming platforms also suffer due to damaged reputations, huge financial losses, and legal consequences.

How 1xBet dominates the Asian market: conditions and approach

1xBet, Asian Market

1xBet operates in several dozen countries in Asia, and the number of partners in this region is growing steadily, which indicates the effectiveness of the 1xPartners affiliate program. The brand offers favorable conditions and a modern set of tools for making money on the Internet.

Industry Updates

MEMBERSHIP | INTELLIGENCE | ASEAN | CAREERS

IGT reports $1.05B revenue in 2Q24, down 1% from last year

Viviana Chan
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IGT reports $1.05B revenue in 2Q24, down 1% from last year

International Game Technology PLC (IGT) has announced that total revenue for the quarter was close to $1.05 billion, a 1 percent decrease from last year.

Global Lottery revenue fell by 2 percent to $613 million, while Gaming & Digital revenue rose by 1 percent to $436 million.

The decline in Global Lottery revenue is attributed to a multi-year software license sale from the previous year. On the other hand, Gaming & Digital’s increase was driven by growth in the installed base, although this was partly offset by fewer terminal unit shipments.

Total operating income for the quarter fell by 8 percent year-on-year to $230 million.

Gaming & Digital‘s operating income rose by 16 percent to $103 million, while Global Lottery’s income decreased by 8 percent to $212 million. Corporate support expenses dropped significantly by 67 percent, resulting in an operating loss of $51 million. Meanwhile, other expenses increased by 8 percent, leading to a loss of $35 million.

IGT Gaming and Everi to be acquired by Apollo fund in $6.3B deal

Total adjusted EBITDA for the period was $420 million, reflecting a 5 percent year-on-year decrease. Net debt also fell by 5 percent, totaling $5.11 billion.

These results follow last week’s announcement of Apollo Funds’ acquisition of IGT’s Gaming and Digital business, along with Everi. IGT had chosen to separate its gaming and digital division and merge it with Everi as part of the deal.

IGT CEO Vince Sadusky said, “IGT delivered strong first-half results, including record operating income and adjusted EBITDA net of separation and divestiture costs.”

“Consistent investments in technology, game content, and other innovative solutions provide us with a solid foundation to build from as we execute on our growth objectives. The recently announced sale of our Gaming & Digital business for $4.05 billion in cash is an important step in unlocking the intrinsic value of IGT’s best-in-class businesses.”

“We generated over $460 million in cash from operations in the first half of the year, and our balance sheet is as strong as ever,” said Max Chiara, CFO of IGT. “Our ample liquidity and manageable near-term debt maturities provide us with significant flexibility in light of upcoming investments to extend and secure our long-term lottery contract portfolio for the coming years.”

LET Group’s boss reportedly seeks to lift Ukrainian sanctions to avoid EU and US restrictions

Viviana Chan
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LET Group’s boss reportedly seeks to lift Ukrainian sanctions to avoid EU and US restrictions

Andrew Lo Kai Bong, the head of LET Group, Summit Ascent, and Suntrust—companies listed in Hong Kong and the Philippines—is reportedly working to lift Ukrainian sanctions imposed on him.

LET-Group-Holdings

According to news platform Ukrainian News, Vitaliy Kulyk, Director of the Center for Civil Society Research in Ukraine, shared this information on his Facebook page.

It was reported that Andrew Lo is seeking lobbyists in Kyiv, the capital of Ukraine, to help secure a partial reversal of the National Security and Defense Council of Ukraine’s decision against him.

He is concerned that additional sanctions from the European Union could be imposed due to his support for Russia and involvement in Russian business ventures.

Andrew Lo was added to the sanctions list on March 10th, 2023, following a decision by the President of Ukraine, Volodymyr Zelenskyy, to impose sanctions on individuals. This decision, enacted by the National Security and Defense Council, resulted in 120 foreign citizens being subjected to personal economic and other restrictive measures.

Previously, Summit Ascent, controlled by Andrew Lo, mentioned uncertainties arising from the ongoing Russia-Ukraine conflict and related sanctions imposed on the Russian Federation in filings to the Hong Kong Stock Exchange. At the same time, the company announced its plan to sell the Tigre de Cristal casino resort in the Russian Far East.

In January of this year, Summit Ascent confirmed that a majority-owned subsidiary was set to sell G1 Entertainment LLC, the gaming license holder of the Tigre de Cristal, for $116 million.

Tigre de Cristal, Primorye, Russia, Summit Ascent

However, the deal fell through, with the majority of directors of LET Group and Summit Ascent resigning in opposition to the sale.

The company has called for an extraordinary general meeting scheduled for August 15th to vote on the disposal of its Russian assets, including the Tigre de Cristal casino in Russia.

Gladiators battle in Habanero’s latest release Glory of Rome

AGBrief Editorial
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Gladiators battle in Habanero’s latest release Glory of Rome

Premium slots and table games provider Habanero has released its brand-new slot, Glory of Rome, where expanding multiplier wilds award victory on the battlefield.

Immersing players in the arena of the Colosseum, this 5×4 Ancient Rome-themed title sees cups, helmets, lyres and swords populate the board as its symbols.

Roman warrior wilds can also appear on the second and fourth reels. These expand horizontally to cover three positions and boast a multiplier value ranging from 2x to 10x. If more than one hits on the same spin, the values multiply to create massive win potential.

Three or more scatter symbols are needed to award at least nine free spins, where at least one expanding wild is guaranteed with each spin. Additional scatters can also land during this round, where players can win up to 30 free spins.

Glory of Rome follows a streak of recent releases for Habanero including Koi Koi Treasure and Waltz Beauty with more high-quality and engaging titles planned for the remainder of 2024.

Commenting on the release, Toni Karapetrov, Head of Corporate Communications at Habanero, said: “Evoking the spirit of Ancient Rome, our latest release sends players into battle where expanding wilds with multiplier values awaits players while the thrilling bonus round offers up to 30 free spins.”

Aristocrat Gaming to introduce all-new House of the Dragon slot game

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Aristocrat Gaming to introduce all-new House of the Dragon slot game

Aristocrat Gaming has announced the introduction of the all-new House of the Dragon slot game, anticipated to light up casino floors before the end of the calendar year.

Ahead of the show’s Season 2 finale, the game will be on the eye-catching King Max cabinet, offering fans of the show a new way to experience the action and excitement of the HBO Original drama series.

The House of the Dragon slot game builds on the premium licensed game portfolio Aristocrat Gaming offers, in partnership with Warner Bros. Discovery Global Themed Entertainment, including the ever-popular Game of Thrones slot game family featuring different game titles spanning multiple seasons.

“The House of the Dragon television series has broken records and engaged a legacy of fans in a new way. We are thrilled to further the epic entertainment of this hit series with the creation of the new House of the Dragon slot game,” said Hector Fernandez, CEO of Aristocrat Gaming. “We are proud of the previous successes we’ve had bringing our Game of Thrones slot games to life, and we anticipate this new game to continue the excitement and appeal to an even larger audience.”

The House of the Dragon slot game will make its worldwide debut in the Aristocrat Gaming booth at the upcoming Global Gaming Expo in Las Vegas this October.

The Star addresses market speculation and price query

Nelson Moura
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The Star addresses market speculation and price query

Australian gaming group Star Entertainment Group Limited (The Star) has addressed recent market speculation and fluctuations in its securities trading.

The statement is a response to an Australian Stock Exchange (ASX) price query sent to the company on July 29th.

Such a request is commonly issued to companies that record unexpected share price movements without underlying news. The ASX will send the company a letter, sometimes pausing trading until the letter is responded to. The Star’s share price increased by about 16 percent over the past week.

In an official statement, Star Entertainment clarified that it is not aware of any new information that could explain the recent trading activity, beyond what has already been disclosed to the market.

The group also referred to recent media speculation regarding potential corporate activities and financial challenges faced by The Star, speculations highlighted in various media outlets, including an article in The Australian on July 27th, 2024.

The article alleges that four bidders are currently considering potentially acquiring The Star.

These include global investment firm Blackstone (majority owner of Crown Resorts, The Star’s main rival) – with a AU$3.3 billion ($2.16 billion) bid, investment firm Oaktree Capital Management – with a AU$3 billion ($1.96 billion) bid, Asian casino operator Genting Singapore – which was said to have submitted a AU$13.8 billion (US$9 billion) proposal, and private equity group Pacific Equity Partners with an undisclosed bid.

The report suggests that The Star’s recent regulatory issues and financial troubles, including money laundering scandals and management upheaval, made it an attractive takeover target for the various bidders looking to capitalize on its situation.

Addressing these issues, The Star referred to the upcoming report related to the inquiry into the company’s suitability to operate in New South Wales.

The group is facing a second inquiry into its Star Sydney casino operations, with the report scheduled to be submitted to the NSW Independent Casino Commission on July 31st.

The Star also reaffirmed its commitment to compliance with the ASX Listing Rules, specifically those pertaining to continuous disclosure obligations, and confirmed that its responses to recent inquiries were approved by the Chairman and authorized for release in line with the group’s Market Disclosure Policy.

The company announced the appointment of a new group CEO and Managing Director last month after a raft of executive changes recently, with the group’s Chairman – David Foster – resigning, following the resignations of CEO Robbie Cooke and CFO Christina Katsibouba in the first quarter.

Philippines Senate bill seeks to abolish POGO tax law

Viviana Chan
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Philippines Senate bill seeks to abolish POGO tax law

Philippine Senator Joel Villanueva has introduced a bill aimed at repealing the tax law on Philippine Offshore Gaming Operators (POGOs). 

This move follows President Ferdinand R. Marcos Jr.’s decision to ban all POGOs in his recent State of the Nation address.

The proposed Senate Bill seeks to revoke POGO licenses permanently and grants a 30-day period for these operators to cease their activities.

In line with President Marcos’s directive, it is essential to ensure the complete removal of POGOs from the Philippines. The bill stipulates that failure to comply could result in imprisonment for 12 to 20 years, a fine of PHP100 million ($1.7 million), or both, with foreign offenders facing deportation after serving their sentences.

The bill also mandates that the Bureau of Internal Revenue continue collecting unpaid taxes from POGOs despite the repeal. Additionally, a Workers’ Transition Program will be implemented to assist Filipino workers affected by the closure.

Villanueva emphasized that the negative impacts of POGOs far outweigh any benefits from their tax payments, advocating for their expulsion from the country. If passed, the bill will repeal the law taxing POGOs enacted in 2021.

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