Philippine retail gaming provider DigiPlus Interactive Corp has stated that its operations will remain unaffected by the announced ban on offshore online gaming operators in the country.
DigiPlus, listed on the Philippines Stock Exchange, runs gaming and leisure businesses, including digital bingo and a digital sportsbook platform.
After Philippine President Ferdinand Marcos Jr. announced a ban on the Philippine Offshore Gaming Operators (POGOs), DigiPlus President Andy Tsui stated on Tuesday, “DigiPlus is not a POGO or an Internet Gaming Licensee (IGLs) as defined under Philippine laws.”
DigiPlus noted that Philippine local gaming operators like them must establish physical gaming sites within the country before launching their digital gaming platforms, ensuring that all clients within the Philippine territory can access their services.
‘In 2023, DigiPlus paid PHP13.1 billion ($223 million) in taxes to the Philippine government. It provides jobs to over 2,000 employees in different parts of the country. DigiPlus allocated over PHP100 million ($1.7 million) towards corporate social responsibility projects under the BingoPlus Foundation,’ mentioned the statement.
For 1Q24, the company posted a net income of PHP2 billion ($35 million), marking a 358 percent increase from 2023.
In 2023, DigiPlus reported PHP4.1 billion ($73 million) in net income, marking a more than 596 percent increase from the previous year.
Queensland‘s racing clubs are set to receive a significant boost, with AU$5.7 million ($3.8 million) in infrastructure upgrades slated for 2024-25.
Racing Minister Grace Grace announced that 41 projects, at 36 country thoroughbred racing clubs, will receive AU$3 million ($2 million) in infrastructure grants through the second round of the Country Club Asset Funding (CCAF) program.
The CCAF program, launched in 2023, aims to support country clubs with infrastructure repairs, maintenance, and asset replenishment. The program is funded through the government’s betting tax reforms, which allocate 80 percent of collected revenue back into the racing industry.
In addition to the CCAF grants, Racing Queensland will provide AU$2.7 million ($1.78 million) for 20 projects at 18 Tabcorp thoroughbred, greyhound, and harness racing clubs through its Asset Management funding.
Aside from supplying electronic gaming machines and specialized services to licensed gaming venues, Australian gaming group Tabcorp also broadcasts harness, thoroughbred and greyhound racing and other sports in TAB outlets, for paid TV subscribers, clubs, hotels, and other licensed venues.
According to Queensland authorities, the majority of the clubs that will receive funding are located in regional Queensland.
Some of the projects funded through the second round of the CCAF include upgrades to judges’ facilities at Dawson Jockey Club and Mount Isa Race Club.
New barrier stalls will be installed at Julia Creek Turf Club, Morven Race Club, Springsure Jockey Club, and Yeppoon Turf Club. Additionally, new tie-up stalls will be constructed at Burdekin Race Club, Cooktown Amateur Turf Club, Cunnamulla & District Diggers’ Race Club, and Talwood Race Club.
There will also be new stewards’ towers at Birdsville Race Club and Gladstone Turf Club. Running rail installations are planned for Birdsville Race Club, Bundaberg Race Club, Burrandowan Picnic Race Club, Clermont Race Club, Gordonvale Turf Club, Innisfail Turf Club, Moranbah Race Club, and Roma Turf Club.
The AU$2.7 million ($1.78 million) in projects funded through Racing Queensland’s Asset Management will include upgrades to the jockeys’ room at Mackay Turf Club, a new machinery shed at Cairns Jockey Club, and a stewards’ tower at Brisbane Racing Club.
New barrier stalls will be installed at Kilcoy Race Club, and a new lure rail at Townsville Greyhound Racing Club. Additionally, new tie-up stalls and a swab box will be added at Marburg Pacing Association.
“More than 80 of Queensland’s 120 racing clubs are in communities where a race meeting is the biggest or second biggest annual event. Our strong investment in projects at country and regional racing clubs delivers jobs, infrastructure improvements, and community benefits, which is why this is so important,” Grace emphasized in the recent announcement.
Queensland Racing Minister Grace Grace
The Queensland Racing Minister highlighted the economic impact of racing on the state, recent data showing that racing contributes a record AU$2.4 billion ($1.58 billion) annually to the Queensland economy, or “double what it contributed since Labor came to office in 2015, with more than half of that directly benefiting regional economies”.
“The Miles Government is proud to continue supporting racing clubs with a pipeline of infrastructure projects, large and small, right across the State,” Grace added.
China’s Supreme Court has instructed courts nationwide to continue imposing harsh penalties on individuals involved in cross-border gambling crimes, with a particular focus on organizers, ringleaders, and repeat offenders. This directive aims to prevent financial risks and safeguard economic security.
The top court highlighted the growing issue of overseas casinos and online gambling groups targeting Chinese citizens. Such activities can lead to significant outflows of domestic funds and contribute to various other crimes, including kidnapping, illegal detention, fraud, extortion, and money laundering.
In a statement released on Monday, the Supreme Court directed courts across the country to remain vigilant in detecting gambling activities while handling other cases, with the goal of suppressing all criminal activities linked to gambling.
At the same time, the court mentioned the case of Alvin Chau and the Suncity Group as a ‘typical case of cross-border gambling’, noting it resulted in substantial capital outflows from China and caused significant societal harm.
The Supreme Court detailed that Chau operated VIP rooms in multiple Macau casinos and, since 2015, had established several online gambling platforms in the Philippines and other locations. He also recruited stakeholders as agents, who eventually became key figures in the organization.
Alvin Chau, known as the Macau junket king, was arrested in 2021, and he has been sentenced to 18 years in jail for more than 100 charges, including organized crime and illegal gaming.
Good morning. The newly announced ban on POGO operations in the Philippines, coming into effect by year-end, is likely to have a larger ripple effect on the economy – ranging from real estate, to retail, to supply chains, as companies shut down and shift elsewhere, notes a top economist. Meanwhile, in Macau, operators are facing pressure as macroeconomic conditions are unfavorable and increased oversight, including police inspections of casino floors, potentially drive away punters.
The move to ban Philippine Offshore Gaming Operators will have a strong ripple effect through the various businesses that supply it, from real estate, to retail and other supply chains, notes a top economist. This is expected to not only impact earnings, but stock prices, even though some companies may have already hedged their bets against the ban.
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.
Dot Connections, a fast-growing iGaming aggregator, has secured a content distribution partnership with leading Asian Live Game supplier SA Gaming, to add the studio’s innovative portfolio to its ACE platform.
The agreement will see SA Gaming’s extensive live dealer game library, including popular Roulette, Blackjack, Baccarat, Dragon Tiger and Pok Deng titles, made available to Dot Connection’s operator partners across both Asia and LatAm via a single-API.
SA Gaming has established itself as a key provider across Asia for over 15 years, with the company’s live studios and customizable table games delivering immersive gaming environments with professional dealers, multiple languages and seamless portrait and landscape orientations. It will now benefit from greater global reach thanks to Dot Connections’ partners in LatAm.
The partnership underlines Dot Connections’ position as a trusted aggregator across the iGaming industry as it continues to grow its list of studios significantly and remain in high demand.
Cora Chen, COO at Dot Connections, said: “It’s a delight to have been selected by SA Gaming to provide their localized live dealer portfolio to our operator network.”
Osman Walker, Chief Strategy Officer at SA Gaming, said: “We are really happy to partner with Dot Connections who are an industry-leading aggregator.”
Cambodian Prime Minister Hun Manet has prohibited the establishment of new casinos in the Kep and Kampot provinces, with the exception of Bokor Mountain, where existing operations will continue.
Kep and Kampot provinces are located in the country’s southern coastal region, neighboring Sihanoukville.
Cambodia currently hosts 184 licensed gambling establishments nationwide. Manet announced that the ban aims to “diversify investment in hotel and hospitality, tourism, manufacturing, industry, agriculture, trade, and special economic zones.”
According to a report from The Star, the letter from the Prime Minister further stated that the ban aims to strengthen and promote cultural and religious preservation, ensure security, and improve order in tourist destinations.
At present, most of Cambodia’s casinos are situated in coastal areas, totaling 100, including those on Bokor Mountain in Kampot. Additionally, there are 48 casinos in the provinces bordering Thailand, 35 along the border with Vietnam, and one in Phnom Penh, according to data from the Commercial Gambling Management Commission of Cambodia (CGMC).
An article of the Law on Management of Commercial Gaming, enacted in 2020, prohibits gambling establishments in specific geographical locations to protect cultural and religious sites, as well as for other necessary reasons. However, another article provides exceptions for casinos that were built in these areas before the law was passed.
Additionally, the law bans all Cambodians from gambling inside casinos, while all forms of gambling outside of casinos remain illegal.
Aristocrat Gaming, the world’s top premium gaming content and technology provider, announced that it will display its largest range of new game titles in years, including the new Super Grand Star family, and a large portfolio of new game titles to support its proven brands such as the award-winning Dragon Link, at the Australasian Gaming Expo (AGE) 13th-15th August 2024, in Sydney.
“We are excited to showcase our all-star lineup to customers, with games featuring a variety of game play mechanics, themes, and configuration options designed to meet the needs of our customers and elevate the excitement on their gaming floors,” said David Ronson, managing director of APAC for Aristocrat Gaming.
“This year’s portfolio highlights the significant investment we’ve made in content and innovation, and I’m very proud of what the team has delivered to support our valued customers,” he added.
This line-up encompasses a total of 12 game families – including six never-seen-before games and more than 40 support games developed by the company’s global network of game studios.
Aristocrat Interactive will make its debut at its first Asia Pacific industry tradeshow, marking an important milestone. The Aristocrat Interactive Gaming Systems team will present some of the best and latest technology designed to enhance gaming floors. Visitors can expect to see its advanced cashless solution, an upgraded reporting software, and an introduction to its newly established managed services team as it creates the new frontier of connected experiences.
Crown Resorts announced on Tuesday that it would be appointing the CEO of Crown Perth, David Tsai, as President and Group Chief Operating Officer, effective from August 1st.
The move is part of a series of management shifts, with promotions both internally and externally.
Tsai will report directly to Group CEO Ciarán Carruthers and will be ‘responsible for ensuring operational effectiveness and efficiency and the highest standards of guest experience across our Australian resorts,’ the company notes in a release.
Taking over Tsai’s role as interim CEO is current Crown Perth CFO Brian Pereira while a global search is conducted for a full-time replacement.
The company additionally announced that Stanford Le has been appointed as CEO of Crown Sydney, still pending regulatory approval, as Mark McWhinnie has announced his decision to retire.
McWhinnie will ‘remain with the business until Mr. Le commences in Sydney in the coming months’.
Le steps into the role from his current position as President and CEO of Snoqualmie Casino group, based in Seattle, US.
Amongst other changes are the promotion of Gemma Allman to Chief Government Relations Officer, under the group’s Government Affairs team. Allman has spent the past 16 years with ExxonMobil handling public affairs and government affairs.
An additional outside hire is Nicole Pelchen, who joins as the Chief Technology Officer. Pelchen previously served as CTO for MUFG Pension & Market Services, as well as CIO – Retail and Commercial for ANZ Bank.
Louise Tebbut will also be joining as Chief People & Culture Officer – coming in from the Chief People Officer at Bendingo and Adelaide Bank.
The three latest additions to the team will be based in Melbourne.
Shin Hwa World expects to raise HK$258.6 million ($33.1 million) in net proceeds from its new rights issue. The company plans to use the funds to enhance its core business and support growth.
According to a filing with the Hong Kong Stock Exchange on Monday, the company received eight valid acceptances from the provisional allotment letters, totaling 554,008,875 rights shares. Additionally, it received seven valid applications for excess rights shares, amounting to 16,348,256 shares.
The valid acceptances account for 54.62 percent of the total number of rights shares offered, while the applications for excess shares represent 1.61 percent of the offered rights shares.
The rights issue became unconditional on July 15th, and the 16,348,256 excess rights shares will be allotted and issued to qualifying shareholders.
According to the same document, Yang Zhihui, the former chairman and executive director of Shin Hwa World, is no longer the largest substantial shareholder following the completion of the rights issue.
His stake has decreased from 29.21 percent to 9.74 percent. Meanwhile, the shareholding of public shareholders has been diluted from 36.16 percent to 26.45 percent as a result of the rights issue.
Shin Hwa World is the developer behind Jeju Shinhwa World, a complex featuring a foreigner-only casino located in Jeju, South Korea.
Jefferies‘ latest investment memo indicates that macroeconomic conditions in Macau are exerting pressure on the region’s gaming operators.
The situation in Macau appears largely unchanged over the past week, which is a stable development following a disappointing start to the month. However, ongoing regulatory scrutiny on currency exchanges and broader macroeconomic concerns in China continue to cast a shadow, the memo notes
Industry sources report that Macau’s gross gaming revenue (GGR) for the week ending July 21st averaged MOP635 million ($79 million) per day. For the month-to-date, Mass GGR increased by 1-2 percent, while VIP GGR remained flat month-on-month, with the VIP win rate ranging between 3.3-3.6 percent.
These figures represent an improvement from the lower-than-expected performance in the first week of July, when daily revenue was recorded at MOP550 million ($68.4 million). However, Jefferies cautions that ongoing crackdowns on illegal currency exchanges in Macau, including police patrols on casino floors, could potentially deter summer holiday visitation.
The sustained focus on combating illegal money activities in Macau follows a recent press conference by China’s Ministry of Public Security on July 5th, which emphasized stringent measures in the region.
According to the provided data, Macau’s Judiciary Police apprehended 1,924 illegal money changers between January and May of this year, who will face bans from entering Macau. Of these, 927 individuals were reported to the city’s gaming regulator, the Gaming Inspection and Coordination Bureau (DICJ), for inclusion on the casino entry ban list.
Despite these challenges, Jefferies forecasts gaming revenue for the remainder of the month to range between MOP560-660 million per day ($69.7-82.2 million), with an average daily revenue of MOP594-626 million ($73.9-77.8 million), totaling MOP18.4-19.4 billion for the month ($2.3-2.4 billion).
The lower end of this projection surpasses June’s daily average of MOP590 million ($73.4 million), suggesting that results are likely to align with historical trends, as July typically outperforms June.
Ahead of the 2Q24 earnings reports, Jefferies analysts emphasize the pivotal question of whether Macau’s GGR can approach pre-COVID levels, representing a 42 percent increase over 2023 but a 24 percent decrease compared to 2019. Analysts are also keen to assess the impact of ongoing renovations on market dynamics.
