Philippines’ Suntrust appoints Andrew Lo as new president

Philippines

Viviana Chan

-

July 16, 2024

0

Philippines’ Suntrust appoints Andrew Lo as new president

Suntrust Resort Holdings has named Andrew Lo Kai Bong as its new President, succeeding David Chua Ming Huat, who has retired. The announcement came through a filing with the Philippines Stock Exchange (PSE) on Tuesday.

Suntrust is actively progressing with the development of a hotel casino at Westside City in Manila, the capital of the Philippines. Operations at this venue are slated to commence in the first quarter of 2025.

David Chua’s retirement follows his departure from the board of Travellers International Hotel Group, the operator of Newport World Resorts.

The Westside City project is a joint venture led by Suntrust and billionaire Kevin Tan’s Alliance Global Group.

Westside City Project, Philippines, Suntrust Holdings — *_{Westside City prject}*

Manila Westside City — *_{Westside City prject}*

According to corporate records, Suntrust is majority-owned by Hong Kong-listed casino investor firm LET Group Holdings, holding a 51.2 percent stake, with Megaworld Corp owning 33.6 percent.

Andrew Lo holds a significant 72.1-percent interest in LET Group. Megaworld operates as a partially owned subsidiary of Philippine conglomerate Alliance Global Group.

According to Tuesday’s filing, Andrew Lo will continue as Suntrust’s President ‘until his successor is elected and qualifies for the position.’

The filing also indicated that David Chua’s retirement became effective on Monday.

‘He has relinquished all his duties and responsibilities as Director and President of the Company on said date,’ notes the company.

Before joining Suntrust, David Chua was COO of Malaysian conglomerate Genting Berhad.

Last year’s champion, Markéta Vondroušová, left the tournament after the opening round. The competition’s later stages were also full of surprises, as top-ranked Iga Świątek and second-ranked Coco Gauff were eliminated early. However, the 1xPartners affiliate program excludes unpleasant surprises, as up to 65% of registered users get converted into the first depositors.

As a result of thorough elimination, two semifinal pairs were formed:

Donna Vekić vs Jasmine Paolini.
Barbora Krejčíková vs Elena Rybakina.

The WTA rankings are refreshed after each round, as well as rapidly updated real-time stats in the 1xBet Partners program. This month, Vekić moved up from 37th position to 21st, while Krejčíková moved from 32nd to 18th. Both tennis players are considered the underdogs of their respective duos. Donna Vekić’s win is rated at odds of 2.53, while Barbora Krejčíková’s win can be bet at odds of 4.37.

The most predicted final pair is Jasmine Paolini and Elena Rybakina. The Italian has her career-best season and reaches the second Grand Slam tournament semifinal in a row. Elena Rybakina has no serious rivals on her way to the championship. Experts regard the Kazakhstani tennis player as an unconditional favorite to become a two-time Wimbledon winner.

Who will be the strongest in the men’s division?

Even without Jannik Sinner, a very solid lineup made it to the semifinals:

Daniil Medvedev vs Carlos Alcaraz.
Lorenzo Musetti vs Novak Djokovic.

Daniil has reached the semifinals for the second year in a row, but the 3.66 odds for his victory suggest limited confidence in him. Carlos Alcaraz is the clear favorite in this matchup, having come to Wimbledon to defend his title.

Musetti and Djokovic are tennis’ David and Goliath only in theory. Just a month ago, these athletes faced off at Roland Garros, where the Serb managed to overcome the Italian in a challenging five-set match.

Wimbledon 2024 winners receive a one-off £2.7 million, and under the 1xPartners affiliate program terms, affiliates receive a lifetime commission of up to 50% for every referred registered customer with automatic weekly commission payouts.

About 1xBet Affiliate Program

More than 100,000 partners have already joined the 1xBet program. Every month, they attract over 3,000,000 users to the 1xBet gaming platform. Each 1xPartners member is assigned a personal assistant to help resolve customer issues.

The top 100 ATP and WTA rankings include many tennis players from Asia, whose performances are watched by fans in the world’s most populous region. That’s why we recommend joining the 1xBet Affiliate Program now—on the eve of the prestigious tournaments that will take place in the fall on the courts of China and Japan.

This rebound is largely attributed to beneficial policies implemented by the central government. Several measures have been introduced this year to support Macau’s tourism sector. These include increasing the duty-free allowance for residents entering Macau, allowing mainland package tour visitors to make multiple visits between Hengqin and Macau within seven days, and adding 10 new mainland cities to the list of those under the Individual Visit Scheme (IVS) to come to Hong Kong and Macau.

The MGTO notes that the bureau has been actively coordinating these initiatives, leveraging the central government’s support to further boost tourism development.

In the same press release, the MGTO reveals that international tourists have shown a significant rise in numbers, with nearly 1.17 million visiting Macau in the first half of the year, up 146.4 percent year-on-year. This figure represents 67.2 percent of the international visitor numbers from 2019.

Macau Visitor Arrivals 2024 — **Visitor Arrivals JAN-MAY 2024:** **MGTO**

Additionally, data indicates that from January to May, 928,000 tourists arrived in Macau as part of tour groups, marking a 230 percent increase from the previous year. International tour group visitors surged 14-fold to 88,000. The MGTO believes that these results highlight the ‘continued appeal of group travel’.

The hotel industry in Macau also experienced significant growth. From January to May 2024, the average hotel occupancy rate was 84.3 percent, up 7.7 percentage points from the same period in 2023, though still 7.2 percentage points below the 91.5 percent rate recorded in 2019.

The number of hotel guests showed a more substantial recovery, with 6.1 million guests recorded in the first five months of 2024, representing a 25 percent increase from the same period in 2023 and a 6 percent rise compared to 2019.

“The Thai cabinet is currently listening to agencies involved and opinions. Then it will be submitted again to the House of Representatives. If no questions remain it could be passed in the end of the year. Then according to the regulations the next step will in the beginning of next year with a study commission established,” Tangsutthitham says.

The minister also emphasized that Thai authorities believe legalizing casinos will help attract more foreign tourists, particularly from Asia, and generate substantial tax revenue for the government.

The potential legalization of casinos comes amid concerns over the social impacts of gambling, but Tangsutthitham argued that these issues can be properly managed through robust regulations and oversight. “We understand the concerns, but we believe the benefits of having a legal casino industry outweigh the risks,” he stated.

The move towards embracing casino gambling represents a strategic shift for the Thai government, which has traditionally maintained a more conservative stance on the issue.

Proponents argue that legalized casinos could drive tourism and economic development, providing a much-needed boost to the country’s post-pandemic recovery efforts.

Thai integrated resorts: Bangkok’s Khlong Toei to rival Singapore’s Marina Bay

While details of the proposed legislation remain unclear, the Thai government’s willingness to consider legalizing casinos signals a significant change in the country’s approach to gambling and tourism.

As the plans progress, Tangsutthitham stated that the public and stakeholders will be closely watching to see how the government addresses the potential social and economic implications of this controversial decision.

With a current net worth evaluated at $12.4 billion, Villar is the only Filipino in Forbes’ list of the top 200 billionaires in 2024. He chairs property developer Vista Land & Lifescapes, run by his son Manuel Paolo and owns VistaREIT, a real estate investment trust with an initial portfolio of 10 shopping malls and two office towers.

He also owns Golden MV Holdings (formerly Golden Bria), a developer of mass housing projects and memorial parks.

When asked about the viability of opening a new casino given the competition from the 100-hectare Entertainment City in Parañaque, Villar highlighted the strategic location of his planned casino, which is closer to the Ninoy Aquino International Terminal 1. This, he believes, will provide easier access for visiting casino junket players.

Aside from the first casino, Villar also plans to open a second one at the heart of his most ambitious property development to date: Villar City.

This new 3,500-hectare mixed-use estate will span 15 cities in Metro Manila and Cavite, and will feature various anchor developments including an amusement park, an arena, schools, cultural centers, museums, hospitals, universities, churches, and nature parks.

The Villar Group’s casino license was obtained during the administration of former president Rodrigo Duterte, and even before Duterte set a moratorium on the issuance of new casino licenses in 2018. The moratorium was lifted after three years, in 2021.

According to the Philippine Amusement and Gaming Corporation (PAGCOR), the Philippine gaming industry’s gross gaming revenue (GGR) grew by 19.21 percent, to PHP194.743 billion ($3.3 billion), in the first half of 2024 compared to the previous year.

Good Morning. India’s online gaming sector has rampant potential for growth, but current taxation measures are limiting the options, according to a report. Retroactive taxation is causing even established companies to up their operating costs and layoff employees, limiting profitability and reducing the possibilities for operators in the space. Meanwhile, in Macau, concerns over increased pressure by authorities appear to be overdone, as whales continue to play in the SAR and their movement of funds appears unperturbed.

What you need to know

The Indian online gaming industry is expected to generate some INR140 billion ($1.68 billion) in taxes in the next financial year.
Robust gaming demand in Macau justifies the view that concerns over a crackdown on illegal money flows are overdone: Citigroup.

On the radar

Philippines Senate issues arrest orders for POGO Mayor Alice Guo.
Okada Manila’s 2Q24 GGR drops 21.8% due to VIP and slot decline.
Hong Kong Jockey Club’s turnover down 4.5% to $17.3B in 2023/24 Season.
The Star shuts down all EGMs and ETGs due to ‘system issues’.
SkyCity Entertainment Group welcomes new CEO as strategic overhaul begins.
Seized POGO hubs could be used by the Philippine government.

AGB Intelligence

INDIA

Regulatory changes hamper online growth: Report

India’s online gaming sector holds massive potential for growth, but experts are worried that the current tax structure is prohibiting companies from reaching their full potential, and limiting market entrants. The current GST rate of 28 percent is stifling FDI, but the industry is still looking to add some 150,000 jobs next year. But retrospective taxing is also weighing down already established companies, with increased costs leading to more layoffs in the sector.

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 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

EvenBet Gaming enhances offerings with Mystery Bounty.
New slot studio SpinOn debuts via Yggdrasil Masters.

MEMBERSHIP | INTELLIGENCE | ASEAN | CAREERS

According to a July edition of its premium mass table survey, Citigroup has observed improving trends in gaming demand in Macau. Analysts note that concerns among some investors about a crackdown on illegal cross-border fund flows and its potential negative impact on Macau’s gross gaming revenue (GGR) are likely ‘overdone.’

The analysts highlight that most players in Macau have established legitimate means to transfer their funds into the region. These methods are ‘sufficient for them to wager as much as HK$1 million ($128,000) per hand.’

The research aims to evaluate the impact of China’s crackdown on illicit money exchange movement. According to a previous report, Macau’s Judiciary Police apprehended 1,924 money changers between January and May this year, who are now banned from entering Macau. Additionally, 927 individuals were included on the casino entry ban list.

In Citigroup’s survey, the total premium mass wagers observed in July amounted to approximately HK$12.2 million ($1.6 million), a 34 percent increase from the roughly HK$9.1 million ($1.2 million) recorded in the same month a year ago. The number of premium mass players in this month’s survey reached 575, marking a 61 percent increase from a year ago.

‘This implies that the wager per player in July 2024 has recovered to HK$21,193 ($2,715), which is 15 percent higher than June 2024’s HK$18,478 ($2,367). Our survey once again indicates that gaming demand remains robust,’ noted Citigroup.

High rollers’ watch

A ‘whale’ describes players whose bet size ranges from HK$100,000 to HK$500,000 ($12,800 – $64,000) per hand or more. The number of whales observed was 23, compared to only 19 in July 2023.

Analysts George Choi and Ryan Cheung indicate that ‘to our surprise, we encountered a HK$1 million ($128,000) whale for the second consecutive month (before 2024, we encountered HK$1 million whales only five times since our Whale Watch started in January 2018).’

Among the ‘whales’ observed, 11 out of 23 high rollers were playing at casinos operated by Galaxy Entertainment and Sands China.

At Sands China, the survey noted two Japanese high rollers at its Plaza property, betting HK$100,000 ($12,811) and HK$200,000 ($25,623), respectively, within its Apex gaming room, a high-limit play zone.

The Player of the Month, with a HK$6 million ($768,700) chip stack, was betting at the high-limit area of MGM Cotai. The survey also mentions a HK$700,000 ($89,680) whale at the Supreme Room of MGM Cotai and three HK$500,000 ($64,060) whales at Wynn Palace‘s Chairman Club.

Citigroup also observed a wider use of smart gaming tables across high-limit and grind mass baccarat play zones at properties operated by Galaxy Entertainment, Sands China, and Wynn Macau Ltd.

The company also announced several executive changes. Callum Mallet, who served as interim CEO, will return to his former position as Chief Operating Officer in New Zealand starting July 15th. Julian Cook will be leaving his executive role, and Brad Burnett will move from Interim Chief Operating Officer in New Zealand to General Manager of Gaming Auckland.

Suntrust Resort Holdings has named Andrew Lo Kai Bong as its new President, succeeding David Chua Ming Huat, who has retired. The announcement came through a filing with the Philippines Stock Exchange (PSE) on Tuesday.

Table of Contents

The 137th Wimbledon tournament semifinal and final matches will be held from July 11 to 14, which will attract the attention of a multi-million viewer audience. High interest in the grass-court major guarantees substantial profits for all 1xBet Affiliate Program participants.

Who will vie for the women’s title?

Who will be the strongest in the men’s division?

About 1xBet Affiliate Program

Table of Contents

According to data from the Macao Government Tourism Office (MGTO), Macau welcomed approximately 16.73 million visitors from January to June 2024.

Table of Contents

The legislation for the advancement of integrated resorts in Thailand could be finalized in the last quarter of 2024 with a government commission to be established in early 2025, the Thai Deputy Tourism Minister Jakkaphon Tangsutthitham predicted.

Table of Contents

Tycoon Manuel Villar Jr., considered the Philippines country’s richest man, is set to open his first casino next year, marking his foray into the gaming sector.

Table of Contents

What you need to know

On the radar

INDIA

Corporate Spotlight

Industry Updates

Table of Contents

The Star Entertainment Group has switched off all of its Electronic Gaming Machines and Electronic Table Games at three properties from July 13th due to ‘system performance issues’.

Table of Contents

High rollers’ watch

Table of Contents

Buildings seized from illegal Philippine Offshore Gaming Operators (POGOs) could potentially be repurposed for use by government agencies following civil forfeiture cases.

Table of Contents

SkyCity Entertainment Group in New Zealand has announced that Jason Walbridge has begun his tenure as the company’s new CEO.

Table of Contents

ENQUIRIES & SUBSCRIPTIONS

CONTACTS

The Star Entertainment Group has switched off all of its Electronic Gaming Machines and Electronic Table Games at three properties from July 13^th due to ‘system performance issues’.