Good Morning. Later this afternoon, we are running our highly-anticipated pop-up forum which is all about Philippines’ remote gaming scheme, known as PIGO. It’s a scheme that was introduced in late 2020, but has been largely kept under wraps over the last year and a half. We invite three of the first-movers into this industry to better understand how its performed and what’s in store for remote gaming in the Philippines. If you haven’t already, register here.
What you need to know
- NagaCorp, the operator of Nagaworld in Phnom Penh, said 93 percent of the floor space in the resort’s third phase of expansion will be devoted to non-gaming amenities.
- A hearing into allegations of malpractices at Star Entertainment focused for a second day on who knew whether some $900m put on China Union Pay cards had been used for gambling.
- Revelations that executives at The Star Sydney were aware of practices that disguised gambling expenses, and even facilitated its continuance may see “heads roll” on a board level in a similar fashion to Crown Resorts in recent years.
- A special purpose acquisition company (SPAC) backed by Melco’s Lawrence Ho has applied to raise capital in Hong Kong, becoming the 11th SPAC to do so on the Hong Kong Stock Exchange to date.
On the radar
- APE expecting a 80% fall in revenue in 2021.
- Southeast Asia countries continue to ease travel restrictions.
- AIGF urges states to take proactive approach to online gambling regulation.
- NZ gambling expenditure rises 17% to five-year high, led by pokies.
What the papers say
- Malaysian financier Jho Low lost $26m at Las Vegas baccarat tables.
- Hong Kong may consider easing pandemic restrictions as patience wanes.
- Sands Macao 10k marathon canceled due to pandemic prevention measures.
- Opposition still kicking across three casino prefectures.
Motivated by rampant illegal online gaming and a business environment challenged by the Covid-19 pandemic, the Philippines’ PIGO scheme, also known as the Philippines Inland Gaming Operator scheme, has evolved from a simple stop-gap for depressed revenue to becoming a significant driver of growth in its own right for traditional land-based gaming venues. It’s a program that in essence allows a land-based gaming venue to extend the reach of their physical properties to the domestic population by offering remote gaming – whether it be ebingo, sports betting, slots, or table games. If the concept sounds familiar, it’s because it’s on the wishlist of virtually every land-based gaming operator in Asia.
- Gaming Industry for Ukraine tops GBP250k fundraising target.