We begin the week with a closer look at the recent talk of casino legalization in Thailand. We find that those who know the market well generally believe that casinos are not likely to open in at least the next decade. Meanwhile, in the Philippines, POGOs have been given one month to register for the electronic reporting system of the Anti Money Laundering Council (AMLC). Sticking with the online sphere, we note that investors continue to be positive on MGM Resorts each time it makes a foray in this direction. Finally, we will catch you up to date with the ongoing comic-tragedy in Saipan, as Imperial Pacific International does its long dance with the courts.
First, the news
- POGOs required to register for AML reporting
- International Entertainment issues profit warning
- MGM stock rises as investors reward online deal
- IPI chairwoman again under threat of jailing
- Construction services contracted for Galaxy Macau Phase 4
- Fifth, sixth days of CNY the busiest; Macau hotel occupancy at 48.3%
- Taipa-Zuhai ferry service launches from March
- Caesars confirmed out of Incheon IR project
- China/Vietnam agree security accord with gambling in crosshairs
- Suncity Group disposes of Shenzhen non-gaming properties
- Delta says December Goa footfall back to 80% of prior levels
- Delhi police report 6,291 gambling-related arrests in 2020
- Sihanoukville gets new five-star hotel
What you need to know
Shares in MGM Resorts rose almost 4 percent on Friday after investors applauded the casino operator’s latest foray into the online sphere. The stock rose to close at $36.32, a remarkable turnaround from its $5.90 52-week low hit at the height of the Covid-19 pandemic in March last year. MGM’s latest move into the sports betting sphere comes through a partnership with golfing entertainment company, Topgolf.
Imperial Pacific International Chairwoman Cui Li Jie is again living under threat of jailing, being accused of both failing to comply with a subpoena as well as perjuring herself in earlier testimony. District Court for the NMI Chief Judge Ramona Manglona has issued a “show cause” order against the IPI chairwoman, requiring her to explain in writing why she should not be put in jail for not complying with a legal summons, and why she should not be found in civil contempt for failing to comply with a subpoena.
Philippine Offshore Gaming Operators (POGOs) have been given one month to register for the electronic reporting system of the Anti Money Laundering Council (AMLC). The rules follow an amendment to the Anti-Money Laundering Act of 2001, which now sees real estate developers (REDs), real estate brokers (REBs), offshore gaming operators (OGOs), and OGO-service providers (OGO-SPs) as covered persons under the Act.
News last month that Thailand may consider legalizing gambling has been met with scepticism by those who know the market well, with most saying casinos are not likely to open in at least the next decade. Talk of potential legalization has been on the cards for several decades, in particular under former Prime Minister Thaksin Shinawatra. However, the proposals never progressed and industry insiders say this time around is unlikely to be any different.
- Evoplay partners with social casino SlotCube
- BetConstruct introduces Crash multiplayer game
- BetMGM teams with Topgolf Entertainment
- PAGCOR provides shelters for people displaced by volcano
“We all know how heavily the industry has been impacted by COVID-19, but the crisis has shown how our customers that invested in our ADVANTAGE system really did have an advantage,” said Nelson Cheung, System Sales, IGT Asia. “We’ve continued to invest in the IGT ADVANTAGE system to enable flexible, unique and personalised experiences.
LT Game’s new “Jackpot Series” has just been approved for the Macau market and which are suited for high denomination areas. The first two games approved in Macau “Jackpot Tornado” and “Jackpot Bonus” are having fantastic results in the North American market.