Good Morning
Location, location, location. The transitions in regulations for offshore gaming operators in the Philippines have caused numerous shocks to the real estate market, but an expert at Colliers says that a total ban on POGOs would not result in a crisis. Meanwhile, New Zealand’s SkyCity Entertainment saw a drop in both revenue and profit in its fiscal first half-year, despite a resurgence in visitation to its Auckland property. And in sports betting news, Tabcorp registered a significant loss in its half-year results, on drops in gambling and increases in tax.
What you need to know
- Colliers: new regulation over POGOs has not caused any significant effect on the overall office market, office deals still accounted for 20% in 2023.
- SkyCity Entertainment Group saw a resurgence in visitation at its Auckland property, driving up results, but revenue and profit down in 1H24.
- Tabcorp half year results show a $417.2 million loss, due to reduced gambling rates and increases in taxation.
On the radar
- Asia Gaming Awards 2024 recognizing excellence March 20th in Manila.
- Ponte 16’s revamp to cost over $12.8 million.
- Cambodia implements a new directive for combating illegal gambling.
- DigiPlus selected for inclusion in FTSE Global Equity Index.
- Delta Corp parent company acquired for $9.6 million.
- Rich Goldman expecting $2.3 million in losses during 2H23.
- Malaysia arrests over 200 in Chinese New Year gambling crackdown.
AGB Intelligence
PHILIPPINES
POGO regulations yet to affect property market: Colliers
POGO operators still comprise some 20 percent of the office space transactions in Metro Manila, despite a drop in demand amongst ongoing changes to the online space. Real estate group Colliers notes that there has been “no significant effect on the overall office market”, even though new regulations limit the size of space Internet Gaming Licensees (IGLs) – formerly known as POGOs – can occupy. Even if a total POGO ban is implemented, a crisis in the property market is unlikely, notes an expert.
Corporate Spotlight
Why bettors from the Philippines choose 1xBet
1xBet is one of the leaders in the global betting industry. The bookmaker offers its clients excellent betting and gambling opportunities worldwide, quality service, and support. 1xBet listens to its players to constantly improve the product, which the brand’s clients in the Philippines have already tried.
Industry Updates
- 3 AVIATOR Alternatives for more earnings: MegaPari.
- Asian Poker Tour announces APT Jeju 2024.
- Evoplay content goes live with EnergyCasino.
Registration open for the ASEAN Gaming Summit 2024
Registrations for the 2024 ASEAN Gaming Summit, the calendar conference of excellence of the gaming industry in the region, are officially open. Scheduled from 19th to 21st March 2024, the Summit is the gateway to the Next-Gen of gaming in Asia.
MEET THEM AT ASEAN 2024
MEMBERSHIP | MAGAZINE | ASEAN | CAREERS
