Good morning.
It’s estimated that around 80 percent of the world’s illegal wagering comes from Asia. It’s no wonder authorities have had their hands full these last few weeks cracking down on illegal sports books taking bets on Euro 2020. We examine some of these recent crackdowns.
Meanwhile, with Yokohama likely out of the race, some are wondering whether Tokyo may step forward with a last minute bid. However, a new public opinion poll suggests that this prospect is extremely remote.
The Philippines remains on the Financial Action Task Force (FATF) grey list, despite recently passing legislation to improve its anti-money laundering controls. Junkets have been cited as a main area of concern.
In Laos, a U.S. sanctioned casino mogul has reportedly resumed construction of a controversial airport in the Bokeo province. Its sole purpose will be to bring wealthy Chinese tourists to the Kings Roman Casino, which has been linked to organized crime, drugs, money laundering, and human and wildlife trafficking. Locals are not happy about it.
First, the news
- Philippines back on FATF grey list despite tighter AML controls
- Kings Roman Casino owner resumes airport construction
- Genting HK confirms cruise suspension in Taiwan
- Macau expects 8 million tourist arrivals in 2021
- Macau gaming industry seeking representation in Legislative Assembly
- Crown aware allowing clients to purchase chips on credit cards was illegal
- Star Sydney to continue to pay staff through NSW lockdown
- Universal Entertainment issues $143 million in additional notes
- CNMI seeks travel bubble with South Korea
- Macau Legend seeking solutions over Cambodia land transfer
- Supreme Court delays hearing on Dream11 legality by two weeks
- Everi to raise $400 million to reduce debt
What you need to know
Philippines back on FATF grey list despite tighter AML controls
The Philippines has once again been put on the Financial Action Task Force’s (FATF) grey list despite having recently passed legislation to improve its anti-money laundering controls, with supervision of junkets cited as an area of concern. The Paris-based body completed its Mutual Evaluation Report of the Philippines this month. It said that since the last report in 2019, the country has made progress on recommended actions to improve technical compliance and deficiencies on targeted financial sanctions. However, it now needs to do more to prove effective risk-based supervision of designated non-financial businesses, including demonstrating that supervisors are using AML and CFT controls to mitigate the risks associated with junket operators.
Kings Roman owner resumes airport construction
The owner of the Kings Roman Casino in Laos has reportedly resumed construction of a controversial airport in the Bokeo province. Development of the airport, which has been expected to provide a boost of wealthy Chinese visitors to the casino, was halted in 2017 due to concerns from a resident. Construction has now resumed, with an opening slated for 2022. According to a member of the Golden Triangle SEZ management team, Dok Ngiew Kham Group and Kings Romans are now clearing land for the new airport and paying out compensation to landowners in the area who had previously objected to the work.
Tokyoites strongly oppose local IR bid
The near-certain withdrawal of Yokohama from the IR race has led some observers to wonder if this might clear the path for Tokyo, the largest Japanese market of them all, to step forward with a last-minute bid. However, a new public opinion poll suggests that this prospect is extremely remote. The Tokyo Metropolitan Government has conducted discreet studies and consultations with private companies over its tentatively-named “Tokyo Bay Area Vision,” which explicitly includes the possibility of making an IR bid for the Aomi area of Odaiba. However, a fresh poll conducted by the Asahi Shinbun in connection with upcoming July 4 Metropolitan Assembly elections suggests that any IR bid in Tokyo would run up against the same wall of public outrage that has been witnessed in Yokohama.
Insights
BY THE NUMB3RS
Size of illegal market highlighted at Euro 2020
The UEFA European Championship (Euro 2020) has re-highlighted the plight of governments and authorities in their battle against illegal online gambling. A study from Transparency International estimated the illegal sports betting market is around $500 billion dollars globally, dwarfing the regulated sports betting market – which recorded only $85 billion in legal revenue in 2019. When looking at the wider illegal gambling market, including illegal casinos, estimates bring the total illegal gambling market somewhere between $1.3 to $3 trillion dollars.
Industry Updates
- Sands Resorts Macao restaurants on Top Global List
MEMBERSHIP | MAGAZINE | ASEAN | CAREERS
