Good Morning. New opportunities, new plans. International Entertainment Corp. says it’s changing up its acquisition and development strategies in the Philippines, after it was recently granted a provisional casino license. Meanwhile, the nation continues its push to get off the FATF gray list, as the watchdog urges Manila to ‘address deficiencies’, including those linked to junkets. Meanwhile, junket contributions in commission taxes fell by 92 percent yearly in Macau in 2022.
What you need to know
- International Entertainment Corp. aligning acquisition and development strategies after receiving a provisional Philippine casino license.
- Volume of contributions paid by junket operators to the Macau SAR government in commission taxes contracted in 2022 by 92 percent year-on-year.
- Junkets continue to be a point of concern for the Financial Action Task Force, as it pushes for the Philippines to ‘address deficiencies’.
On the radar
- Thai parliament creates committee to evaluate gaming industry development.
- Some 700 workers saved in recent Pasay City POGO raid.
- Macau prepares for Grand Prix, expecting over 90 percent hotel occupancy.
- Donaco International results continue improvement in 2Q23.
International Entertainment Corp. says it is lining up its acquisition and development strategies following the receipt of a provisional Philippine casino license. The Hong Kong-listed firm announced earlier that it had entered into an agreement with regulator PAGCOR to operate an 800-room IR with a casino. The group has pledged to invest up to $1.2 billion for the project. This comes as the group saw revenue rise nearly 150 percent for its financial year, ended June 30th.
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