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Wednesday, October 31, 2018

Delta Corp. wants a resort casino if Goa regulations change

Casino – CalvinAyre.com
Delta Corp. wants a resort casino if Goa regulations change

The only listed casino operator in India, Delta Corp., wants to build an integrated resort (IR) in the state of Goa. It would include a convention center, Delta Corp. wants a casino in Goa if regulations agree to a changea water park, retail space and, of course, a casino. However, it isn’t willing to move forward unless the state government makes a significant concession.

According to the company’s chairman, Jaydev Mody, the IR could be added to the state’s landscape if the government agrees to a policy change that would see the area’s floating casinos move onshore. In speaking with the Economic Times, he indicated that any plans, as well as the level of investment, for Goa hinge completely on the approval of the policy.

“It is a win-win for everybody, for the government, for the people and for the industry. It makes a lot of sense…I do not see any reason why we cannot keep growing at that pace in the future. The business is there and we will keep growing. We just have to keep innovating and keeping our product and quality of service right up there,” Mody explained.

The government is said to be contemplating a policy change that would allow the floating casinos to move out of the Mandovi River and into another area. The most likely candidate would be a zone that is close to the airport in Goa, which would facilitate easy international travel.

Delta owns three floating casinos in the region and has seen compound average growth of between 20-25% over the past decade. It also owns a property in Sikkim and has applied for a license for a casino in a resort in the Union Territory of Daman. The company, which is the parent company of online gambling operator Addd52, is also currently expanding into Nepal.

One of the major issues with any expansion in Goa is centered on taxes. Mody emphasized that casinos are “crazily taxed,” adding, “If the government realises that there is a multi-billion dollar business out there in gaming — but it is all grey market or below the radar — and they tax it appropriately, it would all come into the organised sector and then the business can grow. It already exists. The market is there.”

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I Called It mobile game -- MGM RESORTS

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I Called It mobile game -- MGM RESORTS

The New York Jets recently announced they have joined with MGM Resorts International in a first-of-its-kind partnership making MGM Resorts the official gaming partner of the New York Jets. 

New York Jets Join Forces with Casino Giant MGM in “First-of-Its-Kind” Deal

Casino News Daily
New York Jets Join Forces with Casino Giant MGM in “First-of-Its-Kind” Deal

The Jets pen landmark deal with casino operator MGM Resorts International shortly after 888 advertising tie-up

The New York Jets and MGM Resorts International today announced a “first-of-its-kind” integrated gaming partnership that makes the casino and hospitality operator the official gaming partner of the NFL team.

The announcement about the Jets/MGM tie-up arrives shortly after reports emerged that the team has joined forces with online gambling operator 888 Holdings in a sponsorship deal that is yet to be announced officially.

In addition to a traditional casino sponsorship, the Jets’ deal with MGM also involves the I Called It mobile game which allows fans of the NFL team to answer questions about Jets games. The game is sponsored by MGM’s mobile app Play MGM and is available exclusively in the Official New York Jets App. It is free to play and provides Jets fans with the chance to win different prizes. However, it does not allow them to wager money on Jets games.

As part of the deal, MGM will be designated as the official gaming partner of the NFL team. In addition, the casino operator will sponsor and be offered access to the Jets 360 Production Studio, where the team films dedicated digital media and television content. The Jets’ home stadium, MetLife Stadium in East Rutherford, New Jersey, will feature MGM signage.

Jets season holders and members of the Jets’ rewards program will be treated to entertainment experiences and hotel rooms at MGM resorts around the nation, including Atlantic City’s Borgata, as part of the newly penned partnership between the football team and the gaming and hospitality giant.

888 Partnership Draws Ire

It also became known earlier this week that the Jets have secured a sponsorship agreement with online gambling operator 888. While an official announcement about the tie-up is yet to be made, 888 banners can now be spotted at MetLife Stadium.

The NFL changed its advertising policies in early September to allow teams to join forces with casino companies and thus boost their advertising revenues. However, under the new rules, the sponsorships should not promote and involve sports betting in any way.

888 currently offers online casino, poker, and sports betting services, and its wagering offering was what drew criticism as the company’s tie-up with the Jets was unveiled. Supporters of the partnership have pointed out that it does not violate the NFL’s advertising rules as 888’s sports betting business is not directly promoted. However, opponents have argued that the deal definitely crosses the line.

The New York Jets are not the only team to have partnered with gambling companies since the NFL relaxed its rules. The Dallas Cowboys joined forces with WinStar World Casino in Oklahoma in early September, while the Baltimore Ravens inked a deal with Horseshoe Casino Baltimore.

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Betway backing Responsible Gambling Week

Casino City Times
Betway backing Responsible Gambling Week
The official principal partner of West Ham is donating a range of its match day advertising assets at this evening's Carabao Cup fourth round tie against Tottenham Hotspur and Premier League game with Burnley on 3 November to Responsible Gambling Week.

Melco begins tender offer of Philippine shares

Casino – CalvinAyre.com
Melco begins tender offer of Philippine shares

MCO (Philippines) Investments Limited, the majority shareholder of Melco Resorts and Entertainment (Philippines) Corporation, has begun the tender offer for shares of the City of Dreams Manila operator.

Melco begins tender offer of Philippine sharesThe offer remains at PHP7.25 ($0.13), the same price as when Melco Philippines first announced the plan to buy from minority shareholders. In its filing with the Philippine Stock Exchange (PSE), the company said the tender offer period will be until November 29. Shareholders who want to dispose of their stock are required to submit their applications to tender offer agent, Maybank ATR Kim Eng Securities, Inc.

“The tendered shares shall be deemed accepted by [MCO] on 5 December 2018 at 3:00 p.m.,” the disclosure read, adding that the settlement shall be on December 13.

Melco Philippines had initially announced the tender offer to commence on October 3, but delayed this while addressing objections from traders that the selling price was low compared to when they were first sold in 2013, at a price of PHP14 ($0.26). Shares currently trade for PHP7.09 ($0.13).

The tender offer was originally part of Melco Philippines’ plan to be delisted from the PSE, but the petition to delist was withdrawn last week, supposedly in order to not “exert undue pressure” on investors’ decisions to sell or hold the shares.

MCO already holds 73% of Melco Philippines shares, but requires ownership of 95% of shares for a delisting to proceed.

City of Dreams Manila is operated by Melco Philippines, with the property leased out by Belle Corporation, which also takes a share in profits from casino operations.

Parent company Melco International Development Limited has been preparing for further expansion, recently having its Macau-based Studio City subsidiary listed on the New York Stock Exchange. The company is also preparing investments for a potential integrated resort (IR) in Japan, after the country’s Diet legislated for the construction of three large-scale casino resorts in still undetermined locations.

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Tuesday, October 30, 2018

New York Jets Partner Online Gambling Operator 888, Face Backlash from Football Purists

Casino News Daily
New York Jets Partner Online Gambling Operator 888, Face Backlash from Football Purists

Yet another NFL team joins forces with a casino operator as the league relaxes gambling advertising rules

The New York Jets have penned a sponsorship deal with online gambling operator 888 and football purists are not happy about it, news outlet the New York Post reported on Monday. The deal is set to be officially announced later this week, but 888 banners have already appeared outside MetLife Stadium in East Rutherford, New Jersey, the home stadium of the New York Jets.

Following the mid-May ruling of the US Supreme Court that struck down a federal ban on sports betting, the NFL reversed ahead of the new season a long-standing ban on casino advertising, allowing teams to partner with casino operators and advertise those in exchange for financial contributions.

However, the NFL rules still prohibit sports betting operations from being advertised by football teams. Aside from casino games, 888 also offers poker and sports betting services. Critics of the partnership between the Jets and the online gambling operator have argued that the fact that it offers wagering products crosses the line and violates NFL’s gambling advertising rules.

As mentioned earlier, the tie-up between the Jets and 888 has already manifested itself in the form of several orange banners displaying the 888.com logo outside MetLife Stadium. Sources familiar with the deal have told the New York Post that the banners do not violate league advertising rules as they do not specifically refer to 888sport, the gambling operator’s online sports betting operation.

However, critics have pointed out that the banners were “dangerously close to flouting the rules.” The deal is expected to be announced later this week, which means that more details about its scope are to emerge.

Normalization of Gambling through Ads

According to Keith Whyte, Executive Director of the National Council of Problem Gambling, advertising partnerships of this kind can have a big and lasting impact on young fans of football who go to the games. He told the New York Post that children and young people “will become much more inclined to see gambling as being part of the game.”

The four major sports leagues – MLB, NBA, NFL, and NHL – were long opposed to sports gambling, arguing that the activity threatened the integrity of sports. However, the US Supreme Court ruled this past May against the leagues and annulled the long-standing federal sports betting ban. Since the ruling, league officials have softened their stance on the wagering issue and have been seeking a share of the proceeds generated from sports betting in the form of an integrity fee and advertising revenue, among other things.

The NFL decided to relax its advertising rules ahead of the new season, allowing teams to take advertising money from casinos. The Dallas Cowboys became the first team to align itself with a casino operator in early September, thus making history. It joined forces with Oklahoma-based WinStar World Casino.

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Nevada casino sportsbooks set revenue record on NFL return

Casino – CalvinAyre.com
Nevada casino sportsbooks set revenue record on NFL return

nevada-casino-sports-betting-recordNevada casinos snapped their two-month streak of gaming revenue declines in September thanks in part to a record performance by their sportsbooks.

Figures released Tuesday by the Nevada Gaming Control Board show statewide casino gaming revenue of $991.2m in September, a modest 1.2% rise over the same month last year but a significant improvement over the $913m the casinos earned in August 2018. The picture was dimmer on the Las Vegas Strip, where casinos posted a 3.7% year-on-year fall to $546m.

Nevada’s slots were in fine form in September, rising 7% to $637.2m, while revenue from ‘table, counter and card games’ was off 7.7% to $354m. Virtually all the major table games except roulette ($40m, +22.4%) were broadly negative, led by baccarat ($70.4m, -27%), blackjack ($92.1m, -17.5%) and craps ($32.7m, -10.4%). With the exception of baccarat, table betting volume was up 4.7% at Strip casinos, meaning the state simply played unlucky for the month.

On the bright side, Nevada’s sportsbooks were celebrating the return of National Football League action, which helped boost the books’ total take to a record $56.3m, up 26.7% from the same month last year and exceeding the previous record of $53.4m set in September 2012.

Overall betting handle was also in record territory, hitting $571m, a $6m improvement over October 2017’s total. By way of comparison, New Jersey’s nascent licensed sports betting market handled $184m worth of wagers in September, less than one-third of Nevada’s September business.

The Nevada books’ football win came in at $44.3m, up 11.4% year-on-year, thanks to an impressive win rate of 8.9%. These gaudy figures are unlikely to be repeated when October’s numbers are released, as most Nevada books have reported back-to-back losing NFL weeks to close out the present month.

The return of NFL action helped boost parlay card revenue to $6.8m, up 17.2% year-on-year. Baseball revenue improved 14.7% to $4.25m, while ‘other’ sports generated just under $1.5m. Basketball proved a net negative at -$537k, and the state’s race books were down 7.1% to $3.2m.

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Is this bear market cyclical or secular? Upcoming earnings will shed clues

Casino – CalvinAyre.com
Is this bear market cyclical or secular? Upcoming earnings will shed clues

Modern gaming stocks have never seen a secular bear market. Sounds crazy right? It’s true. They’ve certainly seen cyclical bear markets. Vicious ones that’ll make you sick and destroy your finances if you’re leveraged. The crash of ‘08 was certainly a cyclical bear market. The Macau crash of 2014 was, too. But for long term holders they’re just aberrations of one kind or another on a long term uptrend.

Is this bear market cyclical or secular? Upcoming earnings will shed cluesThe oldest of modern gaming stocks have only been around since the late 1980’s. MGM, among the oldest, went public in May 1988, only 30 years ago. Secular market trends span longer periods than that. Bonds were in a secular bull market from 1981 to 2016 for example. Since its IPO, MGM has been in a secular bull market along with most other large cap gaming stocks.

The oldest and most veteran UK gaming companies have only been public in their modern incarnations since the late 1990’s. There have been great years and there have been horrible years, but buy and hold still hasn’t failed. Even Las Vegas Sands, which suffered a 99% collapse from 2007 to 2009, is still above its 2004 IPO. Wynn’s long term chart looks like riding an especially enraged mechanical bull, but the secular bull trend is clearly intact nonetheless. Macau stocks are way too young to even be on the time scale of anything secular. These casinos spent their adolescence in a time of extreme global monetary stimulus. It’s like being surrounded as a child by a bunch of cocaine addicts and thinking it’s totally normal. Modern gaming companies simply don’t know any other type of environment.

Right now we are clearly in the midst of yet another cyclical bear. The question is will it turn into a secular trend. The bellwether Macau gaming stocks are collapsing faster than they did in 2014 without a clear catalyst that affects fundamentals like an attack on the VIP sector. Galaxy is down 45% in 7 months. Back in 2014 that degree of collapse took 10 months. Las Vegas Sands is down 38% in 4 months. That level of decline took 10 months to materialize from the 2014 top. Wynn is down 53.5%. The same decline took over a year in 2014.

These rates of decline are rivaling those of 2008, and they are pointing to something more worrying than just another cyclical bear. They could be the beginning of a secular bear, something more similar to the US stock market between 1966 and 1982 when the Dow Jones just oscillated back and forth for 16 years as price inflation kept eating into real returns. We have become accustomed to more violent spurts lasting a year or two and then quick recoveries, but this sort of situation is only possible when you can abuse the debt markets in order to reinflate equities. Once price inflation becomes obvious, you can’t do that anymore, which is precisely why we had a secular bear market in the 1960’s and 1970’s. The Federal Reserve was fighting inflation instead of inflating bubbles back then, which is why bonds were in a bear market. The Fed was selling debt, not buying.

If this is the beginning of a secular bear market, here’s what should happen from here in broad strokes. First, we should start seeing confirmation of softening volumes in upcoming earnings from Melco, MGM, Penn, and others. Earnings and revenues themselves may not be affected yet. Let’s give that another quarter or two, but volume growth should be starting to level off. Over the next few months, the general downtrend should continue as stocks respond overly negatively to bad news and only tepidly to positive developments and fall down the proverbial slope of hope. We’ll see enormous up days here and there amid calls for a bottom that will keep investors in the game but they won’t hold.

At a certain point, central banks, China’s PBOC, the Fed, the ECB and whoever else, will be called in to act in a concerted effort to reflate the bubble one more time. When they do, we’ll have a short term bottom and that will be the time to buy for a short to medium-term trade. But when that happens and they flood the world with liquidity once again, price inflation all over the world is going to break loose. Just like in the late 1960’s and throughout the 70’s, stocks will bounce up and down nominally as real earnings, income, and standards of living fall.

I fear this cake is already baked. The money supply in the US has been faltering for two years now as stocks have climbed briskly, both in Macau and in the US. Fuel is running out. Since October 2016, the dollar supply has only expanded at an average annual rate of 4.6%, from $12.97 trillion to $14.19 trillion. This is lower than 2007-2008, which saw liquidity expand by 5.5% from October to October and that still led to a crash, a crash that began in gaming stocks about a year before the rest of the market was infected.

The average monetary growth rate from 2009 to 2016 has been 6.7%. There have been years since 2000 where it’s been lower than it is now without a crash, but in those years equity markets were far below their highs. Now they’re not. The liquidity crunch is coming. Gaming stocks are sounding the warning bell just like they did 11 years ago. The 2014 gaming crash was artificial, caused by government policy, not a systemic liquidity crunch. This is something different. 2019 is going to be a bad year. Best be prepared now.

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Success Dragon mulls name change to reflect expanded offerings

Casino – CalvinAyre.com
Success Dragon mulls name change to reflect expanded offerings

Success Dragon could soon be known by a different name. The company’s board of directors has approved a motion that hopes to see the gaming services provider carry a name that is more in Success Dragon considering a name change to better reflect expanded offeringsline with its continued expansion into other areas, including blockchains and FinTech. The name change cannot be complete until its approved by shareholders, as well as the Registrar of Companies in Bermuda.

If approved, Success Dragon will become ezBlock Capital International Holdings Limited. It is also seeking a change for its Chinese name, which is currently Shenglong International. The new name would be Yibang Capital International.

The push for the new names is designed to promote, as well as strengthen, the company’s image and to allow the firm to more successfully “identify and obtain business opportunities for its future development.” Success Dragon is looking to diversify and enter new business territories.

Currently, the company focuses primarily on supplying outsourced business process management for electronic gaming machines throughout Macau. It has agreements with Casino Casa Real on the Peninsula, Taipa’s Casino Grandview and Pharaoh’s Palace Casino, which is located on Fisherman’s Wharf. Success Dragon also provides similar functions to casinos located in Vietnam.

However, in its most recent financial report from this past summer, the company asserted that it was planning on integrating blockchain technology into its gaming machines. This is designed to help the company recuperate some of its lost revenue, which has dropped 25.7% year-on-year through the end of the second quarter of 2018. The company reported that it had only earned $14.3 million for the quarter.

This move into the blockchain space is seen as a logical fit for the company and will help it to diversify its operations. Dragon Success will additionally be able to create new strategic partnerships with FinTech companies, as well as to invest in the FinTech space. Stepping into the blockchain industry will also give the company the opportunity to rebuild its information technology (IT) services business.

Since this past June, Success Dragon has discussed incorporating blockchain technology into its operations. At the same time, it announced that it had dropped its IT operations in Vietnam due to “a change of regulatory environment.” It now seems that the company is preparing to move forward with a return to the industry.

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Monday, October 29, 2018

Top 10 ways to visit Las Vegas on the cheap

Casino City Times
Top 10 ways to visit Las Vegas on the cheap
Follow the tips from Gary Trask on ways to visit Las Vegas, and your visit won't be cheapened and may even be enhanced.

Bernard Lee Wins $400 Buy-In Event in WSOP Circuit Harveys Lake Tahoe for Second Gold Ring

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Bernard Lee Wins $400 Buy-In Event in WSOP Circuit Harveys Lake Tahoe for Second Gold Ring

Poker columnist and commentator Bernard Lee captures second WSOP Circuit gold ring at Harveys Lake Tahoe

A 13th-place finish in the 2005 WSOP Main Event was pivotal for Bernard Lee as it rocketed him into a successful career as a poker columnist, commentator, and player. Lee captured over the weekend his second WSOP Circuit gold ring after besting a 124-strong field in a $400 No-Limit Hold’em event at Harveys Lake Tahoe Casino, where the latest stop on the series’ calendar is currently taking place.

The tournament took place over a single day and featured 20-minute levels which provided for a speedy action at the tables of the host venue.

As mentioned earlier, the $400 buy-in event drew 124 entries. They created a prize pool of $40,920. The top 15 spots received a share of the money, min-cashes starting from $691. Aside from the shiny gold ring, Lee also claimed a cash prize of $11,456 for finishing first in the tournament.

While Lee might have had his ups and downs over the initial stages of play, he managed to overcome the challenges and build a solid stack of 303,000 when the unofficial final table of ten was set. The player held the second largest stack at the time, topped only by Paul Miller, who had 400,000 in chips.

Final Table Action

Surviving the final table was a challenging task. Lee lost some of his momentum early into that stage of the game, but remained patient. The player said in his post-victory interview that he played for the title and that he claimed it by playing carefully, building a stack slowly but steadily.

The champion eventually faced Miller heads-up. Lee began the duel as the chip leader and maintained his advantage until the very end. He applied pressure in the right spots, and it looked as if he was making the right move on every hand dealt. Miller was eventually eliminated for a cash prize of $7,082, his second one from the WSOP Circuit series.

As for Lee, this was his third tournament victory in the past few months. The player took down a Rio Daily Deepstack in June and another event earlier this month. As mentioned above, he has also performed quite well in the WSOP, finishing 13th in the 2005 WSOP Main Event and scoring a runner-up finish in a bracelet event in the summer of 2017. Lee has also previously won one more gold ring from the WSOP Circuit.

He told WSOP staff over the weekend that the support from his family meant the world to him. Lee had dedicated his first ring to his daughter, Maya. His second piece of WSOP Circuit jewelry, the player dedicated to his son, Noah.

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Belle Corp year-to-date income up despite lower Q3

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Belle Corp year-to-date income up despite lower Q3

Philippine leisure estate developer Belle Corporation reported an 18.5% year-on-year drop in net income during the third quarter of 2018, even as profits went up slightly for the first nine months of the year.

Belle Corp year-to-date income up in spite of lower Q3In a filing with the Philippine Stock Exchange (PSE), the company reported a net income of PHP716 million ($13.4 million) for the third quarter, as well as gross revenue of PHP1.94 billion ($36.2 million), 7.5% lower than the third quarter of 2017.

Even so, year-to-date consolidated net income was up 1% from the same period last year, to PHP2.68 billion ($50 million). Recurring net income was PHP2.94 billion ($55 million), 19.1% higher than the first nine months of 2017. The disparity between the growth rates of consolidated and recurring net income was explained as “due mainly to one-time gains recorded in 2017 from sales of non-core investments and properties.”

Belle Corp, through subsidiary Premium Leisure Corporation (PLC), takes a share in earnings from City of Dreams Manila, operated by lessee Melco Resorts and Entertainment (Philippines) Corporation. Belle reported earnings before interest, taxes, depreciation, and amortization (EBITDA) from City of Dreams Manila operations from January to September, of PHP1.84 billion ($34.4 million), a 29.5% increase from the corresponding period in 2017.

EBITDA from real-estate businesses was PHP1.79 billion ($33.4 million), 7.9% higher year on year. Of this, PHP1.54 billion ($28.7 million) came from the lease of the land and buildings comprising City of Dreams Manila.

Year-to-date revenue for the company in the first nine months of the year was PHP6.46 billion ($120.5 million), 3.8% higher than January to September 2017. Of this, gaming revenue was PHP2.38 billion ($44.4 million), 10.2% higher than the same period last year.

Last week, Melco Philippines withdrew a petition to voluntarily delist from the PSE. However, major shareholder MCO (Philippines) Investments Limited said that it will proceed with a tender offer so as to increase its current 73% shareholdings. The purpose of the withdrawal of the petition to delist, according to Melco Philippines, was for “alleviating certain investors’ concerns that the potential delisting may exert undue pressure on their decision process related to the acceptance of the Tender Offer.”

The tender offer price of about $0.13, while higher than the current share price, was questioned by some traders for being nearly 50% lower than when the stock was first offered in 2013.

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Analysts predict delays for Phase 3 of Galaxy Macau

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Analysts predict delays for Phase 3 of Galaxy Macau

In a report published last Thursday, Union Gaming (UG) provided a pessimistic, but realistic, view for Phase 3 of the expansion plans at the Galaxy Macau casino resort, which is operated by Galaxy Entertainment. The brokerage firm indicated that the expansion will be delayed and that it will more than likely not be ready before the middle of 2020.

Analysts predict delays for Phase 3 of Galaxy MacauAccording to UG analyst Grant Govertsen, “While design work continues to move forward on Phase 4, construction on Phase 3 has largely maxed out for the time being as the company waits on various government approvals. With this in mind, it appears that Phase 3, including the first batch of hotel rooms, is unlikely to come online before mid-2020.”

Govertsen’s analysis was supported by Sanford C. Bernstein. The firm also issued a note on Thursday about the Galaxy, stating, “Phase 3 is now slated to open in mid-2020 as there have been some delays. Phase 4 continues with site preparation.”

Earlier this year, Galaxy Entertainment chairman Lui Che Woo indicated that he expected some part of Phase 3 to be completed next year. Two months ago, however, the company’s deputy chairman, Francis Lui Yiu Tung, alluded to a “stage one” of Phase 3, which wouldn’t be ready until 2020.

Phase 3 is expected to include as many as 1,500 hotel rooms, a casino and an entertainment facility that could hold 16,000 people. Tung has indicated that the last two remaining phases of the resort’s expansions have been accelerated. This could be due to the license for the company’s gaming rights in the city, which will expire in 2022. By completing the expansion sooner, Galaxy will be in a stronger position to request a license renewal.

Last week, Galaxy reported its third-quarter earnings with the Hong Kong Stock Exchange, indicating that its EBITDA (earnings before interest, taxation, debt and amortization) had increased overall by 10% year-on-year. Galaxy Macau increased its net revenue by 7% year-on-year to $1.186 million and its EBITDA climbed 9% to $382.59 million. The company’s Cotai operations, Broadway Macau, saw a net revenue increase of 38% year-on-year to $18.49 million. EBITDA also increased, coming in at $1.14 million. Last year, it recorded an EBITDA loss of $510,161.

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Saturday, October 27, 2018

PAGCOR Q3 net income reaches $700M

Casino – CalvinAyre.com
PAGCOR Q3 net income reaches $700M

Net income of state regulator Philippine Amusement and Gaming Corporation (PAGCOR) has reached PHP37.6 billion ($699 million) in the third quarter of 2018, Inside Asian Gaming first reported.

PAGCOR Q3 net income reaches $700MThe figure is 762.9% higher than the corresponding period last year. Income from gaming operations was at PHP50.3 billion ($935.3 million), 18.7% higher year on year. This was also 9.3% higher than PAGCOR had earlier projected.

Gaming taxes and contributions made for PHP26.4 billion ($490.9 million), while other income amounted to PHP33.8 billion ($628.5 million).

Listed among the agency expenses for the quarter were PHP9.4 billion ($174.8 million) allocated for corporate social responsibility, and PHP2 billion ($37.2 million) for other contributions such as to early childhood care, and development and national endowment for culture and the arts.

The higher performance year on year comes despite Philippine President Rodrigo Duterte’s continued hostile stance towards gambling in general. When Boracay Island was opened last week after six months of rehabilitation, the Boracay Inter-Agency Task Force (BIATF), created by Duterte, ordered that no casinos would be allowed to operate, even as this involved canceling deals already made prior to the island’s closing, notably Galaxy Entertainment Group’s planned $500-million resort, scheduled to open in 2021.

The Hong Kong-based company’s founder and chairman Lui Che Woo had said the intended casinos would only be a small portion of the project, but this was apparently not taken into consideration. PAGCOR has said it would comply with the BIATF order.

The Philippine government had scheduled for casinos run by the state regulator to be auctioned off this year, in order to help narrow budget gaps of the national government, but PAGCOR chairman and CEO Andrea Domingo said last month that the agency would continue to operate the casinos, since these were still bringing in taxes. She also said that there have been no further discussions to privatize the casinos, and that PAGCOR was able to fulfill its role as regulator, without conflict of interest.

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Friday, October 26, 2018

Dark Vortex online slot -- YGGDRASIL

eGaming
Dark Vortex online slot -- YGGDRASIL

Yggdrasil's new slot, Dark Vortex, delivers unique features and launches just in time for operators’ Halloween campaigns.

Steven Wright returns to Treasure Island

Casino City Times
Steven Wright returns to Treasure Island
The deadpan comic will headline the Treasure Island Theatre in Las Vegas on 30 November.

Ukraine’s Illegal Gambling Market Thrives as Government Fails to Set Regulations

Casino News Daily
Ukraine’s Illegal Gambling Market Thrives as Government Fails to Set Regulations

The lack of solid regulation in the Ukrainian gambling and betting industry has resulted in a booming underground gambling business while millions of dollars are going down the drain. According to local media reports, hundreds of gambling facilities disguised as lottery offices, are freely operating across the country.

Officially, almost all forms of gambling are banned in Ukraine with only licensed lotteries allowed to operate. Since 2009, when the Verkhovna Rada (the name of the Parliament) passed the ban into law, however, there have been multiple reports of existing underground gaming facilities. By July 2009, more than 6,000 illegal slot machines had been confiscated from dozens of illegal establishments. Investigations led to over 200 criminal charges. Things have not changed a lot since then.

In an article, the Kyiv Post uncovers what turns out to be a widespread scheme for illegal gambling operations that are carried out freely under the guise of lottery offices. The newspaper describes in details that the lack of clear regulation of the sector has allowed illegal businesses to thrive, nurturing organized crime and corruption. In 2012, according to the publication, the Rada loosened the gambling ban, allowing lottery operators to run gambling activities. During that time, the majority in the Parliament was held by the Party of Regions, the party of former president Viktor Yanukovych who is currently in exile in Russia and wanted by Ukraine for high treason.

As a result of the unfinished reforms in the sector – special legislation and gambling zones were initially considered, operators of underground gaming facilities are now offering slot-like games under their lottery licenses. There are lottery offices in every city and town across the country and many of them only pretend to offer lottery tickets. Although logos of the Ukrainian National Lottery can be seen, there are no lottery products on sale. Interestingly, there are no slot machines visible, as well.

The facilities are, actually, packed with computers – their keyboards are specifically customized to work like classic slot machines. Customers purchase plastic cards that are placed into special slots on the keyboard and the computer instantly turns into a Vegas-style casino game, the Kyiv Post reveals. Only cash is accepted, of course. And authorities seem to be clueless about this simple, yet extremely effective scheme, the paper suggests.

Revenues from Illegal Gambling Reach $1 Billion

It is impossible to estimate the exact cost of the black market gambling industry to Ukraine’s economy but it is certainly within the six and seven-figure range. The Kyiv Post spoke to Agia Zagrebelska of the Anti-Monopoly Committee who says that the revenues from illegal gambling reach $1 billion a year. According to other foreign experts, underground gaming operators generate much more from their unregulated activity.

Every year, Ukrainian lotteries pay around $2 million in taxes. The tax revenue that comes from lottery winners, on the other hand, is approximately $4 million, which is, by all standards, bizarre. In fact, most things related to gambling in Ukraine is out of the ordinary – there are three operators which held licenses granted by the state, namely MSL, Patriot, and the Ukrainian National Lottery. Their licenses have expired in 2014 but due to a legal loophole, they can operate until new licenses are issued.

Each of the three operators is allowed to run up to 5,000 lottery shops, which suggests that there must be up to 15,000 lottery offices on the territory of Ukraine. In addition, these three operators have extended their permits via franchise to some 180 retailing companies that can sell lottery tickets. As a result, the actual number of lottery offices could not be estimated. At the same time, the Anti-Monopoly Committee says that only 19 percent of them sell lottery products, while the rest functioning like gaming facilities or betting shops. Overall, the underground gambling scene seems to be thriving in Ukraine and the state is losing millions of dollars due to the lack of oversight and resolution to come up with a new legal frame.

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Thai Police Gambling Raid Flops, Elderly Man in Custody

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Thai Police Gambling Raid Flops, Elderly Man in Custody

A massive joint operation of the police in Phuket and the Royal Thai Army has failed spectacularly as officers were conducting a raid on an illegal gambling den. On Thursday evening, local law enforcement raided the underground facility but the only person arrested was an elderly man, who simply could not run away.

Unlike many gambling dens uncovered by the police in Thailand, this venue was well-organized and furnished like a real casino, as evident from the photos published by the authorities. On Friday, the Phuket News reported that the raid was carried out on the evening of October 25 by at least 15 officers of the Kathu Police. They were accompanied by Royal Thai Army soldiers from the 25th Military Circle. This is a division stationed in Phuket, the largest island and province of Thailand.

The illegal gambling facility was in a building located in Division 3 at the rear of the Phuket Villa Kathu housing estate. It was raided after authorities received information that gambling operations were conducted on the site, the Phuket News writes, citing Kathu Police Chief Jakkawat Thaweekulsawad. According to him, however, gamblers quickly fled the scene right before the arrival of the law enforcement.

As a result, no arrests have been made, with one strange exception – a 72-year-old man who apparently was the “gambling manager”. The man, named as Somchai “Jeap” Onpanyasin, was the only person in custody simply because he could not run away from the police. He was taken in for questioning, the police confirmed, adding that five decks of cards along with THB8,700 (approx. US$263) in cash were seized from the place.

Will Thailand Allow Gambling?

Phuket is not only a Thai province, but it is also one of the most popular tourist destinations in Southeast Asia. The island is packed with hotels and seaside resorts, restaurants, nightclubs, and markets. Gambling, however, is banned in the country and at the same time, it is extremely widespread among locals. Thousands of Thai gamblers travel to the nearby Cambodian city of Poipet, which is located just on the other side of the border and offers them legal casino gaming and betting.

Thousands of other locals, on the other hand, prefer gambling in illegal casinos, established temporarily across Phuket. This week’s raid, for instance, may have not been particularly successful but it uncovered that the gambling den was set up for the game of “Eighty-Nine”. This is a traditional card game, which is popular among the Thais and, of course, it is prohibited by law.

In fact, almost all forms of gambling are banned in the country, with only bets on horse races and the lottery allowed. Still, gambling remains a huge part of local culture and life, which is why authorities have considered legalizing casinos. There have been multiple attempts for coming up with a new legislation that would remove the prohibition set in the Gambling Act 1935.

Former Prime Minister Thaksin Shinawatra planned to legalize a casino in Pattaya but the 2006 coup put an end to the plans. In 2016, senior government officials have expressed their approval of introducing legal casinos in the country. No further steps have been made, however. Many politicians have said that legalizing casinos would only bring in tax revenues and would not have a negative impact on the economy or the local communities, as illegal gambling is already widespread. For now, casinos and gambling remain prohibited.

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Thursday, October 25, 2018

GSA welcomes industry to Technology Summit: Focus on Blockchain

Casino City Times
GSA welcomes industry to Technology Summit: Focus on Blockchain
The Gaming Standards Association will hold the first conference of its kind 8-9 November at the Nevada Museum of Art in Reno, Nevada.

Massachusetts to reveal Wynn Resorts casino fate in December

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Massachusetts to reveal Wynn Resorts casino fate in December

massachusetts-wynn-resorts-casino-probeCasino operator Wynn Resorts will have to wait until early December to learn whether it will be allowed to open its Boston-area casino project.

The Massachusetts Gaming Commission (MGC) held a meeting on Thursday, at which exec director Edward Bedrosian informed commissioners that the MGC’s probe into what Wynn execs knew about former CEO Steve Wynn’s sexual harassment allegations won’t be made public until early December.

The MGC launched its probe in January, shortly after Steve Wynn stepped down from the company he founded amid a rising tide of harassment allegations (that he vehemently denies). The probe is focused on whether Wynn Resorts senior execs knew of the allegations when MGC inevstigators were vetting the company for suitability.

Wynn was issued the sole Boston-area casino license in 2014 and its $2.4b Encore Boston Harbor (formerly Wynn Boston Harbor) is slated to open next summer. The awarding of the license has proven extremely controversial, and the ongoing fallout led to last month’s abrupt resignation of MGC chair Stephen Crosby amid questions over his impartiality.

The MGC report was originally scheduled to be submitted in September, but this was pushed back until October. On Thursday, State House News Service quoted Bedrosian saying investigators were still hard at work and there were “a few more procedural steps before an actual hearing and the report will be made public.”

Bedrosian said the report and its supporting documents will likely run to “hundreds of pages.” These documents will be provided to the MGC’s individual commissioners and to Wynn Resorts execs, after which both sides of this equation will prepare a presentation for the eventual public hearing in December. Only then will the report be made public, albeit likely with some redactions.

The hearing will feature testimony from both the report’s authors and Wynn Resorts representatives, after which the commissioners will deliberate in private, possibly for a few days, before rendering their verdict.

Should the MGC conclude that Wynn execs knowingly withheld information that might have influenced the MGC’s licensing process, the state will be heading into uncharted waters. Wynn would likely launch a legal challenge but the company could ultimately be forced into extremely awkward negotiations for a takeover of the property, possibly by one of the losing bidders.

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“No Casino” Policy for Boracay Needs Executive Order, Department of Justice

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“No Casino” Policy for Boracay Needs Executive Order, Department of Justice

The Philippines’ Department of Justice has said that in order to enforce his “no casino” policy on Boracay Island, president Rodrigo Duterte should issue an executive order. Such an act will be the fastest and most efficient method for halting the casino operations on the island, which reopens for foreign tourists on Friday.

Representatives of most public institutions and local authorities seem to be in line with the Duterte’s idea of no more casinos on Boracay. Following a six-month shut-down for an environmental clean-up and rehabilitation, the island is finally reopening this week. Authorities have set new rules regarding waste disposal, watersports that may harm the ecosystem, smoking and drinking. Being a vocal opponent of gambling, President Duterte also said that the island should be “free of casinos” when it opens.

Earlier this week, the local gambling regulator PAGCOR (Philippine Amusement and Gaming Corporation) was said to have been urged to cancel the existing casino licenses and to stop issuing new ones. The request had come, according to media reports, from the Boracay Inter-Agency Task Force, a body that was specifically created for the purpose of assessing the environmental damage on the island and devising strategies to address the problem. Local newspaper The Philippines Star said that the regulator has made a decision to immediately suspend all gambling licenses on Boracay.

Now, it is possible that such actions may not be entirely legal. In a letter published Thursday, the Department of Justice recommends that President Rodrigo Duterte issues an executive order, that would allow him to stop the casino operations on the island.

Legal Repercussions

According to the Department of Justice, Duterte’s “no casino” policy has to be implemented carefully and through a presidential executive order. In a recommendation letter dated from October 8, Justice Secretary Menardo Guevarra writes that the President has the authority to limit casino operations on the island. The letter is an eight-page legal opinion that comes in a response to a query by the Department of Tourism, which is concerned about possible legal repercussions resulting from the revocation of casino licenses.

In the legal opinion, Guevarra explains that the President may direct the PAGCOR by an executive order to revoke the licenses already granted and to prohibit the issuing of new permits. He also points out that the provisional licenses granted by the regulator are not contracts and are, therefore, not legally binding for the government. Casino licenses can, then, be “granted, revoked” or their renewal withheld by the regulatory body instantly.

Meanwhile, Macau-based casino giant Galaxy Entertainment Group is planning to build a large integrated casino resort on Boracay. It was granted a casino license just a month before the temporary closure of the island. Galaxy Chairman Lui Che Woo explained that the casino facility would be just a small part of the complex and that the complex would, in fact, focus on the leisure and entertainment offerings.

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Pansy Ho tapped to be United Nations tourism ambassador

Casino – CalvinAyre.com
Pansy Ho tapped to be United Nations tourism ambassador

The co-chairperson and executive director of MGM China Holdings Ltd. can put another feather in her cap. Pansy Ho Chiu King has been appointed by the United Nation’s World Tourism MGM Executive Director Pansy Ho tapped to be United Nations tourism ambassadorOrganization (UNWTO) as a Tourism Ambassador. According to a press release from this past Tuesday, Ho was bestowed the title for her “contributions in promoting regional and global tourism cooperation and sustainable tourism.”

Ho oversees the Global Tourism Economy Research Centre, which was created in 2011. She is also a founding member of the Global Tourism Economy Forum (GTEF), an event that has been held in Macau annually since 2012.

The long-time executive is also an investor in MGM Resorts International, the U.S.-based parent company of MGM China Holdings. Additionally, she is the chair and CEO of Hong Kong-based conglomerate Shun Tak Holdings Ltd., a company that specializes in shipping, hospitality services and property development. A subsidiary of Shun Tak, Shun Tak-China Travel Ship Management Ltd., operates TurboJET, which offers high-speed ferries to Macau.

Ho’s rĂ©sumĂ© doesn’t end there. She is a member of several tourism organizations, including the World Travel and Tourism Council, where she holds the position of executive committee member, and the China Chamber of Tourism, where she serves as the group’s vice chairman. Ho was also the first-ever official ambassador to the Pacific Asia Travel Association Foundation.

She said of her new appointment, “The ambassador honour is indeed a recognition and affirmation of the efforts of the Global Tourism Economy Research Centre and GTEF to facilitate global tourism cooperation.”

The Secretary-General of the World Tourism Organization, Zurab Pololikashvili, announced the appointment during the opening ceremony of this year’s Global Tourism Economy Forum. He stated, “We decided to have the first Ambassador of UNWTO in Macau. It will be a fantastic lady, who is from Macau. She will be our first Ambassador in the region…Today is an historic day for the region and for Macau and Guangdong province. I’m very proud, very glad and honored to participate from the opening and celebration of the ‘Greater Bay Area’ region with the connection between Macau, Hong Kong and nine cities in mainland China. This is a great project, unique in the world and I’m sure that this is another huge opportunity to attract more and more tourists in the region.”

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GAN extends Simulated Gaming agreement with JACK Entertainment

Casino City Times
GAN extends Simulated Gaming agreement with JACK Entertainment
Delivering GAN's U.S.-patented iBridge Framework links the GameSTACK internet gaming system to JACK Entertainment's existing casino management system deployed in Ohio and Michigan.

Wednesday, October 24, 2018

Macau casinos could be off-limits to off-hours junket staff

Casino – CalvinAyre.com
Macau casinos could be off-limits to off-hours junket staff

macau-casino-junket-staff-off-limitsMacau casino junket operator employees will be barred from local gaming floors if they’re not working, according to new rules proposed by Macau legislators.

This summer, Macau’s Legislative Assembly (AL) introduced new rules to prohibit casino staff from setting foot on a gaming floor during those employees’ non-working hours, effectively barring them from gambling in the special administrative region’s casinos. At the time, there was no mention that these rules would apply to junket staff.

On Tuesday, Macau Business quoted Ho Ion Sang, chairman of the AL’s first standing committee, saying that junket staff would now be included in the proposed Law No. 10/2012, joining croupiers, gaming machine operators and cashiers – as well those holding a variety of non-gaming positions such as security, cleaners and food & beverage workers – on the forbidden list.

The bill is set for further discussion in the AL on October 29 and one of the items to be discussed is whether to apply the ban to junket subagents, whose job it is to identify high net-worth individuals and steer them toward various junket operators.

On Wednesday, GGRAsia quoted Ho saying the junket industry’s representatives are “basically supportive” of the proposal to include junket staff in the no-go list. Ho claimed junket operators were interested in protecting their staff “from being too exposed to the gambling environment.”

Surveys have traditionally found Macau’s casino croupiers overrepresented in local problem gambling treatment programs. The majority of croupiers seeking help for their gambling issues reported significant gambling debts, prompting fears that they could be coerced into assisting scammers seeking to cheat the casinos.

Other croupiers have resorted to stealing from their place of work in order to honor their debts. The junkets have even more to fear from this type of internal theft, as evidenced by the truly astronomical sums that have gone missing from junket accounts over the years.

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MGM GVC Interactive Confirms Adam Greenblatt as CEO of the Joint Venture

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MGM GVC Interactive Confirms Adam Greenblatt as CEO of the Joint Venture

Following the creation of a joint venture in July 2018, MGM Resorts and GVC Holdings announced this week the appointment of Adam Greenblatt as the venture’s Chief Executive Officer. Greenblatt has previously served as Director of Corporate Development & Strategy for GVC Holdings Plc, but he also possesses in-depth knowledge and expertise in sports betting and online gaming from his position at Ladbrokes.

His promotion to the executive leadership position was announced on Tuesday in a combined corporate communication, pointing out his long experience in the gambling and entertainment industry. Greenblatt will now serve as CEO of the recently established joint venture between the American gaming and hospitality giant MGM Resorts International and Isle of Man-headquartered GVC Holdings PLC, which owns major gaming and sports betting brands, including Coral, Ladbrokes, bwin, Crystalbet, partypoker, and CasinoClub.

The joint venture was formed this summer for the purpose of creating a leading sports betting and interactive gaming proposition for the US market, according to the press release. It is hardly a surprise that Adam Greenblatt has been chosen to lead MGM GVC Interactive, considering he has played a “significant role” in its creation during his job as a Director Corporate Development & Strategy at GVC Holdings. His career, however, did not start at GVC and has been much more interesting.

After studying Business Science at the University of Cape Town, Greenblatt worked as a Chartered Accountant in the UK with Arthur Andersen. He then focused on mergers and acquisitions at international investment bank Rothschild where he oversaw deals in the leisure sector. In addition, Greenblatt was Director of Corporate and Strategic Development at Ladbrokes from 2010. According to the press release, he was in charge of “defining transactions” for the company such as the strategic partnership with Playtech, the acquisitions which created Ladbrokes Australia and the successful merger between Gala Coral and Ladbrokes in November 2016.

MGM GVC Interactive Joint Venture

Rumors about the partnership between MGM Resorts and GVC emerged in late July and it the two companies soon confirmed the creation of MGM GVC Interactive. The joint venture has its headquarters in the United States and is formed with an initial investment of $100 million made by each of the partners. According to the initial statement by GVC, the new business would have access to 15 states within the US and a potential audience of 90 million people.

In reality, MGM GVC Interactive will take advantage of all U.S. land-based and online sports betting and poker tournaments, real money and free-to-play casino gaming. It will integrate both companies’ customer loyalty programs. Commenting his new position as CEO, Adam Greenblatt said that he would transform the joint venture into the most “dynamic and successful” company in the industry, considering MGM GVC will profit from the combined brands, technology, and market reach.

The new venture is looking at the rapidly evolving US sports betting market following the United States Supreme Court’s decision in May to lift the federal ban on sports wagering. GVC is one of the several UK-based bookmakers that are now focusing on the new opportunities in the US as more and more states are passing legislation that allows wagers on sports.

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Breeders' Cup to host seminar in Las Vegas

Casino City Times
Breeders' Cup to host seminar in Las Vegas
Professional handicapper Bob Ike returns to Rampart Casino Resort at Summerlin to share with racing fans the ins and outs of betting.

British Columbia’s casinos need help observing new AML rules

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British Columbia’s casinos need help observing new AML rules

british-columbia-casinos-auditor-money-launderingBritish Columbia’s provincial gambling monopoly has hired a third-party auditor in the hopes of reducing sketchy transactions at its land-based casinos.

On Tuesday, the British Columbia Lottery Corporation (BCLC) announced that it had “engaged a third-party auditor to undertake independent monitoring at BC’s three busiest casinos to support their compliance” with the new ‘source of funds’ requirements for transactions over C$10k that were implemented in January.

Amazingly, BCLC indicated that its initial monitoring of the three casinos’ compliance with the new rules “determined the need for the additional third-party oversight.” The third-party oversight “will continue until BCLC is satisfied that its service providers are fully compliant.”

The three casinos are River Rock Casino Resort in Vancouver, the Grand Villa Casino in Burnaby and the new Parq Vancouver, which only opened one year ago. River Rock in particular has loomed large in the damning media reports of Chinese VIP gamblers laundering millions of dollars through BC casinos, which first became public knowledge in September 2017 after a new provincial government took office.

BCLC contracts out day-to-day management of its gaming operations to various service providers, including Great Canadian Gaming Corp (GCG), which manages River Rock. GCG has steadfastly maintained its commitment to following the rules even as reports of the antics at River Rock grew ever more outrageous.

BCLC says it will continue to work with the Gaming Policy and Enforcement Branch (GPEB) – which acts as the province’s gambling regulator but is merely a different department of the government of which BCLC is also a part – to ensure its service providers comply with their new anti-money laundering obligations.

This summer, a government-commissioned report strongly recommended that BC appoint a truly independent gaming regulator because the existing “dysfunctional” system was largely responsible for the province’s present debacle. As the report tartly put it, the years of rampant money laundering going on directly under the government’s nose was only possible because “nobody said no.”

In fact, the only time the previous Liberal government said ‘no’ was when a task force with a mandate to halt gang activity at the province’s casinos sought to expand its scope to investigate allegations of casino money laundering. Not wishing to derail their financial gravy train, the Liberals responded by disbanding the task force.

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Tuesday, October 23, 2018

Philippine regulator complies with ‘no casinos on Boracay’ order

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Philippine regulator complies with ‘no casinos on Boracay’ order

pagcor-boracay-casino-licenses-cancelledThe Philippine gambling regulator says it will comply with a task force request to cancel all casino licenses on the island of Boracay.

On Monday, local media reported that the Boracay Inter-Agency Task Force (BIATF) had sent a letter to Andrea Domingo, chair of the Philippine Amusement and Gaming Corp (PAGCOR), requesting that “any and all gaming franchise(s) and/or provisional license(s) in Boracay Island be cancelled by your good office.”

On Tuesday, the Philippine Star quoted Domingo’s special assistant Jose Tria Jr. saying that PAGCOR had responded to the BIATF letter by immediately ordering the permanent closure of all casinos in Boracay. The casinos were supposed to have closed six months ago when Philippine President Rodrigo Duterte — who appointed the BIATF members — ordered the island off-limits to tourists in order to facilitate an environmental clean-up.

PAGCOR further clarified that it had only issued two casino licenses on Boracay, including the unbuilt project proposed by Macau casino operator Galaxy Entertainment Group. Business Mirror had reported that the other casino, an operation run by Alpha Allied Holdings Ltd inside the Movenpick Resort & Spa, had continued operations despite the six-month shutdown order.

Tuesday’s report failed to mention Boracay’s other casino operations in the Crown Regency Resorts and Paradise Garden Resort, which had reportedly complied with the original shutdown order, but this compliance doesn’t appear to have earned them any brownie points. Local television quoted Tourism Secretary Bernadette Romulo-Puyat saying that casinos “cannot operate even if you are compliant” with BIATF requirements.

Department of Environment and Natural Resources Undersecretary Benny Antiporda echoed this warning, saying it was Duterte’s order that Boracay “is not a gambling area, it is a tourist area.” Anyone wishing to gamble in the Philippines “should just gamble in Manila” where casinos are abundant.

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Plaza Hotel and Casino to open new event venue

Casino City Times
Plaza Hotel and Casino to open new event venue
Building on the success that its outdoor equestrian facility had last year, the Plaza is expanding the amenity and is making it the first and only permanent outdoor equestrian center in downtown Las Vegas.

Zachery Schneider Secures WSOP Circuit Horseshoe Hammond Main Event Win and Second Ring

Casino News Daily
Zachery Schneider Secures WSOP Circuit Horseshoe Hammond Main Event Win and Second Ring

US’ poker pro Zachery Schneider came out victorious Monday night at the $1,700 Main Event during the 2018/2019 WSOP Circuit Horseshoe Hammond. After three days of grinding poker play, he managed to survive the strong 1,094 entry field and take the title, securing the second WSOP ring in his career.

It was an easy victory for Schneider, who started Day 3 of the tournament with the second biggest stack and once the final table was set up, he came second in the chip count once again. The 25-year-old professional poker player then eliminated four of the nine finalists and overtook Nick Pupillo in the heads-up battle. There were no serious hurdles to get over, he later admitted after taking the WSOP Circuit Main Event title and the first-place prize of $302,492.

This is the 11th WSOP event cash and the second ring for the young poker pro from Harvard, Illinois. Almost exactly three years ago, on October 25, 2015, Schneider finished first in the WSOP Circuit $5,300 NHL High Roller Ring Event, which took place at the same casino, the Horseshoe Hammond, just 25 miles away from Chicago. Back then, he won the first World Series of Poker ring in his career along with a cash prize of $101,250.

Monday’s win was a huge success for Schneider, who said that he was not such a good player and it was not until the final table that became confident in his own skills. During the entire tournament, he was not entirely serious on the felt, he added, so the first-place finish was, apparently, a surprise for him. It was also his largest live reported cash ever and now his total earnings from live tournaments total nearly $450,000.

Apart from Zachery Schneider, another 116 players made it to the money levels and received guaranteed $2,718. The tournament drew in 1,094 contenders for the title over the two starting flights on Friday and Saturday. Entering the $1,700 buy-in event, they contributed to a total prize pool of $1,657,410. Day 1 ended with most players eliminated and the chip leader from the first flight returned as the big stack on Day 2, along with 235 other survivors. By the end of the night, the field was reduced to only 23 players, who would continue playing on the third, final day.

Horseshoe Hammond Main Event Final Table Action

Day 3 of the tournament kicked off at noon with Sam Miller leading the way with his stack of 3,535,000. He was followed by Schneider, who had bagged 2.8 million in tournament chips the previous night. Two-time gold ring winner Nick Pupillo came third in the temporary leaderboard with a stack of 1.85 million in chips. Soon after cards went into the air, Miller lost his lead to David McDermott, while the first elimination was Kevin Johnson who took home $11,386 for his 23rd finish.

Following several eliminations and a fortunate win against Porfirio Mendez (19th, $13,524), Schneider took the chip lead and right until the heads-up battle, he did not go too far from the first position. After Don Hines was sent home in 11th place for $24,182, the final table was set up led by Nick Pupillo who had a huge advantage with his stack of over 9 million. Zachert Schneider came in second with 7,555,000 in chips, while the rest of the players could not reach the 3 million. Miller was the short stack with only 385,000 and he was almost immediately eliminated in the 10th place for $24,182.

Royce Matheson finished 9th ($29,999) after being defeated by Schneider, while the 8th place in the tournament was for Jake Baumgartner ($37,640) who was sent home by Pupillo. He then eliminated Mark Wahba (7th, $47,750). After the dinner break, Giuliano Lentini left the tournament (6th, $61,258), followed by the person who eliminated him, Young Hoon Koh (5th, $79,506). By that time, the two main contenders were Pupillo and Schneider and after David McDermott (4th, $104,417) finally gave in, Sami Shurbaji and the two players were the only survivors. Shurbaji moved all in against Schneider and lost, collecting a nice cash prize of $138,825 for his third-place finish.

Schneider started the heads-up against Pupillo with a 2 to 1 advantage and did not have to try a lot to claim the title. In the final hand, Schneider defeated his competitor with Queen-7 against Pupillo’s 4-2 on a flop of Queen-6-5, a 6 on the turn and a King on the river. Pupillo was eliminated in the second place and took home $186,823, while Schneider was crowned Horseshoe Hammond Main Event Champion and received $302,492.

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