Weekend Conversation Corner – May, 02
Welcome to the newest edition of our Focus Gaming News Weekend Conversation Corner, where we provide a brief overview of the week’s most important headlines that have captured global attention. As we analyse the events of the week and present a focused summary, we will discuss the key stories that have influenced discussions, policies, and narratives. Join us as we cut through the noise and give you a condensed overview of the week’s significant developments, keeping you informed on what matters in our fast-paced world today.
Stay informed, stay motivated, and keep on gaming. Have a fantastic weekend ahead!
Fernando Saffores – Founder and CEO at Focus Gaming News
PAGCOR reports rise in revenue in Q1
PAGCOR, the Philippine Amusement and Gaming Corp, reported a revenue increase of 11.2 per cent year-on-year, reaching PHP28.07bn (US$502m) in the first quarter. Gaming revenue accounted for PHP25.52bn (US$457m), with electronic games and e-bingo contributing the most. Operating expenses decreased by 15.54 per cent, resulting in a net income of PHP4.22bn (US$76m), up 23 per cent from the previous year. Chairman and CEO Alejandro H. Tengco attributed this success to responsible governance and fiscal discipline. PAGCOR’s contributions to nation-building also increased by 21.5 per cent to PHP18.9bn (US$338m) during the period. Tengco emphasised the agency’s commitment to benefiting the Filipino people through its programs.
GCGRA signs MoU with New Jersey gaming regulator
The General Commercial Gaming Regulatory Authority (GCGRA) of the United Arab Emirates has signed a Memorandum of Understanding (MoU) with the New Jersey Department of Law and Public Safety, Division of Gaming Enforcement (DGE) to promote cooperation in cybersecurity, consumer protection, and regulatory collaboration in both land-based and online gaming. The MoU was signed during a visit from a New Jersey economic mission to the UAE, aiming to enhance gaming innovation and economic growth. Kevin P. Mullally, CEO of the GCGRA, highlighted the importance of responsible gaming and consumer protection in the partnership. Governor Phil Murphy of New Jersey expressed optimism about the collaboration, emphasising the potential for innovation and economic opportunities in both regions. The partnership aims to drive technological innovation and reinforce the GCGRA’s position as a premier gaming destination.
Belle Corp expects to receive a licence for its second Philippine resort this year
Belle Corp is seeking a gaming license from PAGCOR to develop an integrated resort in Clark, Pampanga. The company’s unit, Premium Leisure Corp, has applied for the license, with expectations of growth and stability in the future. If approved, the resort will require an investment of $200-300 million and take about two years to construct. Belle Corp reported a 7.8 per cent increase in casino revenue and a 5.2 per cent increase in net income for the first quarter. Revenue from lottery services remained flat, while income from real estate activities decreased by 6 per cent. The company controls 50.1 per cent of POSC, which leases online betting equipment to the Philippine Charity Sweepstakes Office. Belle Corp also generates revenue from leasing land and buildings at City of Dreams Manila.
Thai PM calls on coalition partners to push benefits of casino bill
In Thailand, Prime Minister Paetongtarn Shinawatra is advocating for the economic benefits of legalising casino resorts. She highlights the potential for foreign investment, job creation, and increased tax revenue. Former Prime Minister Thaksin Shinawatra is confident the bill will pass easily in Parliament. Analysts predict that Thai casinos could generate $8.39bn annually, with most revenue coming from gaming activities. The country’s large tourism base and low proposed tax rate on gross gaming revenue position it well in the region. EBITDA margins for casino resorts are estimated to be between 34 per cent and 49 per cent, surpassing those of Macau and Singapore. The bill’s debate was postponed but will be reintroduced in the next parliamentary session.
DOJ confirms human trafficking charges against former Philippine presidential spokesperson
The Department of Justice in the Philippines has filed human trafficking charges against former presidential spokesperson Harry Roque Jr. and others for their alleged links to offshore gaming operation Lucky South 99. Roque admitted to being a lawyer for the company that leased its property to Lucky South 99, implicating him in the illegal operation where human trafficking occurred. The DOJ is awaiting arrest warrants and may consider those not in the country as fugitives. Roque, who is seeking political asylum in the Netherlands, claims the charges are politically motivated. He denies any involvement in human trafficking and argues that accompanying a meeting with PAGCOR executives was not illegal. The case is pending a court decision on whether to move it to Pasig.
