Philippine Gaming to Set New Record Due to Online Play
The Philippine gaming industry could break last year’s record for gross gaming revenue (GGR), thanks to online games.
According to the state-run Philippine Amusement and Gaming Corp. (PAGCOR), the sector will reap PHP350 billion (US$6 billion) in 2024, surpassing the target of PHP334 billion, and significantly higher than the PHP285 billion generated in 2023.
PAGCOR said growth was driven mainly by electronic gaming. Revenue for the sector increased more than five-fold, generating PHP35.71 billion compared to last year’s PHP6.32 billion.
“This impressive performance is a strong indication that the use of modern technology and mobile gadgets in gaming and amusement will continue to play a pivotal role in shaping the future of gaming,” said PAGCOR Chairman and CEO Alejandro Tengco.
Analysts at Morgan Stanley said the growth may be short-term, as it includes licensing and other fees. In 2023, PAGCOR approved more than 1,000 licensed e-gaming sites, and had more applications in the pipeline, said Tengco.
In related news, the regulator will soon revoke all licenses of Philippine Offshore Gaming Operations (POGOs) by Dec. 31, in accordance with President Ferdinand Marcos Jr.’s July ban of the industry. POGOs were found to be infested with criminal activity, including human trafficking, torture, kidnapping, and fraud.
Francis Lui Named Galaxy Entertainment Board Chairman
On Dec. 13, Macau casino operator Galaxy Entertainment Group (GEG) appointed Francis Lui as board chairman. Lui is the eldest son of GEG founder Lui Che Woo, who served as chairman until his death Nov. 7 at the age 95. The appointment was effective immediately.
Lui, 67, joined the group in 1979, and became an executive director in 1987. He was appointed deputy chairman in 1997.
In a statement, Lui expressed gratitude for his father’s guidance, and pledged to continue his mission to make GEG the “world’s leading integrated tourism and leisure company,” one that contributes to Macau’s development as a global destination.
In 2005, Galaxy became the first Macau casino operator to list on the Hong Kong Stock Exchange. Starting in 2013, it was included in the Hang Seng Index as a constituent.
Ex-Thailand Police Chief Under Investigation for Gambling Crimes
Thailand’s onetime national police chief has been accused of money laundering linked to online gambling.
Torsak Sukvimol, also known as “Big Tor,” now faces a formal investigation by the National Anti-Corruption Commission (NACC), reports the Bangkok Post.
Torsak’s former deputy police chief and longtime rival Surachate Hakparn, aka “Big Joke,” faces similar allegations but has not yet been charged.
In 2023, both men aspired to the top job under former prime minister Srettha Thavisin. Torsak prevailed after Surachate was investigated for corruption. Since then, each has been relieved of active duty, then reinstated. In October, Torsak was replaced by Kitrat Panphet, appointed by the current prime minister, Paetongtarn Shinawatra.
The NACC absolved Thavisin of wrongdoing in Torsak’s appointment, according to The Thaiger. The ex-PM was himself ousted from office for naming a official to his cabinet who had served time in jail for bribery.
Chinese President Visits Macau, Thanks Chief Executive Ho
On his first visit to Macau since 2019, Chinese President Xi Jinping hailed the special administrative region (SAR) as “the jewel of the motherland” and a successful example of Beijing’s “One country, two systems” policy, which granted special freedoms and autonomy to both Macau and Hong Kong.
On Dec. 18, Xi arrived for a three-day visit to mark the 25th anniversary of the city’s return to Chinese sovereignty. According to the Macau Daily Times, he was greeted at the airport by a delegation of officials including outgoing Chief Executive Ho Iat Seng, who steps down tomorrow, and his successor, former judge Sam Hou Fai.
Xi thanked Ho for his leadership during the Covid-19 pandemic, which shut down the city for almost three years. “You have faced difficulties and been pragmatic,” observed Xi. He also praised Macau’s “world-recognized success.”
The city continues its post-pandemic rebound; according to new government figures, it welcomed 2.8 million visitors in November, up 9.6 percent year-on-year.
Japan High Court Denies Lawmaker’s Appeal in IR Bribery Case
Japan’s Supreme Court has rejected an appeal by Tsukasa Akimoto, a one-time House of Representatives member convicted of bribery in 2021.
In 2017-18, Akimoto accepted bribes from Chinese online gaming firm 500.com, which hoped to acquire one of the country’s first integrated resort (IR) licenses. At the time, he was deputy minister of the cabinet office in charge of IRs.
Akimoto was sentenced to four years behind bars and fined JPY7.6 million (US$48,000). On Dec. 18, according to the Japan Times, Justice Masaaki Oka upheld his conviction and punishment, as well as that of his former policy aide Akihiro Toyoshima, who was sentenced to two years in prison for conspiracy.
Star Gold Coast CEO Resigns After Less Than 100 Days
Australian operator Star Entertainment announced Dec. 13 that Mark Mackay, CEO of Star Gold Coast, has resigned effective immediately. Mackay was appointed to the role Sept. 9, meaning his tenure lasted less than 100 days. Star CEO Steve McCann offered a short comment on Mackay’s resignation: “We thank Mark Mackay for his assistance and wish him well for the future.”
The announcement comes soon after the Queensland state government said that it will defer a decision on whether to suspend the casino’s license until March 31 2025. As with Star Sydney, Star Gold Coast is accused of historic violations of anti-money laundering regulations and other mishaps. The previous CEO, Jessica Mellor, resigned in April after less than six months as CEO.
