Thailand Continues to Tweak Casino Bill
Thailand’s Entertainment Complex Bill, which would introduce casino resorts in up to five locations around the country, continues to progress through legislative channels on its way to parliament.
According to the Bangkok Post, the Council of State, a governmental advisory body, supports a provision of the bill limiting casinos to 10 percent of floor space. The resorts—up to five to start—would also include non-gaming attractions such as hotels, entertainment centers and theme parks.
An online gambling component is also on the table. On Feb. 15, the government opened a two-week public comment period on iGaming.
Digital Economy and Society (DES) Minister Prasert Jantararuangtong told the Post that online gambling would “regulate underground gambling operations, bringing them into the legal framework and ensuring proper taxation.”
Critics of the bill warn of the social ills that can accompany casino gambling. Chittawan Chanagul, economics lecturer at Kasetsart University, said casinos in developing countries have brought “crisis levels of corruption,” leading to “money laundering, murder, rape, ransom.”
Supporters point to the potential benefits. According to the Singapore Business Times, a Citigroup report published last November said an established Thai gaming industry could haul in up to $9.1 billion in revenue per year, making it the third-largest market in the world after Macau and Las Vegas.
MGM China Seeks Billions to Finance Macau Growth
MGM China Holdings Ltd., which announced record revenue for 2024, is reportedly seeking $2 billion (HK$15.5 billion) in financing to fund a major expansion in Macau.
Sources close to the company told Bloomberg that the company has approached a dozen banks in search of a syndicated loan with a five-year Hong Kong dollar-denominated facility. It would be the group’s first syndicated loan since the Covid-19 pandemic.
On Feb. 12, U.S.-based parent MGM Resorts International posted $17.24 billion in consolidated net revenue, a new record. CEO Bill Hornbuckle credited “record performance” from MGM China. Revenue from the Asian subsidiary rose 27.6 percent to $4.02 billion, the second-biggest slice of the revenue pie after the Las Vegas Strip.
“In Macau, we achieved the best full-year segment-adjusted EBITDA in the history of MGM China,” Hornbuckle added. “We continue to be a high-performing outlier in the market with exceptional execution by the team.” MGM China commanded about 15.8 percent of market share for the year, up from about 10 percent before the pandemic.
Hong Kong Considers Legal Hoops Betting
Hong Kong’s 2024/25 budget, released Feb. 26, included a plan for legal wagers on basketball. The move would help the Chinese special administrative region (SAR) address a whopping budget deficit of more than $128.6 million (HK$100 billion). That’s more than twice the figure projected at the start of 2024.
In his annual budget speech, Hong Kong Finance Secretary Paul Chan said legal basketball betting could add HK$2 billion (US$257.2 million) to government coffers annually. It would also “combat illegal betting activities in an effective manner,” he said. But a similar proposal went down to defeat last year.
Hong Kong bettors may now legally wager on horse racing, football matches and public lotteries, all run by the Hong Kong Jockey Club. According to the South China Morning Post, the HKJC will soon submit a proposal to add NBA betting.
Philippines Exits FATF ‘Gray List’
The Philippines is no longer on the Financial Action Task Force (FATF) “gray list” of jurisdictions at higher risk for financial crimes.
The country was added to the list in June 2021. Since then, it has reinforced its anti-money laundering (AML) and counter-terrorism financing (CFT) safeguards; used AML/CFT controls to mitigate risks associated with casino junkets; and employed fraud-detection technologies to detect financial crimes. It has also increased investigations and prosecutions of such crimes.
The Philippines Anti-Money Laundering Council (AMLC) said the delisting “strengthens the country’s position as an attractive destination for foreign direct investment.”
PAGCOR Warns of Scammers Impersonating Executives
The Philippine Amusement and Gaming Corp. (PAGCOR) has learned of a scam in which fraudsters are “impersonating its top executives to deceive individuals and businesses.” The actors are contacting individuals and businesses pretending to be PAGCOR CEO Alejandro Tengco and COO Wilma Eisma.
The impostors say they have the power to issue gaming licenses and accreditations in the market. “These fraudulent schemes pose a serious risk to the public,” said Tengco. He asked the public to report questionable claims, “especially those that promise financial windfalls.”
