Asia round-up PAGCOR s new junket guide Cambodia s struggles Universal s casino plight

PAGCOR develops new guide to assess junket operators The Philippine Amusement and Gaming Corporation (PAGCOR) has introduced a new casino guide to assess fitness and undertake propriety assessments on junket operators

PAGCOR develops new guide to assess junket operators

The Filipino Amusement and Gaming Corporation (PAGCOR) has introduced a new cassino run to assess physical fitness and tackle properness assessments on junket operators.

PAGCOR has introduced its unexampled draw to fortify anti-money laundering (AML) and counter-terrorism financing (CTF) efforts in the gaming industry.

Guidelines are to follow used past a gambling casino manipulator to justice the suitability of any junket or chipwashing manipulator below gambling casino control.

Per the young regulatory order, all persons responsible for operating junkets must passing play stringent “fit and proper persons” tests. PAGCOR’s draw will go under the criteria for a lawfully flow operation through its Fit and Proper Framework.

The Philippines’ regulatory dead body has reinforced its regulatory force to decline any diligence for junket operations or pass up to O.K. persons for tonality stave roles if they are deemed unfit to make such a position.

The followers assessment criteria testament assess the suitableness of junket operators. Junkets must get a undecomposed reputation, silver dollar and integrity, competence, potentiality and financial soundness.

Junkets should over(p) a questionnaire that includes information nigh officials’ professional person background, alongside ii forms of identification and cogent evidence of a Gaming Employment Licence to turn out suitability.

Southeast Asian junkets have, inwards recent years, non only if faced financial scathe from the wallop of Covid-19 but get suffered reputationally too, next the stop of junket CEOs Chan Weng Lin and the stop and subsequent indictment of Alvin Chau.

Cambodian play manufacture sees poor H1 results

Figures from the Ministry of Economy and Finance’s Commercial Gambling Committee of Kampuchea (CGCC) experience revealed disappointing nation revenue from commercial-grade gambling, despite a administration crowd towards recommencing tourism and related economical activity.

“The commercial message play sphere depends on [tourism], especially in butt on areas with Siam and Annam that have only just latterly opened. Commercial gaming trading operations feature just resumed, leading to slacken revenue collection” Ros Phearun, Financial Industry Ministry Deputy Director, Kampuchea

According to data obtained past The Phnom Penh Post, only if 20 of o'er 200 casinos licensed on or after 2021 were in operation as of 30 June, resulting inward a nation revenue assembling of just now o'er 8% of the sum up required past budget law.

The practice of law stipulates that KHR$174.2bn (US$43.55 million) is to follow self-collected past the land from the Philippines' commercial-grade play industry.

The poor results are due to a slack economic re-start after Covid-19 and a tart autumn inward touristry numbers for the region.

Speaking to the Post, Financial Industry Ministry Deputy Director Ros Phearun said: “We’ve seen that local tourists are taking trips, but international tourism remains limited. The commercial message gambling sector depends on this, especially in butt areas with Thailand and Viet Nam that hold only when just lately opened. Commercial gambling trading operations hold simply resumed, leading to slow down revenue collection.”

The Law on the Management of Integrated Resorts and Commercial Gambling (LMCG), naturalized in November 2020, requires that casinos renew their licenses yearly.

Universal Entertainment delays Tiger Resort results

Universal Entertainment Corporation has confirmed that it will follow delaying the publication of its Q2 2022 Tiger Resort, Leisure and Entertainment results.

Universal elaborate that the former theatre director of the company, Kazuo Okada, and a grouping under his command “usurped the facility and operation” of the Tiger Resort-operated Okada Manila IR on 31 May 2022.

As Okada and his associates uphold to reside the Okada Manila, they feature failed to provide Universal with enough information, rendering them unable to disclose overture results according to the usual schedule.

Universal has committed to regaining control of the Okada Manila and reverting it to normal trading operations through sound means.

On 27 Apr 2022, the Philippine Supreme Court Second Division issued an ordering to coming back Okada to his status before his removal as Tiger Resort CEO, shareholder and chairman. Subsequently, Universal filed a move on 2 May for the Supreme Margaret Court to reconsider. This move is currently under deliberation.

Universal confirmed that one time it receives the results of the Supreme Margaret Court decision, it testament make a motion forrard with “reclaiming the Okada Manila facility.”

Universal notes that 99% of Tiger Resort's voting rights belong to Tiger Resort Asia and that its directors are recognised under Hong Kong law.

Therefore, Universal believes Okada and his collaborators violated Hong Kong law. The company intends to play outlaw charges against Okada.

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