Philippine Senator Proposes Permanent Ban on POGOs
Recently, Philippine President Ferdinand Marcos Jr. declared a ban on Philippine Offshore Gaming Operations (POGOs) with a deadline for the industry to cease operations by the end of 2024. Senator Joel Villanueva, a vocal critic of POGOs, has introduced a bill to make this ban permanent and require the industry to shut down within 30 days. The industry has been associated with numerous illicit activities such as online scams, human trafficking, and money laundering. Senator Villanueva’s proposed legislation aims to completely eliminate the industry in the Philippines.
New Zealand to Establish iGaming Regulations
New Zealand is set to implement regulations for online gambling for the first time, with a new market expected to launch by 2026. The country’s Minister of Internal Affairs, Brooke van Velden, stated that her department will oversee the regulatory framework. Licenses will be distributed through auctions, and only individuals aged 18 and above will be allowed to participate in iGaming activities. Operators will not be permitted to offer sports betting or lottery in conjunction with iGaming services. SkyCity, a prominent operator in New Zealand, expressed its support for the regulation of online casino gaming in the country.
Star Entertainment Awaits License Decision
Star Entertainment is currently awaiting a decision on its casino license for Star Sydney following the submission of the Bell Report to the NSW Independent Casino Commission. The inquiry, initiated in February, will determine the company’s eligibility to retain its license. The recent resignation of Star’s Chief Risk Officer, Scott Saunders, introduces uncertainty regarding the company’s future. The outcome of the license review could potentially result in various scenarios for Star Entertainment.
Opportunity for Investors in North Korean Casino Project
Investors have the opportunity to become involved in a casino project in North Korea by completing an unfinished skyscraper in Pyongyang. The Ryugyong Hotel, the country’s tallest building, has remained vacant since its construction was halted in 1991 due to economic challenges. North Korea currently operates two casinos exclusively for foreigners, highlighting the government’s interest in attracting foreign investment for the completion of the hotel project and casino operation.
MGM Resorts Eyes Expansion into New Markets
During a recent earnings call, MGM Resorts President and CEO Bill Hornbuckle expressed interest in exploring new markets, including Thailand, which is considering the legalization of a casino industry. Thai lawmakers are deliberating the approval of up to eight entertainment complexes as part of the proposed casino act. MGM Resorts is evaluating opportunities in Thailand through MGM China Holdings, with plans to potentially establish a presence in the country’s emerging casino market to enhance tourism and economic growth.