Philippines to Plug Money Laundering Holes in Casino Sector

Philippines to Plug Money Laundering Holes in Casino Sector

The Philippines is pushing forward with plans to tighten anti-money laundering (AML) controls in its casino sector.

The country’s gambling enterprises, which are lightly managed by state-run operator-regulator PAGCOR, are currently exempt from the guidelines of its Anti-Money Laundering Act of 2001.

Representative Ben Evardone has endorsed legislation to add casinos that are philippine the powers regarding the country’s Anti-Money-Laundering Act. All that remains is always to decide on the transaction threshold that is reporting.

But the cyber heist on the Federal Reserve Bank of February this past year, drew the relaxed nature associated with the Philippine system towards the globe’s attention and severely embarrassed the country, leading to urgent calls for modification not only from lawmakers inside the Philippines but in addition from the entire world Bank.

On February fifth, hackers flooded the Fed Bank with needs for transfers totaling almost $1 billion from an account owned by the Bangladesh Bank and utilized by the us government of Bangladesh.

Around $101 million ended up being successfully withdrawn before suspicions were raised. Some $20 million of this sum had been quickly traced to Sri Lanka and recovered. The remainder ended up being transferred to Philippine bank RCBC and, from there, $46 million found its method, via a remittance company, in to the casino industry that is philippine.

Time for Change

Rep Continue reading “Philippines to Plug Money Laundering Holes in Casino Sector”

MGM Resorts Misses Fourth-Quarter Projections, but Springfield Casino Construction Ahead of Schedule

MGM Resorts Misses Fourth-Quarter Projections, but Springfield Casino Construction Ahead of Schedule

MGM Resorts posted improved fourth-quarter revenues in 2016 compared to the previous year, but the generated income fell far short of projections.

https://myfreepokies.com/pokies/

MGM Resorts CEO Jim Murren is encouraged heading in 2017 despite a disappointing fourth quarter for his company.

The Las Vegas-headquartered gaming and hospitality company reported net income of nearly $70 million for the final three months of the year. That translates to four cents per share, a far cry from the analysts’ consensus estimate of 21 cents for the quarter.

Though the company’s new property in Washington, DC, appropriately named National Harbor, brought in big money for MGM, and performance improved at the conglomerate’s 10 venues in Las Vegas and Atlantic City’s Borgata, the convention space underperformed.

Regardless of coming in well under fiscal expectations, CEO Jim Murren painted the earnings data in a rosy light.

‘The achievement of key financial and strategic milestones demonstrates our continued focus on driving profitability,’ Murren said in a release. ‘We are excited about the outlook for 2017.’

Investors on Wall Street don’t normally take the bait, and value numbers over words. Traded on the New York Stock Exchange, shares of MGM Resorts fell as much as nine percent following the financial announcement.

For the complete year, MGM generated a net income of $1.24 billion, or $1.94 per share. That’s a substantial im Continue reading “MGM Resorts Misses Fourth-Quarter Projections, but Springfield Casino Construction Ahead of Schedule”

Melco Crown Calls Sheldon Adelson’s $10 Billion Bet on Japan, Hard Rock Scrambling for Partners

Melco Crown Calls Sheldon Adelson’s $10 Billion Bet on Japan, Hard Rock Scrambling for Partners

Melco Crown Entertainment won’t be intimidated by Las Vegas Sands billionaire Sheldon Adelson’s comments this week that he’s ready to spend up to $10 billion on building a casino in Japan.

Melco Crown CEO Lawrence Ho says there’s no cap on how much his company is willing to spend on an integrated casino resort in Japan.

Hong Kong businessman Lawrence Ho, the billionaire son of Stanley Ho who held a gambling monopoly in Macau for 40 years, told reporters soon after hearing of Adelson’s pledge that his company is prepared to invest even more. During the same investor conference in Tokyo, Ho explained, ‘We’ll absolutely spend whatever we need to win.’

Japan legalized commercial casinos last fall, but hasn’t determined the specific regulations for the newly liberalized industry. The country’s parliament is working to decide how many gambling real pokies free licenses will be issued, but the general consensus is that just two properties will be authorized.

In a press release unveiling Melco Crown’s integrated resort concepts for Japan, Ho added, ‘There currently is no predetermined cap on our intended investment. I prefer not to constrain our dreams… with price tags, particularly at this early stage.’

Melco Crown Entertainment was founded in 2004 through a partnership between Melco International Development and James Packer’s Australian Crown Resorts.

Between Rock and Hard Place

With Adelson, a man w Continue reading “Melco Crown Calls Sheldon Adelson’s $10 Billion Bet on Japan, Hard Rock Scrambling for Partners”

Seminole Tribe Contests Judge Ruling on Slots-Like Free Pokies On Line Gaming Machines

They also noted that the installing of the gaming devices ought to be viewed as gambling expansion. Icahn that they could present evidence of Mr. The Blue that is controversial Sky 67 machines were bought at different facilities across Florida following a Department of company and Professional Regulation probe. Rick Scott as well as other top lawmakers arguing that Judge John Cooper’s decision violated a 2010 video gaming compact, under which the Seminoles were the only real operator of slot machines free online pokies win real money outside South Florida. Former Dean Foods Chairman, Thomas Davis, had allegedly supplied the greens owner with guidelines that helped him pokies online free enhance his trading advantage.

Walters being involved in trading of Apple shares during that year after acquiring insider information that had allegedly been conveyed to him. It has recently became known that Florida-headquartered caf&eacute and casino; string operator complex Rock Overseas would buy the shuttered property. The two new gambling bills one considered inside your home, one other within the Senate function provisions that would influence the tribe’s future exclusivity over casino games.

The tribe annually pays a particular portion of its video gaming income to your state in return for free pokies in australia the right that is exclusive run different casino games. Walters has presumably been taking advantage of insider information while dealing shares of various organizations. In accordance with Judge Cooper, no skill or possibility is needed in order for visitors to play and so they cannot change the result in virtually any real means possible. The tweet in question was referred to as a signal that is possible of. Despite Mr.

He’s got committed to several casino properties over time. Back in 2011, Mr. The home bill passed away a committ Continue reading “Seminole Tribe Contests Judge Ruling on Slots-Like Free Pokies On Line Gaming Machines”