Gambling and Gaming Industry

[Monchhichi]

Okada's company mulls legal action vs Reuters
Reuters says it stands by its stories

MANILA, Philippines (UPDATE) - Japanese billionaire Kazuo Okada's Universal Entertainment Corp. on Tuesday said it is mulling legal action against Reuters for its report alleging it funnelled millions of dollars to an ex-consultant of the Philippine Amusement and Gaming Corp. (Pagcor).

In a statement, Universal Entertainment denied allegations made in a Reuters report that it gave payments to officials of Pagcor for its casino business in the Philippines. It slammed Reuters for "misrepresenting" and "ignoring" the facts in two reports published on November 16 and 30.

"Their (Reuters) stories contain misrecognition of facts and biases that could have been easily avoided had Reuters engaged in fair and appropriate reporting. Reuters has reported that our corporate group has given the massive sum of US $40 million to the government and other related institutions between December 2009 and May 2010 in our Philippines' business. This is a clear misrecognition of the facts," the company said.

Reuters, however, said its stories on Universal were fair. "Our stories are accurate and fair and we stand by them and our reporting," said a Reuters spokesperson.

Reuters reported last November 30 that Universal Entertainment gave at least $30 million to Rodolfo Soriano, a former Pagcor consultant, in 2010. Soriano, who had close ties with members of the Arroyo administration, allegedly received the payments as Universal Entertainment was lobbying for tax and other government concessions for its $2 billion casino development.

"Reuters' reporting is full of malice and our company firmly objects to this. We believe that Reuters should be fully held to account legally for the damage brought about through their biased reporting, and we are exploring the possibility of taking legal actions against them," Universal Entertainment said.

Universal Entertainment said it has already submitted details of its Philippine business transactions to the Nevada gaming authorities.

Universal, a manufacturer of gaming machines, further noted that Reuters received the "unfavorable" information from ligitants involved in its legal dispute, including Wynn Resorts.

The Philippine government is investigating the allegations of payments made by Universal Entertainment to Soriano. Authorities have threatened to revoke Universal's casino license if investigators find evidence of bribery.

Universal said its compliance committee had already reported about its business in the Philippines to Nevada gaming authorities and that it was "certain that the facts of this case will be brought to light in the near future".

Universal, majority owned by Okada and his son through a family trust, has filed lawsuits against three former employees of the Universal group for $15 million of the payments, claiming they made the money transfers without proper authorization. - With Reuters
http://www.abs-cbnnews.com/business/...ion-vs-reuters

[InfinitiFX45]

Who’s afraid of Kazuo Okada?
Counterpoint by Alvin Capino
Manila Standard Today | Friday | Posted on Dec. 07, 2012 at 12:01am

Perhaps “afraid” is not the best adjective to describe the people and groups behind what appears to be an orchestrated and well-funded attack against billionaire Japanese casino magnate Kazuo Okada, chairman of Universal Entertainment Corp.

It would seem that the all-out demolition campaign against Okada is being made not so much because the people behind are afraid of Okada but because they want to destroy his credibility in order to derail his $2.5-billion casino and entertainment center project in the Philippine Amusement and Gaming Corp. (Pagcor) Entertainment City.

Okada’s Tiger Resort Leisure and Entertainment Inc. is one of the four groups that obtained a license to operate a casino in Pagcor’s Entertainment City.

Underscoring the intensity of the anti-Okada campaign is the fact that two simultaneous investigations are being conducted at the House of Representatives on allegations of bribery of millions of dollars by Okada to former Pagcor consultant Rodolfo Soriano, who is identified with ex-Pagcor chairman Efraim Genuino.

Two simultaneous probes at the House of Representatives for the same issue is rare if not unprecedented but what is even more bewildering is that the Senate, at the initiative of Sen. Koko Pimentel, is also making a separate investigation of the same alleged Okada bribery issue.

Read More: http://manilastandardtoday.com/2012/...f-kazuo-okada/

[xxxriainxxx]

Originally Posted by InfinitiFX45

Who’s afraid of Kazuo Okada?
Counterpoint by Alvin Capino
Manila Standard Today | Friday | Posted on Dec. 07, 2012 at 12:01am

Perhaps “afraid” is not the best adjective to describe the people and groups behind what appears to be an orchestrated and well-funded attack against billionaire Japanese casino magnate Kazuo Okada, chairman of Universal Entertainment Corp.

It would seem that the all-out demolition campaign against Okada is being made not so much because the people behind are afraid of Okada but because they want to destroy his credibility in order to derail his $2.5-billion casino and entertainment center project in the Philippine Amusement and Gaming Corp. (Pagcor) Entertainment City.

Okada’s Tiger Resort Leisure and Entertainment Inc. is one of the four groups that obtained a license to operate a casino in Pagcor’s Entertainment City.

Underscoring the intensity of the anti-Okada campaign is the fact that two simultaneous investigations are being conducted at the House of Representatives on allegations of bribery of millions of dollars by Okada to former Pagcor consultant Rodolfo Soriano, who is identified with ex-Pagcor chairman Efraim Genuino.

Two simultaneous probes at the House of Representatives for the same issue is rare if not unprecedented but what is even more bewildering is that the Senate, at the initiative of Sen. Koko Pimentel, is also making a separate investigation of the same alleged Okada bribery issue.

Read More: http://manilastandardtoday.com/2012/...f-kazuo-okada/

Kailangan yata ni Koko Pimentel pandagdag ng election funds.

[red_jasper]

Okada cites Cybercrime law in libel suit vs Wynn in Manila
BY RAPPLER.COM
POSTED ON 12/14/2012 7:51 AM | UPDATED 12/14/2012 8:30 AM

The company of controversial Japanese billionaire Kazuo Okada filed Internet libel case versus his partner-turned-bitter foe, Steve Wynn, in Manila for "maliciously" leaking to the press a report adversarial to Okada.

In a December 13 disclosure to the Japanese stock exchange, Okada-led Universal Entertainment Corp. said the group filed criminal complaint against Wynn, chairman of Wynn Resorts where Okada was vice chair and biggest shareholder, at a local court in Parañaque City.

The case cited the controversial Cybercrime Law.

Aside from Universal, the other complainants are Philippine-based Tiger Resort Leisure and Entertainment, Inc. and Nevada-based Aruze USA Inc.

This case is the latest of the cases the group of Okada has filed amid legal battle between him and Wynn following his $2-billion project at the Pagcor Entertainment City, an upcoming casino and entertainment complex at the Manila Bay that the is hoped to put the Philippines in the world gambling map.

Full story here

[TambayBlues]

Berjaya slams PCSO over rival’s Luzon foray


Berjaya Phils Inc. is now in a combative mood over the Philippine Charity Sweepstakes Office (PCSO)’s decision to allow a competitor into its lotto turf in Luzon.

Berjaya is also accusing the government agency of pressuring the company to lower its asking rates while favoring competitor Pacific Online Systems Corp., whose contract is set to end by March next year.

“Philippine Gaming Management Corporation (PGMC) is set to take all the necessary legal steps to thwart the efforts of the Philippine Charity Sweepstakes Office (PCSO) to financially weaken the company and allow Pacific Online Systems Corp. to enter PGMC’s exclusive Luzon territory without any bidding,” said the company in a statement.

PGMC is the lotto operating unit of Berjaya, a unit of Malaysia’s Berjaya Group.

Jose Bernas, PGMC legal counsel, said PCSO, under its present management, has been “relentless in its efforts to bring PGMC down, demanding us to reduce the rental rates on the lotto equipment we provided PCSO by as much as 50 percent, but giving Pacific Online, our competitor, better deals at our expense”.

Bernas said local shareholders need to know that PCSO, led by its chair, Margarita Juico, has put in jeopardy their investments through various “illegal measures”.

“We have all the documents to prove our allegations and we are now prepared to go all out to expose what PCSO has been doing against a foreign investor and its local shareholders. We are doing this after exhausting all means to resolve these issues with the present PCSO,” he said.

In 1993, PGMC won the bidding to provide the lottery equipment for the whole Philippines to the PCSO. However, the government decided to award the losing bidders, now known as Pacific Online, the Visayas-Mindanao territory. PGMC was given only Luzon as its exclusive territory.

PGMC’s current contract with PCSO ends in August 2015; Pacific Online’s contract will expire in March next year.

“However, since Pacific Online was allowed to install at least 600 terminals in Luzon since last June, it has in effect been awarded Luzon, PGMC’s exclusive area, and its contract extended without any bidding,” Bernas said.

“You now have a situation where the losing bidder, whose contract expires in a few months, has effectively been given the whole country on a silver platter. The real winner, PGMC, is about to lose even Luzon,” Bernas said.

Bernas explained that PCSO “told” PGMC early this year to reduce its rental rates from 10 percent – which is in effect under its present contract until 2015 – to 6.5 percent. Later, PCSO revised its dictated rate reduction to 7.85 percent and demanded that PGMC absorb the paper cost, currently borne by PCSO, which is equivalent to 1.5 percent, effectively demanding that PGMC lower its rate to 6.35 percent from 10 percent.

In contrast, Pacific Online was made to lower the rentals on its existing terminals in Visayas-Mindanao to only 9.85 percent. In addition, Pacific Online was allowed to enter Luzon, PGMC’s territory, supplying machines at 7.85 percent rent without the cost of paper. Its contract was also extended indefinitely beyond March 2013.

“PCSO has performed terribly over the past two years, generating reduced revenues because it has focused its attention on schemes to wear down PGMC and favor Pacific Online. We will harness all means necessary to address PCSO’s illegal acts,” he said.

A Makati court in July issued an injunction against the PCSO-Pacific Online deal. “The court resolves to grant the application for the issuance of a writ of preliminary injunction... Resolution 445 technically indicated that a public bidding for the operation of the On-Line Lottery System was conducted and that the same was awarded only to one bidder, and that is PGMC. It is bolstered by the approval and execution of the equipment lease agreement (ELA) and the amended ELA, where it clearly states that PGMC has exclusive lease rights over the online lottery equipments and software support of PCSO in Luzon,” said the order penned by Rommel O. Baybay of Makati Regional Trial Court branch 143.

Pacific Online officials earlier distanced itself from the issue, saying it’s a case between PCSO and PGMC.

[RonnieR]

Anonymous Poker Series coming from Bodog Poker Network

24 December 2012

The Bodog Poker Network has announced that it will be celebrating the creation of its bespoke Asian network throughout 2013 with a series of qualifying poker tournaments awarding seats into a special $100,000 grand final set for Manila.

Called the Anonymous Poker Series, this sequence of live and online qualifying games has been designed to showcase the Bodog Poker Network’s product offering and is to conclude in January of 2014 in the Philippines

http://www.igamingbusiness.com/conte...-poker-network

[bayangbaryo]

Philippines positioning itself as Asia's next gaming hub

Part 1 of 3



MANILA: Gaming destinations like Macau and Singapore are set for competition from the Philippines, once its new sprawling gaming complex becomes fully operational in 2016.

In this three-part series, Channel NewsAsia looks at how the Philippines is trying to position itself as Asia's next gaming hub.

Round-the-clock construction for a massive casino complex is underway in the heart of Manila.

Located just 15 minutes from the airport, the 120-hectare gaming and entertainment centre - called Entertainment City - is Manila's answer to the Las Vegas Strip.

Mr Francis Hernando, Vice President of the Philippine Amusement and Gaming Corporation, said: "Essentially what it is, it's more of a tourist destination and less, hopefully, of a gaming destination. And for that matter, we have mandated that over 90 per cent of all the offerings within Entertainment City should be non-gaming related. So, it should heavily be based on entertainment, shopping, retail and obviously the accommodations."

The government hopes the sprawling complex will bring in one million tourists a year, and add to the overall goal of 10 million tourists by 2016.

Though the Philippines still has a long way to go compared to Las Vegas, Macau and Singapore, the government believes that with the right blend of private sector investment and improvements in tourism infrastructure, the Philippines would be able to get a 10 percent slice of the world's gaming pie in a few years time.

The Philippines' gaming industry is projected to earn around US$2 billion in revenue this year, and the government is confident that it can reach US$10 billion by 2016.

Mr Hernando added: "I don't think it is being realistic to set our sights on Macau. Macau, with its between US$35-US$40 billion capacity annually, is just too far ahead. Secondly, Macau is really gaming-focused and that is not the direction we wish to take. Macau is not something that we are hoping to overtake, if that's the question.

"Singapore would probably be a closer model to what we would like to achieve, where there is a good balance between general tourism and gaming."

To do that, the government is planning to build four integrated resorts in the Entertainment City, with the help of four private companies.

[bayangbaryo]

Licences for private investors to develop Philippines' gaming complex

Part 2 of 3



MANILA: With the Philippines aiming to become the region's next gaming hub, the government has granted licences to private investors to help develop its 120 hectare sprawling gaming complex.

One of the investors is Enrique Razon Jr - the country's third richest man.

In this second of a three-part series, Mr Razon explains why he is betting on the Philippines gaming industry.

With only months to go to the opening of his 8.3 hectare Solaire Resorts and Casino development, shipping tycoon Enrique Razon Jr believes the Philippines can become the region's next gaming capital.

Enrique Razon Jr, Chairman and President of Bloomberry Resorts Corporation, said: "The Philippines has more to offer actually than places like Macau and others. There's many things to see here, and we're coming from a very low base of visitors. Well, it's a tourist destination that has world-class gaming, so there's something for everyone. That's really what it has to end up as, not just a gambling, which is what Macau is."

The 52-year-old shipping tycoon believes gaming will be a major boost to the country's tourism industry, making it one of the main engines for growth in the Philippines.

Mr Razon said: "I have always been interested in getting into the tourism business but I wanted to do it in a way that will be very competitive for Asia and make the Philippines compete in what really is what's attracting the vast majority of tourists now - gaming, world class gaming. So when that opportunity arose, that's when I decided to get into the tourism business through the gaming avenue."

The Philippines' favourable tax rate on gaming by foreigners is also likely to attract the growing Asian gaming market.

Revenues from gaming from foreigners are charged a tax rate of 15 percent, compared to Macau's 39 percent.

Mr Razon said: "We have a lower gaming tax which can be used and translated into an advantage financially and attracting players from, say, China, Taiwan, Indonesia or Thailand. Better tax rates, Filipino service is known globally. You just go to any first-class hotel in the Middle East or even in Macau and you run into Filipinos, and we've been able to get a lot of Filipinos coming back from Macau and Singapore to work in Solaire. This will be a game changer and we'll attract more and more investment into tourism here."

As the first casino to open in Manila's Entertainment City, Solaire Resorts and Casino aims to set the pace in positioning the Philippines as a prime destination for Asian high-rollers. Solaire aims to provide an unparalleled gaming experience when it opens its doors to the public in the first quarter of 2013.

And even before that, the port mogul is eyeing more casino ventures across the country, after investing US$1 billion into the integrated casino resort.

[bayangbaryo]

Philippines aims to attract more private investors to its gaming industry

Part 3 of 3



MANILA: More and more private investor attention is focusing on the Philippines, as the country aims to become the region's premier gaming hub.

In the third and final part of the series, Channel NewsAsia finds out how foreign investors are beginning to cash in on the country's gaming industry.

It was an auspicious opening to mark the third phase expansion of Resorts World Manila.

When it opened its doors in 2009, the 25-hectare integrated resort was the country's first privately-operated casino.

With the success of Resorts World Manila, travellers international hotel group is now embarking on a bigger and grander integrated resort complex development, investing US$550 million into the project. It is expected to be completed by 2016.

At 31 hectares, Resorts World Bayshore will comprise about a quarter of the 120-hectare Entertainment City site, an attraction that the government hopes will be the Philippines' answer to the Las Vegas strip.

Mr Kingson Sian, President of Resorts World Manila, said: "Our first year will probably have two million visits, not visitors, visits, some of them multiple visits. The following year we had four million, this year we'll probably hit around seven million visits, so its been growing quite nicely."

Proponents of Resorts World believe that with the Philippine government's support, more and more investors will be tempted to place bet and take a stake in the country's gaming industry.

Last year, Resorts World reported a net income of about US$98 million, a 50 per cent increase over its 2010 figure.

Mr Sian added: "We truly believe the potential in the Philippines as I mentioned those ingredients for success - location, ability to speak English, our natural hospitality, our ability to entertain because we're natural entertainers, and at the end of the day when the tourists come, truly, the tag line of it is more fun in the Philippines."

Fun or not, investors like to play the odds when the risk is low and the returns are high.

And with observers predicting the Philippines gaming industry will grow to some US$10 billion by 2016, the odds do seem rather favourable.

[InfinitiFX45]

'Dirty money laundered in casinos, real estate'
by ABS-CBNnews.com | Monday | Posted at 01/07/2013 10:34 PM | Updated as of 01/07/2013 10:54 PM

MANILA, Philippines - Criminal syndicates are buying real estate and jewelry as well as go to casinos in the country to launder "dirty money," Senator Teofisto "TG" Guingona said Monday.

Guingona, in a press statement, said this should be addressed by passing Senate Bill 3123, which strengthens the existing Anti-Money Laundering Law in the country.

He cited an a new International Monetary Fund (IMF) report that shows money laundering, terrorist financing and related crimes can undermine the stability of a country’s financial system.

“How we deal with money coming from possibly illegal transactions affect investors’ perception on whether or not we have a safe banking system. A weak anti-money laundering legal framework discourages legitimate banking activities and invites instead criminals who seek to make the Philippines a safe haven for their unlawfully acquired money,” Guingona said.

He said inflows of “hot money” in the country’s various financial institutions can also undermine the country's economy.

The IMF, in its December 14, 2012 report, states that policy making could be put to test as illegal money would most likely remain unaccounted for and affect the government data.

“SBN 3123 serves to reinforce our country’s Anti-Money Laundering legislative measures. It ultimately addresses the noted deficiencies in the Philippines’ legal framework with regard to anti-money laundering, by making our state fully compliant with international standards,” Guingona said.

The Senate bill eyes the expansion of “covered institutions” such as casinos, real estate agents, dealers in precious metals/stones, foreign exchange corporations, money changers, and pre-need companies.

“There is a need to monitor possible money laundering activities in other institutions. More and more, 'dirty money' are being laundered by betting in casinos, buying jewelries and later on reselling them, and converting unlawfully acquired funds into real estate properties,” Guingona said.

It also proposes to expand the list of unlawful activities including terrorism, conspiracy to commit terrorism, bribery, fraud and illegal transactions.

Likewise, it also extends the definition of money laundering as a crime where it outlaws the proceeds of illegal activities that are transacted, converted, transferred, disposed of, moved, acquired, possessed, used, concealed or disguised.

The bill is expected to be tackled in the plenary once the Senate resumes session on January 21.

Guingona urged his colleagues to fast-track the measure.

The Financial Action Task Force (FATF) is set to meet again on February 2013 where it will tackle the fate of the Philippines if the measure is not approved by then, he said.

Aside from being blacklisted as a result of the non-approval of the measure, some of the adverse consequences of being blacklisted include stricter scrutiny of remittances from overseas Filipino workers (OFWs) and equally stringent processing of financial transactions that involve Filipinos or Filipino corporations, he added.

These result in severe delay and may negatively impact the Philippine economy in the long run, Guingona warned.

Source: http://www.abs-cbnnews.com/nation/01...os-real-estate

[Monchhichi]

Rosy future for PH gaming sector - Fitch Ratings

MANILA, Philippines - The gaming sectors of the Philippines and Vietnam are expected to “ramp up materially” in the next few years as Fitch Ratings reiterated its rosy outlook on the Asia-Pacific gaming sector amid possibly new competition from countries in North Asia.

In a January 16 commentary, Fitch Ratings said Japan and other developed Asian economies would likely come up with gaming liberalization measures although Southeast Asia will still follow a growth pattern akin to casinos in the US over the last 20 to 25 years.

“Gaming expansion tends to be contagious, albeit lumpy, in its trajectory. Passage of gaming initiatives is fueled by multiple years of political backing, competition from nearby markets that results in potential tax dollars being siphoned to other jurisdictions and increased social acceptance,” it added.

“Additionally, we expect the Philippines and Vietnam gaming markets to ramp up materially over the next few years, and South Korea and Taiwan have also been considering gaming liberalization measures,” Fitch Ratings said.
http://www.abs-cbnnews.com/business/...-fitch-ratings

[Monchhichi]

Property consultant bullish on Philippine gaming prospects

MANILA - A property consultancy firm is bullish on tourism and the gaming industry as two integrated casino projects at the reclaimed Manila Bay area begin operations this year.

Victor Asuncion, CB Richard Ellis Philippines Inc executive director, said the market will closely watch how Bloomberry Resort Corp and Belle Corp will fare when they open their respective casino projects this year.

Owned by port operator Enrique Razon, Bloomberry will build the Solare Manila. Henry Sy-led Belle, meanwhile, will put up the Belle Grande.

"We want to see how foreign market of gamers will respond. This is the first conscious international effort of the Philippines to be known as a gaming destination," Asuncion said.

The Philippines hopes to ride on the gaming boom in Asia with the Entertainment City project of state-owned Philippine Amusement and Gaming Corp (Pagcor), which expects to generate $10 billion in revenues when all four casinos in the reclaimed area become operational by 2016.

"There will be birth pains so we're trying to be as sensitive as possible in terms of location, construction requirements like the airports, the roads, hotel. We will succeed but there are certain issues we have to deal with as we go along. When we reach that certain stability then we can capture a share of the market," Asuncion said.

Next year, the partnership between Gokongwei-owned Robinsons Land Corp and Universal Entertainment of Japanese billionaire Kazuo Okada will launch the Manila Bay Resorts.

Resorts World Bayshore, a joint venture between Andrew Tan-led Alliance Global Group Inc and Genting Hong Kong Ltd, will roll out by 2016, completing the four casino projects at Pagcor's Entertainment City.

In a separate interview, Rick Santos, CBRE chairman and founder, said the Philippines is the "New Vegas" as well as the "Macau" in leisure and gaming in Southeast Asia, adding that Manila is in a good position to challenge both casino meccas in revenues in the next five years.

"I think the Philippines is perfectly suited to put up the sales and catch the wind in tourism," Santos said.

While Macau and Singapore have solidified their presence in the Asian gaming scene, there is plenty of room for the Philippines since it is not as expensive as the two other destinations.

"In terms of location, we are geographically centered. Most of the people running the casinos and a lot of the people providing back office for hotels and casinos are from the Philippines. It will be a more cost effective gaming destination. In case you come here for gaming, you can experience the beauty of the Philippine islands, the country, the culture and the food. They will enjoy the entire Philippine experience," Santos said.
http://www.interaksyon.com/business/...ming-prospects

[hakz2007]

[pintakasi]

i hear that bloomberry is poaching the employees of pagcor and resortsworld left and right. the offered compensation is said to be too juicy to set aside

[xxxriainxxx]

Originally Posted by pintakasi

i hear that bloomberry is poaching the employees of pagcor and resortsworld left and right. the offered compensation is said to be too juicy to set aside

Old story na yan. 50% of their workforce comes from Pinoys overseas other half are fresh grads accdg to one interview.

[pintakasi]

^ganun nga dinig ko.

one thing that makes me wonder though is how stanley ho would've changed the gaming landscape here if his almost entry during erap's time wasn't waylaid. in the end, he's coming over din pala

[xxxriainxxx]

Originally Posted by pintakasi

^ganun nga dinig ko.

one thing that makes me wonder though is how stanley ho would've changed the gaming landscape here if his almost entry during erap's time wasn't waylaid. in the end, he's coming over din pala

I like this devt under PNoy, more transparency.

[hakz2007]

PH casinos to report all gambling activities of suspected money launderers if bill becomes law

MANILA, Philippines - All casino operators in the country would be required to report the gambling activities of suspected money launderers to the Anti-Money Laundering Council (AMLC) if a bill against people who conceal the sources of their illegally gotten money becomes law, according to Senate president Juan Ponce Enrile.

In a radio interview on Sunday, Enrile said he had included a provision in the Anti-Money Laundering amendatory bill a requirement for operators to report all the activities of suspected money launderers in casinos regardless of the amount involved in their gambling activities.

Read more

[Monchhichi]

Wynn Resorts sets vote to oust Okada from board
WASHINGTON—Gaming giant Wynn Resorts called on shareholders Monday to eject Japanese tycoon Kazuo Okada from the Wynn board of directors in a special vote scheduled on Feb. 22.
Wynn Resorts recalled that its board had previously deemed Okada “unsuitable” after a lengthy investigation found evidence that Okada and his partners violated anti-corruption laws in their dealings with Philippine officials.
“We are confident our shareholders understand the importance of removing him on February 22,” the Las Vegas-based company said in a statement.
Wynn, meanwhile, said the Nevada Gaming Control Board had deemed “unfounded” Okada’s claim that Wynn Macau Ltd.’s $135-million donation to the University of Macau was improper.
The chairman of the NGCB, A.G. Burnett, told AFP that an “extensive” probe of Okada’s allegations revealed “there are no Nevada regulatory violations.”
In March 2012, Okada, formerly a close partner of Wynn founder Steve Wynn and a major Wynn Resorts shareholder, questioned the company’s use of tens millions of dollars in pursuit of a gaming license in Macau.
He also accused Wynn Resorts’s board of directors of not being objective or independent.
But on Monday the US casino operator said it had made progress in combating what it called Okada’s “ongoing smear campaign.”
Wynn Resorts said it had gained the support of a leading proxy firm, Institutional Shareholder Services, for the removal of Okada at the Feb. 22 vote.
The company also said the federal court of Nevada had approved its request for dismissal of a shareholder complaint that was based on Okada’s allegations because of an “insufficient legal basis.”
But Wynn Resorts would not comment on whether the company was still under investigation by the US Securities and Exchange Commission over its Macau activities.
In February 2012, Wynn Resorts revealed in an SEC filing that the SEC had opened an “informal inquiry” related to the University of Macau donation.
Contacted by AFP Monday, the SEC as a matter of policy would not confirm or deny the existence of an investigation.
Last year Okada, head of Universal Entertainment, accused Steve Wynn and his allies on the board of forcing him out as a director and major shareholder “to enrich themselves.”
http://business.inquirer.net/105907/...ada-from-board

[JmSepe]

Originally Posted by bayangbaryo

Philippines positioning itself as Asia's next gaming hub

Part 1 of 3



MANILA: Gaming destinations like Macau and Singapore are set for competition from the Philippines, once its new sprawling gaming complex becomes fully operational in 2016.

In this three-part series, Channel NewsAsia looks at how the Philippines is trying to position itself as Asia's next gaming hub.

Round-the-clock construction for a massive casino complex is underway in the heart of Manila.

Located just 15 minutes from the airport, the 120-hectare gaming and entertainment centre - called Entertainment City - is Manila's answer to the Las Vegas Strip.

Mr Francis Hernando, Vice President of the Philippine Amusement and Gaming Corporation, said: "Essentially what it is, it's more of a tourist destination and less, hopefully, of a gaming destination. And for that matter, we have mandated that over 90 per cent of all the offerings within Entertainment City should be non-gaming related. So, it should heavily be based on entertainment, shopping, retail and obviously the accommodations."

The government hopes the sprawling complex will bring in one million tourists a year, and add to the overall goal of 10 million tourists by 2016.

Though the Philippines still has a long way to go compared to Las Vegas, Macau and Singapore, the government believes that with the right blend of private sector investment and improvements in tourism infrastructure, the Philippines would be able to get a 10 percent slice of the world's gaming pie in a few years time.

The Philippines' gaming industry is projected to earn around US$2 billion in revenue this year, and the government is confident that it can reach US$10 billion by 2016.

Mr Hernando added: "I don't think it is being realistic to set our sights on Macau. Macau, with its between US$35-US$40 billion capacity annually, is just too far ahead. Secondly, Macau is really gaming-focused and that is not the direction we wish to take. Macau is not something that we are hoping to overtake, if that's the question.

"Singapore would probably be a closer model to what we would like to achieve, where there is a good balance between general tourism and gaming."

To do that, the government is planning to build four integrated resorts in the Entertainment City, with the help of four private companies.

This is good news. Sa susunod baka may Harrah's Entertainment na tayo dito and other casino businesses based in Las Vegas.