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 casinos, which are lightly managed by state-run operator-regulator PAGCOR, are currently exempt from the rules of its Anti-Money Laundering Act of 2001.

Representative Ben Evardone has endorsed legislation to add Philippine casinos under the powers for the nation’s Anti-Money-Laundering Act. All that remains is always to determine the transaction threshold that is reporting.

But the cyber heist on the Federal Reserve Bank of February a year ago, drew the relaxed nature of this Philippine system towards the world’s attention and severely embarrassed the country, leading to urgent demands modification not only from lawmakers inside the Philippines but in addition from the planet Bank.

On 5th, hackers flooded the Fed Bank with requests for transfers totaling almost $1 billion from an account owned by the Bangladesh Bank and used by the government of Bangladesh february.

Around $101 million was successfully withdrawn before suspicions were raised.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

Time for Change

Representative Ben Evardone, chairman associated with committee on banks and intermediaries Continua a leggere

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.

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 Continua a leggere

Sutton United’s Roly-Poly Pie-Eating Goalie Investigated by Gambling Commission



Sutton United’s inspirational ‘giant-killing’ run in English soccer’s prestigious FA Cup came to an end on Monday night when they crashed out in the Fifth Round to Arsenal, losing a respectable 0-2 to a team of multi-millionaires ranked 105 places above them.

Wayne Shaw eats a pie during the Fifth Round of the FA Cup against Arsenal on Monday. Why all the fuss? One overweight goalkeeper’s pie has come to represent the very integrity of the soccer itself. (Image: BBC)

For the semi-professional minnows, languishing near the bottom of the fifth tier, it’s a fairytale to tell their grandkids.

It would be a shame, then, if this fairytale was forever overshadowed by the image of a large man eating a pie.

Wayne Shaw is Sutton’s 300 pound reserve goalkeeper, a man of unusual girth for a soccer player, whose pie-eating antics have caused a storm of controversy and prompted a investigation by the UK Gambling Commission.

The Football Association is considering taking action against the goalkeeper, and on Wednesday, reacting to the criticism, Shaw swallowed some humble pie and announced he would quit.

But what harm is there in eating a pie, other than to your cholesterol levels, you may ask.

The plot thickens when we learn that SunBets, the betting arm of tabloid newspaper The Sun, was offering 8-1 against such an event occurring during the match.

Who Ate All the Pies?

But first, some cultural context for non-UK rea Continua a leggere

William Hill’s Largest Shareholder Demands Purchase of Gambling Company



William Hill is once again at the center of merger speaks, but this time the business’s shareholder that is largest wants it to be the prospective of a takeover.

William Hill is allegedly back on the trading blocks after the company’s chief stakeholder reportedly called for the group to find a potential buyer.

Parvus resource Management, a London-based hedge fund that controls 14.3 percent for the UK bookmaking and gambling company, is apparently pushing William Hill to accept a qualified takeover.

According to The Sunday circumstances, A british weekend newspaper, Parvus believes William Hill should look to be obtained by, or merged with, another leading gambling firm that is online. Potential suitors include GVC Holdings, as well as 888 Holdings and The Rank Group, the two latter which tried to buy William Hill summer that is last.

Both Parvus and William Hill declined to comment, but speculation is operating rampant in the united kingdom as a result of hedge investment’s considerable power.

Started in 1934 by the company’s namesake, William Hill employs some 16,000 people today. The bookmaker has 2,370 real betting shops over the UK, which compliments its online gaming network.

Up to Parvus

It was only last October that the investment team publicly blasted William Hill’s potential aligning with Amaya, the Canadian-based business that owners PokerStars.

Parvus stated at the time, ‘We highly encourage th Continua a leggere