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Leisure and Resorts Impacted By Philippines Gambling Bans

SPECULATION IMPACTS LEISURE AND RESORTS SHARE PRICE
 
Philippines online gambling events could be dangerous for company.
 
The dismantling of Philweb following Philippines President Rodrigo Dutertes initiative against  online gambling has triggered speculation that another company involved in the sector, Leisure and Resorts, could be endangered by the purge, according to a report in the business news publication Bloomberg.
 
There are indications that this possibility is of concern to the investment community; the announcement this week by Pagcor chief Andrea Domingo that it will no longer renew e-gaming licenses caused Leisure and Resorts World Corp. shares to tank 20 percent Friday in the worse day the stock has seen in eight years.
 
The largest operator of electronic number games in the Philippines (it has a local bingo market share estimated at over 35 percent), LRWC is thought to be a likely target following the demise of Philweb.
 
 Observers point out that any negative action against the company could have wider implications...LRWC has a 69.68 percent stake in First Cagayan Leisure and Resorts Corp., which falls under the Cagayan Economic Zone Authority and issues licenses to a number of Asian-focused online gambling sites.
 
The many warnings that continued assaults on the sector could cause significant job losses and reductions in money flowing to government coffers appear to have fallen on deaf ears thus far, with little if any official response.
 

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Gambling News :

Netent Enters Mexico With Deal With Codere - The statement advises that the agreement enables the Swedish company to provide its portfolio offerings to Codere through that company’s existing operator license.

Winamax Poker Launches Dealers Choice Games - The Dealer's Choice in poker format is not a new concept, but Winamax enlivened the French online poker scene by introducing it last week, taking advantage of looser game restrictions by the French regulator ARJEL.

2016 Unibet Poker Open Bucharest main event Results - Romanian poker ace Traian Bostan banked Euro 100,000 this weekend after winning the Euro 1,100 buy-in Unibet Poker Open Bucharest main event hosted by the JW Marriott Bucharest Grand Hotel.

Limited Gambling To Be Allowed in Bermuda - After two years of discussion senators in the self-governing British overseas territory of Bermuda finally approved the Casino Gaming Amendment Act 2016 last week, ushering in a potentially more liberal and practical approach to gambling in the Caribbean island nation.

Crown Resorts Employees Should Confess - Youxi suggested that Crown should hire good lawyers to defend its employees, something Crown's existing Chinese legal representatives may regard as offensive.

Jack Lam on the Run - "Our records also showed Lam arrived in Manila last Nov. 25 aboard a China Airlines flight from Taipei,” she said, observing that there was no record of any return to the Philippines since his departure.

Golden Jungle Slot - IGT is about to launch online its popular land casino slot Golden Jungle, adding yet another jungle-and-temple themed game to the dozens already available to internet and mobile punters.

Philippines president Orders Arrest of Jack Lam casino magnate - Rodrigo Duterte, the shoot-from-the-hip Philippines president, has intervened in the fast-moving bribery scandal involving his Justice Secretary Vitaliano Aguirre, Pagcor chief Andrea Domingo and Macau-based casino magnate Jack Lam

South Africa Going After Illegal Gambling - In South Africa a combined national police and federal enforcement initiative has shuttered 19 illegal gambling venues across the provinces of Northern Cape and North West.

The Winning Express arbitrage sports betting scheme - A UK-based GBP 27 million arbitrage sports betting scheme, The Winning Express, has collapsed, leaving a thousand investors with concerns that their money is lost, according to a BBC report over the weekend.

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