The Manila Winford casino hotel reduces its annual losses in the second quarter.
MJC Investments, the promoter of the Winford Manila Resort and Casino, has reduced its Q2 losses to PHP 130 million ($2.3 million), down from a deficit of PHP 172.9 million in 2021.
The H1 report showed a total loss of PHP 249.3 million, which was an improvement over the 2021 total of PHP 330 million.
MJC said the results were driven by an increase in gaming operations totaling PHP 56 million – up from PHP 9.7 million last year – and were the result of increased footfall, stating: “The increase is attributable to higher gaming capacity and foot traffic this period compared to the same period last year.”
The outcome indicates a slow recovery for Manila’s gambling sector, which was devastated by the Covid-19 pandemic in 2021.
David Chow will step down as Co-Chairman of Macau Legend.
David Chow, Co-Chairman of the Board of Directors and non-Executive Director at Macau Legend Development, has announced that he will step down and retire this year, with his wife, Melinda Chan, joining the board as CEO.
Chow announced his intentions during the annual general meeting, and Melinda was appointed to the board after receiving 99% of the vote. Chan will now serve as CEO, with Li Chu Kwan taking over as Chairman.
Macau Legend has been impacted by the region’s Covid-19 lockdowns, as well as China’s zero Covid policy, selling MOP$200 million ($24 million) in bonds to fund its working capital in order to stay afloat in the Chinese gambling hub.
We warn cross-border gambling crime suspects to stop their criminal activities, return to the country, and turn themselves in so that they can still receive lenient treatment. Otherwise, they would face severe punishment. Wenbin Wang
Members of Macau’s casino policy committee have been revealed.
The members of Macau’s new Specialised Committee for the Games of Fortune Sector have been announced, with current Secretary for Economy and Finance Lei Wai Nong taking the chair.
Adriano Marques Ho, head of the Gaming Inspection and Coordination Bureau; Hoi Lai Fong, Chief Executives Office; Lam Chi Long, Office of the Secretary for Administration and Justice; Ku Mei Leng, Office of the Secretary for Economy and Finance; Ho Loc San, Office of the Secretary for Social Affairs and Culture; Cheong Loc Leng, Office of the Secretary for Security; and Cheong Chui Ling, Office of the Secretary for Transport and Pui Ling, Office of the Secretary for Transport and Pu
The team will start working this week, with Lei Wai Nong having the authority to invite others to its meetings, though the committee will have sole voting rights.
Gaming revenue at Newport World Resorts has increased 143%.
Newport World Resorts in Manila reported a 143% increase in gross gaming revenue (GGR) in its first-quarter results, totaling PHP 14.7 billion ($263 million).
The outcome represents a significant improvement over the previous year, after the Covid-19 impact of 2021 decimated the industry in the Philippines, as noted in the report, which stated that it was ‘due to loosening of mobility and travel restrictions, resulting in increased foot traffic, foreign tourist arrivals, and MICE activities.’
Meanwhile, AGI, a joint venture partner in Newport World Resorts, has stated that it plans to invest PHP 4 billion in Newport World Resorts expansion plans in 2022.
China orders citizens who engage in cross-border gambling to surrender.
The Chinese Ministry of Foreign Affairs has warned citizens who engage in cross-border gambling to surrender or face ‘harsh punishment.’
Wang Wenbin, a Ministry spokesperson, made the statement following the arrest of She Zhijiang by Thai police earlier this week, who is suspected of running illegal online gambling operations.
“Here, we warn the cross-border gambling crime suspects to stop their criminal acts; to return to the country; and to turn themselves in so that they can still be granted lenient treatment,” Wenbin said at a briefing in Beijing. They would face “harsh punishment” if they did not.
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