Economy/Finance
New owners for the unfinished The Drew Las Vegas
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The plan to open The Drew Las Vegas as the newest casino resort in southern Nevada has reportedly taken another blow following news that its owner has sold the under-construction property owing to a coronavirus-related downturn in its finances. According to a Thursday report from the Las Vegas Review-Journal newspaper, Witkoff Group LLC spent approximately $600 million some 43 months ago in order to buy the half-finished Las Vegas Strip development that was to be known as The Fontainebleau. The New York City-headquartered firm purportedly had plans to finish construction so as to premiere its new-look The Drew Las Vegas complete with a 3,780-room hotel and a 95,000 sq ft casino by the end of 2020. Coronavirus casualty: However, the newspaper reported that this timeline was later scuppered as the coronavirus pandemic devasted Las Vegas’ main economic driver, tourism, and left the firm looking around for someone to take the 24.5-acre site off of its hands. Headed by American real estate mogul Steve Witkoff, the developer was purportedly known to have secured roughly $2 billion in outside financing from the likes of a subsidiary of Hyundai Motor Group and South Korean casino operator Kangwon Land Incorporated to help it complete the grandiose undertaking. Latest landlords: Nevertheless, the Las Vegas Review-Journal reported that Witkoff Group LLC has now offloaded the planned $2.5 billion project for an undisclosed amount to a consortium consisting of the real estate unit of American multinational Koch Industries Incorporated and Florida entrepreneur Jeffrey Soffer (pictured). This latter individual is purportedly in charge of Miami-based Fontainebleau Development, which had begun the ill-fated The Fontainebleau project way back in 2005. Fuzzy future: Jake Francis serves as President for Koch Real Estate Investments and he reportedly disclosed that his firm will now hold a 75% stake in the long-stalled Las Vegas project but declined to give details as to what the future may hold for the 63-story property. Reportedly read a statement from Francis… “We believe strongly in the Las Vegas market and see the property as a great opportunity to contribute to the long-term success and positive trajectory of this vibrant and innovative region.” Calculating contingencies: For his part and Brett Mufson, President for Fontainebleau Development, reportedly told the Bloomberg news service that his firm had originally hoped that the $2.8 billion The Fontainebleau would serve as a sister venue to its luxury Fontainebleau Miami Beach property. Nonetheless, he too purportedly declined to comment on what the new owners now intend to do with the blue-tinted skyscraper or whether they will stick to the original plan of using the site to host a world-class casino resort. Mufson reportedly told Bloomberg… “We’re currently evaluating all of our options and looking forward to being part of the advancement of the world-class Las Vegas entertainment industry.”
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Kambi Group founder offloads large portion of his shareholding
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The value of individual shares in Maltese online wagering technologies innovator Kambi Group dropped by almost 4.16% earlier today to approximately $54.93 following news that the firm’s founder had offloaded a significant slice of his shareholding. The Valletta-headquartered firm used an official Thursday press release to declare that the move from Anders Strom (pictured) saw 2.2% of its shareholding offloaded ‘to Swedish and international institutional investors’ courtesy of ‘an accelerated book-building process’. The Nasdaq Stockholm-listed company moreover revealed that these 675,000 stocks had come with an individual price tag of about $55.56 to earn the iGaming pioneer gross proceeds of slightly over $37.53 million. Enduring effect: Kambi Group explained that 50-year-old Strom, who announced late last year that he would not be seeking re-election as its non-executive chairman, had conducted the sale through his Veralda Investment Limited vehicle and now holds roughly 17.5% of its shares. It also proclaimed that this residual shareholding is to become the subject of ‘a customary lock-up’ that is to last for 90 days from the settlement date. Read a statement from Strom… “I am very pleased to see the overwhelming interest from both current and new shareholders wanting to invest in the growth of Kambi Group. The company has developed into a leading premium sportsbetting technology company with significant opportunities in new and existing markets. By divesting a small part of my shares in Kambi Group, I have affected an elemental reallocation within my overall portfolio of investments. I remain committed as a long-term major shareholder and intend to continue to support Kambi Group through my representation on its board of directors.” Established exponent: Strom established Unibet from his London home in 1997 and subsequently led the firm, which rebranded as Kambi Group in 2016, as it became one of the planet’s largest business-to-business sportsbetting service providers and consumer-facing iGaming operators. Despite the impact of the coronavirus pandemic, the company recently saw its aggregated revenues for 2020 rise by 28% year-on-year to $142.63 million as its annual profit surged by 131.7% to $29.21 million. Football failing: Despite all of this success and Legal Sports Report nevertheless reported that Kambi Group felt the wrath of several partner operators last Sunday after its turnkey sportsbetting platform was forced to suspend pre-game betting on Super Bowl LV for a full 30 minutes. The source disclosed that this outage was caused by a failure in geolocation compliance technology supplied by an outside vendor and had impacted the American-facing online sportsbook from Penn National Gaming Incorporated, Rush Street Gaming and DraftKings Incorporated. Speedy solution: Kristian Nylen serves as Chief Executive Officer for Kambi Group and he reportedly pronounced that his firm was nevertheless able to permanently fix the offending problem ‘seven to eight minutes’ before the beginning of the gridiron contest from Florida and then went on to process the highest volumes in its history. Reportedly read a statement from Nylen… “The issue experienced prior to kick-off was related to one particular bet offer for which we increased the number of possible outcomes especially for the Super Bowl. This bet offer was the third most popular offer on the day and, due to the extended number of outcomes, required extra technical capacities as part of our bet validation process. Unfortunately, this additional capacity caused a backlog and slowed, and eventually stopped, the bet validation process for all bets.”
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MGM Resorts International เหลืออยู่ในโครงการคาสิโนโอซาก้า
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Boss สำหรับผู้ให้บริการคาสิโนอเมริกัน MGM Resorts International เปิดเผยว่า บริษัท ของเขายังคงสนใจที่จะให้สิทธิ์ในการนำการพัฒนาที่เป็นมิตรกับการพนันมาสู่เมืองโอซาก้าของญี่ปุ่น ตามรายงานของ Inside Asian Gaming Bill Hornbuckle (ในภาพ) ดำรงตำแหน่งประธานและซีอีโอของ บริษัท ที่มีสำนักงานใหญ่ในลาสเวกัสและเขาได้ใช้การประชุมทางโทรศัพท์ในวันพฤหัสบดีโดยละเอียดกับนักลงทุนว่าเขาสนใจที่จะขอใบอนุญาตธุรกิจประมาณ 2.6 ล้านคนการสร้างและจัดการการวางแผนรีสอร์ทคาสิโนแบบบูรณาการสำหรับการเชื่อมต่อ บทนำของชาวอินเดีย: Hornbuckle ยอมรับว่าอยู่ในความมืดเมื่อโอซาก้าจะเริ่มขอขั้นตอนข้อเสนอการดำเนินงาน (RFP) เมื่อต้องการปกป้องใบอนุญาตรีสอร์ทคาสิโนที่เข้ามาในประเทศแห่งหนึ่ง เขากล่าวเพิ่มเติมว่าเจ้าหน้าที่ของเมืองฮันซูยังไม่เปิดเผยรายละเอียดของกระบวนการนี้ แต่สามารถเปลี่ยนแปลงได้ "ในอีกไม่กี่สัปดาห์ข้างหน้า" Hornbuckle บอกกับนักลงทุนว่า ... "ฉันคิดว่าคุณจะเห็นความจำเป็นในการส่ง RFP ให้กับ Orix Corporation ซึ่งเป็นพันธมิตรของเราในช่วงซัมเมอร์นี้ดูว่ามันยังไม่ได้ข้อสรุป แต่เราก็พร้อมที่จะไป" Transformer Trio: แม้ว่าการพนันส่วนใหญ่ในปัจจุบัน ผิดกฎหมายในญี่ปุ่นอดีตนายกรัฐมนตรีรัฐบาลผสมชินโซอาเบะได้ผ่านกฎหมายของรัฐบาลกลางในเดือนกรกฎาคม 2554 ซึ่งจะให้ผู้อยู่อาศัยประมาณ 12 ล้านคนเข้าถึงโรงแรมที่มีคาสิโนแบบบูรณาการขนาดใหญ่สามแห่งสถานที่จัดนิทรรศการและพื้นที่เล่นเกมที่กว้างขวาง แหล่งข่าวให้รายละเอียดว่าโอซาก้าคาดว่าการพัฒนาสไตล์ลาสเวกัสตามแผนเพื่อรักษาสิทธิ์ในการยึดคืนที่ดินที่ยึดคืนจำนวน 121 เอเคอร์บนเกาะยูเมะชิมะแม้ว่าความล่าช้าที่เกี่ยวข้องกับโคโรนาไวรัสจะหมายความว่าไม่มีสถานที่เปิดให้บริการจนถึงปี 2571 ผลักดัน: มีรายงานว่าหน่วยงานกฎหมายอื่น ๆ อีกมากมายรวมถึงจังหวัดวากายามะจังหวัดโยโกฮาม่าและจังหวัดนางาซากิมีรายงานว่าสนใจที่จะได้รับใบอนุญาตเหล่านี้โดยชุมชนถูกบังคับให้เลือกพันธมิตรปฏิบัติการจากต่างประเทศผ่านแคมเปญที่เกี่ยวข้องกับ RFP ก่อนที่จะส่งใบสมัครแบบเต็ม ไปยังแผงควบคุมผู้คัดเลือกของรัฐบาลกลางได้รับรายงานว่าเสียชีวิตก่อนกำหนดในเดือนเมษายน 2565 แฟน ๆ ตามกำหนดการ: Hornbuckle ซึ่งเข้ามาแทนที่ James Muren รุ่นก่อนของเขาในเดือนมีนาคมยังบอกกับนักลงทุนด้วยว่า MGM Resorts International มีความสนใจที่จะนำ "ผู้ศรัทธาในเอเชีย" มาเป็นเวลานานและ "ผู้เชื่อในเอเชีย" และรีสอร์ทคาสิโนแบบบูรณาการในโอซาก้า Hornbuckle รายงานว่า“ เราใช้เวลาและพลังงานไปมากกับการยืนอยู่คนเดียวที่หน้าประตูเมืองโอซาก้า และทั้งหมดนี้ใช้เวลานานแค่ไหน? เห็นได้ชัดว่า coronavirus ได้รับผลกระทบอย่างหนักพอ ๆ กันและมีความอ่อนไหวมากมายในตลาด คนของเราไม่ต้องอยู่บนพื้นดินในช่วง 9 เดือนที่ดีขึ้นดังนั้นจึงต้องใช้เวลาพอสมควรในการกลับมา แต่เรามีความตั้งใจและเชื่อว่ารัฐบาลยังคงมีความตั้งใจเดิมที่จะก้าวต่อ "
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City of Dreams Mediterranean opening delayed by over nine months
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The provisional opening date for the €550 million ($668 million) integrated casino resort being built in Cyprus by Melco International Development Limited has reportedly been pushed back by over nine months to the autumn of next year. According to a Wednesday report from the Financial Mirror newspaper, construction on the giant City of Dreams Mediterranean development began in June of 2018 in hopes that the five-star facility would be able to start welcoming guests to its 500 rooms by the end of this year. The source detailed that the finished Las Vegas-style development is destined to be the largest of its type in Europe and come complete with a spa, a gym and meeting and conferencing facilities alongside a 1,500-seat theater and an 80,720 sq ft casino offering a selection of over 80 gaming tables and approximately 1,000 slots. Devastating delay: However, the newspaper reported that construction of the 16-story property for the Limassol suburb of Tserkezoi was paused for over seven weeks last spring as Cyprus struggled to come to terms with the coronavirus pandemic. Work only resumed in May with progress purportedly being subsequently hampered by a strict set of social distancing guidelines issued by the island nation’s Ministry of Labour, Welfare and Social Insurance, Department of Labour Inspection and the Medical and Public Health Services division of its Ministry of Health. Transformed target: The Financial Mirror reported that news of the delay was relayed by the Vice-President for the Cyprus Gaming and Casino Supervision Commission, Phidias Pilides, during a Tuesday meeting of the House of Representatives’ Finance Committee. The official purportedly explained that Hong Kong-listed Melco International Development Limited has now laid out a detailed post-pandemic construction timeline that is expected to see its City of Dreams Mediterranean development open before the winter of 2022. Considerable consequences: Melco International Development Limited is the parent of Asian casino giant Melco Resorts and Entertainment Limited and was granted a 30-year license in 2017 that gave it the right to bring casino gambling to Cyprus. The firm subsequently opened its temporary C2 Limassol venue before premiering smaller ‘satellite’ facilities in the nearby communities of Nicosia, Larnaca, Ayia Napa and Paphos, which Pilides pronounced have recently seen revenues decrease owing to temporary coronavirus-related shutterings and an associated drop in tourism nationwide.
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Kambi Group heralds ‘record’ fourth-quarter financials
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Facebook Maltese online wagering technologies innovator Kambi Group has released its financial results for the final three months of 2020 showing that its aggregated revenues rose by 76% year-on-year to top €46.9 million ($56.8 million). The Valletta-headquartered firm used an official Wednesday press release to declare that this outcome was attributable to ‘a busy sporting calendar, exceptional operator trading margin and growth in new markets’ despite the lingering impacts of the coronavirus pandemic and took its full-year revenues up by a comparable 28% to approximately €117.7 million ($142.7 million). Terrific takings: Kambi Group revealed that its fourth-quarter cash flow from operating and investment activities had swelled by almost 366% year-on-year to about €20.5 million ($24.8 million) and improved its associated annual tally by 233% to roughly €28.7 million ($34.8 million). The firm moreover explained that its operating profit for the three months to the end of December increased by 258% to around €22.2 million ($26.9 million) off of an improved margin of 47.3% to take its twelve-month reckoning some 119% higher to €32.2 million ($39 million). Fantastic figures: The innovator additionally divulged that all of this took its aggregated fourth-quarter profit after tax to beyond €17.3 million ($20.9 million), which is an improvement of 276% year-on-year, and helped its correlated annual reckoning surge by 131.7% to €24.1 million ($29.2 million). Executive elation: Kristian Nylen (pictured) serves as the Chief Executive Officer for Kambi Group and he used the press release to proclaim that his firm’s operator turnover index came in at 989, which he described as ‘a clear all-time high’, while its business model continued to showcase ‘the scalability it possesses with an operating margin of 47%.’ Read a statement from Nylen… “As we reflect on what has been an exceptionally challenging twelve months, it’s particularly pleasing to complete the year with a record fourth-quarter performance and annual revenues up by 28%. At the start of 2020, full-year revenues of €117.7 million would have been deemed a great success, so to have delivered such a performance in spite of the sporting calendar being severely impacted for the best part of four months speaks volumes for the business we have created, our talented people and the upward trajectory we are on.” kambi groupkristian nylencoronavirusoperator turnover indexsporting calendar
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เข้าร่วมเพื่อยึดมั่นในข้อเสนอการเทคโอเวอร์ของ Enlabus AB
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ผู้ดำเนินการ iGaming ที่มีชื่อเสียงและ Einstein ได้ยอมรับข้อเสนอของช่วงเวลา Marchance ที่เพิ่มขึ้นอีก 7 ล้านคนเพื่อซื้อ Enlabos AB ที่เป็นคู่แข่งกับเด็กบอลติกเพิ่มขึ้นซึ่งได้ขยายออกไปอีกหนึ่งเดือนถึงวันที่ 18 มีนาคม บริษัท มีหน้าที่ดูแลแบรนด์ iGaming มากมายอยู่แล้วซึ่งรวมถึง Bruin, Ladbrooks, Partipoker และ SportingBet ในขณะที่ร่วมมือกับ MGM Resorts International เพื่อดำเนินการแพลตฟอร์ม BetMGM บนเกาะ Isle of Man ตามรายงานของ Jubiling Insider แหล่งข่าวอธิบายเพิ่มเติมว่าผู้ดำเนินการ E January กล่าวว่าผู้ประกอบการจะจ่ายเงินให้นักลงทุน Enlabos AB ประมาณ 4.7676 ดอลลาร์สำหรับหุ้นแต่ละตัวในนิติบุคคลที่จดทะเบียนในสตอกโฮล์ม การมีส่วนร่วมของนักลงทุน: ข้อเสนอเบื้องต้นนี้ได้รับการรายงานโดยผู้มีส่วนได้ส่วนเสียทั้งหมด 11% ใน Enlabos AB ในเวลานั้นซึ่งทำให้เกิดความกังวลว่าผู้ประกอบการได้ 'ลดคุณค่าทางวิทยาศาสตร์' ตระกูลที่อยู่เบื้องหลังตระกูลแบรนด์ Optibat ของโดเมน iGaming ยอดนิยมในตลาดเกมออนไลน์ ในลิทัวเนีย และลัตเวีย. หนึ่งในนั้นคือ Alta Fox Capital Management Hedge Fund ซึ่งตั้งอยู่ในรัฐเท็กซัสได้ระบุไว้อย่างชัดเจนในภายหลังว่าหากการประเมินมูลค่าหุ้นแต่ละตัวพุ่งไปที่ระดับ 6.61 ก็ยินดีที่จะได้รับข้อเสนอสำหรับการถือครอง 3.3% เท่านั้น คำตอบสั้น ๆ : อย่างไรก็ตามตอนนี้ไอน์สไตน์ได้ตอบสนองต่อข้อกังวลนี้แล้วโดยเรียกข้อเสนอเริ่มต้นของเขาว่า 'ยอมรับได้' และขยายวันตัดการอนุมัติเกินกำหนดวันที่ 18 กุมภาพันธ์ ก่อนการเปลี่ยนชื่อในเดือนธันวาคม บริษัท เดิมชื่อ JVC Holdings กล่าวเพิ่มเติมว่าการเข้าซื้อกิจการ Enlabos AB จะเริ่มขึ้นอย่างเป็นทางการภายในสิ้นเดือนหน้าและเงื่อนไขทั้งหมดของสัญญาควรจะสำเร็จภายในวันที่ 23 มีนาคม อ่านคำชี้แจงจาก Anten …“ ในแง่ของข้อเสนอและการเข้าซื้อกิจการของ Enlabus AB เหนือสิ่งอื่นใดหน่วยงานการแข่งขันและหน่วยงานด้านการเล่นเกมในแต่ละกรณีจะได้รับการอนุญาตตามกฎระเบียบที่จำเป็นอย่างเป็นทางการหรือคล้าย ๆ กันการอนุมัติและการตัดสินใจที่ Anten ยอมรับได้
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Post-inquiry terminations and resignations hit Crown Resorts Limited
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In Australia and the Consolidated Press Holdings Proprietary Limited (CPHPL) vehicle of billionaire businessman James Packer has reportedly severed its boardroom ties with prominent casino operator Crown Resorts Limited. According to a Tuesday report from the Australian Broadcasting Corporation, the investments enterprise holds a preeminent 36% stake in the casino firm although it has now nevertheless terminated the consultancy contract it held with Crown Resorts Limited non-executive director John Poynton. Voluminous vacuum: The broadcaster reported that Poynton was the last remaining CPHPL appointee left on the board of Crown Resorts Limited following the Tuesday resignations of fellow non-executive directors Guy Jalland and Michael Johnston. Although the experienced businessman is to remain on the Sydney-listed casino firm’s board, the move purportedly means that its largest shareholder now effectively has no direct representation. Rapid response: The Australian Broadcasting Corporation reported that CPHPL’s blow came only hours after a special inquiry being conducted by former New South Wales Supreme Court Judge Patricia Bergin had determined that the Melbourne-headquartered casino firm was currently unfit to hold a gambling license for its Crown Sydney development. This decision is purportedly now headed to the New South Wales Independent Liquor and Gaming Authority with its release having immediately sent the value of individual shares in Crown Resorts Limited down by some 9%. Suitable step: Philip Crawford (pictured) leads the New South Wales Independent Liquor and Gaming Authority and he reportedly told the broadcaster in advance of yesterday’s Johnston and Jalland resignations that Crown Resorts Limited would have to ‘blow itself up to save itself.’ When subsequently informed about the departures, he purportedly proclaimed that ‘somebody is listening to us and that’s really positive’ as the moves are destined to send ‘a big message to me and the media.’ Pertinent patience: The Premier of New South Wales, Gladys Berejiklian, reportedly pronounced that the findings of the Bergin inquiry had been direct, thorough and clear and that she was now prepared to wait for specific recommendations and advice from the New South Wales Independent Liquor and Gaming Authority before proceeding further. Berejiklian reportedly told the broadcaster… “It’s all there in black and white and I’m sure both Crown Resorts Limited and any other organization will read that report carefully and accept what action has to occur before anybody is able to have a licence in New South Wales. Anybody who wants to operate a casino in New South Wales has to stick to the rules, has to stick to the law. The government doesn’t apologize for upholding those high standards.”
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Under-construction Naga Vladivostok set to receive local government help
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In Russia and the government for the Far Eastern province of Primorsky Krai has reportedly announced that it is to help casino operator NagaCorp Limited speed up construction on its $350 million Naga Vladivostok development. According to a report from Inside Asian Gaming, Hong Kong-listed NagaCorp Limited is the firm behind Cambodia’s NagaWorld gaming complex and broke ground on its inaugural Russian facility in late-May of 2015. The source detailed that the envisioned venue located some 24 miles north of Vladivostok was originally due to open by the beginning of 2018 but had this timetable pushed back less than a year later after construction workers unearthed some archeological finds. Multiple interruptions: NagaCorp Limited subsequently encountered further delays caused by the ongoing coronavirus pandemic and now reportedly does not expect to begin welcoming guests to the $150 million first stage of its Steelman Partners-designed facility in the Primorye Integrated Entertainment Resort zone until later this year. Official assistance: To help prevent any additional setbacks and the jurisdiction’s Tourism Director, Konstantin Shestakov, has now reportedly divulged that the next few months are to see his office expedite the granting of permits for any foreigners working on the 279-room Naga Vladivostok. He purportedly moreover explained that NagaCorp Limited has so far constructed about 60% of the property’s eleven-story first phase at a cost of approximately $84 million and hopes to begin welcoming guests to the development’s casino, hotel, concert hall and water park by the end of June. Reportedly read a statement from Shestakov… “Due to the situation with coronavirus, Naga Vladivostok was unable to bring in workers from its Chinese contractors. We hope that with the support of the government along with the stabilization of the situation in the world, NagaCorp Limited will be able to complete construction of this wonderful facility.” Expanding entertainment: Already home to the 121-room Tigre de Cristal facility from Hong Kong-listed Summit Ascent Holdings Limited, the Primorye Integrated Entertainment Resort zone welcomed the $45 million first stage of the Shambala Casino from local concern Shambala CJSC in October. The 1,530-acre precinct is one of only five disparate areas in Russia where casino gambling is permitted and could soon reportedly also play host to a $270 million Las Vegas-style venue from Diamond Fortune Holdings by the start of 2023.
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Kentucky State Senate passes historical racing games legislation
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The Kentucky State Senate reportedly passed legislation yesterday that would officially change the definition of parimutuel wagering so as to allow licensed facilities in the southern state to continue offering historical racing games. According to a Tuesday report from The Courier-Journal newspaper, the Republican-controlled chamber ratified Senate Bill 120 by a vote of 22 to 15 following heavy lobbying from the local horseracing industry. The move purportedly came after the Kentucky Supreme Court last year ruled that the games, which resemble slots often found in casinos, did not constitute legal parimutuel wagering and should be removed from tracks. Immediate itinerary: The newspaper reported that Senate Bill 120, which was sponsored by Kentucky State Senator John Schickel, is now destined to head to a vote before the 100-seat Kentucky House of Representatives where a similar outcome would send it to the desk of Democratic Governor Andy Beshear. The local horseracing industry purportedly believes that the legislation’s successful passage would allow it to protect its future and save thousands of at-risk jobs in ‘The Bluegrass State’ including some 1,400 positions at Boone County’s Turfway Park. Gubernatorial grant: The Courier-Journal reported that Beshear used a Tuesday press conference to detail that he would be pleased to approve Senate Bill 120 should pass through the Kentucky House of Representatives as historical racing games are directly responsible for around $15 million in annual tax revenues. The Kentucky Equine Education Project advocacy group purportedly similarly praised the ratification and declared that the ultimate success of the legislation would ‘protect important jobs and investment in communities across the commonwealth.’ Reportedly read a statement from the Kentucky Equine Education Project… “The future of the horse industry and Kentucky’s economy is in legislators’ hands and real jobs and livelihoods are at risk. A vote to keep historical horseracing in Kentucky is a vote for Kentucky families and the industry that supports them.” Fitful future: However, it reportedly remains uncertain as to whether the Kentucky House of Representatives will pass Senate Bill 120 with many critics asserting that the measure is unconstitutional as historical racing games can only be approved by means of a statewide referendum. Kentucky State Senator Damon Thayer purportedly stated that such an exercise, even if it was successful, would likely keep the lucrative units out of the state’s tracks until late next year at the earliest and lead to the closure of ‘three to four racetracks’ by the end of 2021. kentucky state senatekentucky house of representativesdamon thayerparimutuel wageringturfway parkkentucky supreme courthistorical racing gamessenate bill 120john schickelandy beshear
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Philippines iGaming industry facing potential tax shake-up
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In the Philippines and a proposal is reportedly making its way through the legislative process that could soon oblige all locally-licensed iGaming operators to pay up to a 5% tax on their gross gaming revenues. According to a report from the news website at Rappler.com, House Bill 5777 was passed by the Philippines House of Representatives via a 198 to 13 margin on Monday and is soon set to be put before the Philippines Senate. The source detailed that the legislation will now become law if it can survive three readings by this 24-member body and subsequently receive the signature of President Rodrigo Duterte. International income: Should this measure become the law of the land and the domain reported that iGaming firms with a Philippine Offshore Gaming Operator (POGO) license would escape all existing levies, fees and franchising duties in exchange for agreeing to hand over 5% of their gross gaming revenues in tax. The proposed legislation sponsored by representative Jose ‘Joey’ Salceda (pictured) would moreover purportedly institute a 25% ‘withholding’ levy on all foreign nationals employed by such enterprises earning a salary of more than about $12,400. Estimated earnings: The Philippines is reportedly home to 51 firms holding a POGO license although only 34 of these have so far been granted permission to resume operations in the wake of the nation’s coronavirus-induced lockdown. Such iGaming ventures are currently required to pay a 5% tax on their net income with proponents of the new legislation purportedly hopeful that the envisioned change in terms would allow the state to bring in approximately $935 million in annual taxes. Legal legitimacy: Despite these anticipated financial gains, the Deputy Minority Leader for the Philippines House of Representatives, Carlos Zarate, was reportedly one of those to oppose the passage of House Bill 5777 over concerns that doing so would further legitimize an industry that only entered the country due to its proximity to China, which has outlawed all forms of online gambling. Reportedly read a statement from Zarate… “POGOs were created to serve as a ‘legal loophole’ so residents from countries where gambling is illegal, like China, can still engage in such activities. We are against the plan of our government to open our country to gambling activities that are not only illegal in other nations but are often linked to other criminal activities.” Ancillary anxiety: In its report on the matter and Inside Asian Gaming explained that House Bill 5777 would not levy the 5% gross revenues tax on the 131 firm’s currently accredited to offer services to those holding a POGO license. However, this source detailed that such enterprises would remain subject to analogous local and national duties so long as they had first settled any outstanding liabilities, penalties and fees. Salceda reportedly proclaimed… “New revenues come primarily from classifying service providers as regular corporations and including their alien employees in the presumed minimum taxable income system and allowing the Philippine Amusement and Gaming Corporation and special economic zones to levy regulatory fees of up to 2%.”
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