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Quoting reliable and knowledgeable sources Wednesday, the Reuters news agency reported that the panel tasked by the Swedish government to investigate and report on online gambling is set to deliver its report this week, and that it will recommend that the state gambling monopoly be radically changed to a system where online gambling companies can apply for licensing and pay taxes in a regulated market. “The special investigator leading the review, Hakan Hallstedt, will recommend that … AZOC Gambling News Daily Feed
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Hong Kong-listed real estate developer Lippo Ltd has confirmed that it is still in talks with American casino developer Caesars Entertainment Corp for the disposal of its stake in their proposed South Korean gaming joint venture.
In a filing made with the Hong Kong Stock exchange, the company stated that it is continuing discussions with Caesars but it doesn’t expect it to wrap up soon.
Lippo had joined hands in Dec 2014 with a subsidiary of Caesars, Caesars Korea Holding Co LLC, via Lippo Worldwide Investments Ltd, a unit of Lippo to enter into a conditional agreement to buy land for a casino development in the South Korean city of Incheon for an investment of US$ 95.9 million.
The deal also included OUE International Holdings Pte Ltd, which a wholly-owned subsidiary of Singaporean real estate company OUE Ltd. In August, Lippo had announced that it was in discussions with Caesars and an unnamed third party investor for the disposal of its stake and OUE’s stake in the JV. Construction for the project is yet to start according to market reports.
In a statement, Lippo said
Whilst it was anticipated the exit agreement would be entered into within November 2016, the exit negotiations are continuing, and their outcome is dependent upon a separate set of negotiations between Caesars Korea and the investor. Accordingly, it is unlikely that the exit agreement will be entered into this month.
Lippo had announced its withdrawal from the project in March and stated that despite the exit it might retain involvement in some parts of the development. OUE had described the project as a KRW855-billion (US$ 730-million) development having a casino floor area of over 150,000 square metres (1.61 million square feet) situated on a 4.3-hectare (10.6-acre) site.
The facility was to be operated by Caesars and the then-chairman of the company Gary Loveman had announced that the property would be opened in time for the 2018 Winter Olympics which is to be held at South Korea.
South Korea has in total 17 casinos with just one Kangwon Land catering to the local population. Three key casino projects have so far been announced for Incheon, with Caesars – Lippon being one of them. U.S based Mohegan Tribal Gaming Authority along with South Korean chemicals giant KCC Corp and Incheon International Airport Corp are opening the Inspire Integrated Resort.
The third casino resort is being developed by local casino operator Paradise Co Ltd and Japanese pachinko company Sega Sammy Holdings Inc who plan to open the Paradise City casino resort in April 2017.
Construction for Phase 1 of the mega casino resort project Okada Manila which is being built in Manila, the capital city of Philippines is on track according to filings submitted to the Tokyo Stock Exchange by its developer Universal Entertainment Corp.
Universal Entertainment is owned by Japanese billionaire Kazuo Okada. According to the schedule, the first set of facilities of the integrated resort will be opened by end of next month, although no specific date has been revealed yet.
In a statement, Universal Entertainment said
The initial opening of the property, including the hotel (except staterooms for VIPs), food and beverage outlets, casino and other major attractions, will take place at the end of December.
Universal Entertainment also stated in its filing it has raised $ 400 million for the Phase 1 development enabling it to complete construction in time.
Philippine gaming regulator PACGOR ‘s Head Andrea Domingo had mentioned last month that Phase 1 of the Okada Manila casino will open its doors by December 2016. Scheduled to initially open by March 2015, the project faced several delays due to a number of reasons. The company subsequently got its deadline extended after making a request to PAGCOR.
Okada Manilla is being constructed within Manila Entertainment City, a dedicated zone for casinos which will host four major casino complexes, two of which have already commenced operations in the Solaire Resort and Casino and the City of Dreams Manila. Okada Manila will be the third casino resort to open and will be operated by a local subsidiary of Universal Entertainment, Tiger Resort, Leisure and Entertainment. The fourth casino resort will be Resorts World Bayshore which is scheduled to finish construction in 2018.
The first phase of the project will be spread across 22 hectares of the total 44 hectares of land available. Around 41,000 square meters of this will have a casino featuring around 3,000 electronic games and 500 table games. Other amenities include a hotel with over 900 rooms, luxury shopping operations, a beach club, a large spa, and several food and beverage options.
Tiger Resort has ramped up hiring for the casino operations according to local media reports. Around 8,000 people for both operational and management roles have so far been hired. More than 19,000 construction workers were employed by the company during the development phase. Tiger Resort is working towards ensuring that the facility is ready according to the schedule committed to PAGCOR.
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