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 Saipan: “We are not going onto bankruptcy”




Saipan: “We are not going onto bankruptcy”
Published: 2018-11-13

“The rumor of the bankruptcy proceeding is completely false. This rumor is circulating on social media about a senior executive of IPI, and the financial status of the company. The rumor is completely baseless and untrue. If in fact IPI had or will be initiating bankruptcy proceedings, an announcement with the Hong Kong Stock Exchange would have been made. Legal action will be taken against the original online source spreading slanderous fake news.” Stated the operator of imperial casino resort in Saipan.




This is how the operator of imperial pacific resort in Saipan said that they are not going to bankruptcy and assured that will take legal actions in order to end the rumors, the rumors of its impending bankruptcy came following its announcement that it would be looking to raise US$38.3m from a bond placement. It said the proceeds of the sale would be used “for general corporate purposes.”

In August it was given another extension to complete the initial phase of its casino resort until February 28, 2021

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Pogo's the stone in the shoe, this week they continue to pressure them to turn off. 

Saipan: “We are not going onto bankruptcy”

The Philippine Amusement and Gaming Corporation (PAGCOR), the nation's gaming regulator, which is facing the possibility of being disbanded in favor of a smaller agency, attempted to address these concerns in July 2023. It implemented new regulations for POGOs, rebranding them as "Internet Gaming Licensees" (IGLs) and imposing stricter operational guidelines.

These reforms aimed to improve transparency and mitigate potential illegal activities within the industry. However, the recent calls for a complete ban suggest these efforts might be falling short.

 

China pressures the Philippines to turn off POGOs.

To further tighten control, the DOLE has pledged to significantly tighten its screening process for foreign workers seeking permits to work in the offshore gaming sector. This move aims to ensure that only qualified individuals with legitimate purposes are employed and to minimize the risk of involvement in illegal activities. The stricter screening process will likely involve enhanced background checks, verification of employment purpose, and potentially stricter language proficiency requirements.

 



Malaysian Authorities Arrest TikTok Influencers for Promoting Illegal Gambling. 

Saipan: “We are not going onto bankruptcy”

Malaysian authorities have arrested 27 influencers after investigations reportedly led the police to believe gambling syndicates hired social media personalities to promote illegal gambling and other activities. 

 

The group included four males and twenty-three women captured in seven states: Johor, Perlis, Kuala Lumpur, Kedah, Penang, Negri Sembilan, and Selangor. The individuals were between the ages of 21 and 35.

 

 

At a recent press conference, Mr. Mohd Shuhauly of the Criminal Investigation Department of the Royal Malaysia Police described how each influencer receives approximately US$430 for each social media platform, contingent on the number of followers. He also stated that they believe each influencer is active on multiple social media platforms.

 

 

In this Muslim-majority Asian state of slightly under 35 million people, gambling is strictly prohibited, albeit certain types of betting-like lotteries, casino games, and horse racing-are allowed. On the other hand, sports betting and internet betting are prohibited.

 

Thirty cell phones were seized as part of the ongoing investigation into this activity, which has been going on for the past year. According to Mohd Shuhaily, the authorities are still trying to find the people behind the gambling syndicates.

 

Influencers' Effectiveness

 

According to a recent report, influencer marketing efforts have proven successful for numerous well-known businesses. Examples of these projects include Dunkin's connection with the TikTok phenomenon Charli D'Amelio and MAC's association with Sabrina Bahsoon.

 

Additionally, Influencer Marketing Hub projects that the influencer marketing sector will reach a roughly $21.1 billion valuation by 2023, with TikTok emerging as the leading influencer marketing platform.

 

According to reports, influencer marketing helps organizations reach a target audience while selecting ambassadors who share their values, and social media helps businesses precisely target their ideal clients.

 



China pressures the Philippines to turn off POGOs. 

Saipan: “We are not going onto bankruptcy”

The Chinese Embassy in the Philippines has again called on the Philippine government to ban its offshore gaming industry, claiming that the “vast majority” of Chinese citizens involved in their operations are victims.

In an official statement attributed to a spokesperson, the embassy also denied any involvement in the Philippine Offshore Gaming Operators (POGO) industry after uniforms of the Chinese People’s Liberation Army (PLA) and the Chinese People’s Armed Police Force were discovered during a raid on a POGO compound in Pampanga earlier this month.

 

Weappeal tothe Philippines to ban POGO at an early date so as to root outthis social ill,” the statement said. “And we firmly oppose any baselessaccusation and smearing against China in connection with POGO.”

 

The statement went on to say, “Chinese law prohibits all forms of gambling. The Chinese government strictly cracks down on Chinese citizens engaging in gambling business abroad including POGO

 

Ample evidence shows that POGO breeds serious crimes such as kidnapping for ransom, human trafficking and murder. POGO is detrimental to both Philippine and Chinese interests and images as well as China-Philippines relations.

 

 

In recent years, the Chinese and Philippine law enforcement agencies have maintained close communication and cooperation and conducted multiple joint operations to bring down cross-border gambling and telecom fraud. Since 2018, nearly 3000 Chinese citizens implicated in the cases have been repatriated with joint efforts of both sides. In the past year alone, China has assisted the Philippines in shutting down five POGO hubs and repatriated nearly 1000 Chinese citizens.

 

 

The vast majority ofthe Chinese citizens involved in thesecases are victims of the Philippine offshore gambling industry. The Chinese government is committed to protecting the legitimate rights and interests of Chinese citizens.”

 

Despite calls for the offshore gaming industry, last year rebranded as Internet Gaming Licensees (IGLs), to be shut down, gaming regulator PAGCOR continues to resist and last week outlined its stance that it is organized crime syndicates, not licensed IGLs, that pose a threat to national security.

 



China Poker Games gears up for 12th annual CPG Championship. 

Saipan: “We are not going onto bankruptcy”

This year has been particularly challenging for poker organizers in China with government crackdowns resulting in the cancellation of many anticipated events. However, one brand that has managed to endure is China Poker Games (CPG).

Coming August 21 to 30, 2024, CPG celebrates its 12th Annual CPG Championship. This is the brand’s largest yearly event which takes place at the Howard Johnson Resort in Sanya Bay, Hainan Island.

 

 

Emerging in 2013, CPG has since become the largest and most popular brand in the country. Each year, the premier brand hosts several satellite events and two majors with thousands of players turning up. The next one is on the horizon.

 

The 2024 CPG Championship is a ten-day poker celebration featuring a boosted schedule of 85 poker tournaments. According to the organizers, the festival prize pool is expected to soar past the current record of CNY 100 Million (~USD $13.8 Million) set last year. The festival is headlined by the CPG Championship Finals wherein up to 400 players have already qualified via the live and online CPG satellites.

 



The slow burn shakeup at Newport Resorts World has reached its climax this Monday. 

Saipan: “We are not going onto bankruptcy”

The slow burn shakeup at Newport Resorts World — the premiere gaming and leisure development of Alliance Global Group — has reached its climax with the appointment of a new CEO and COO that effectively ends a transition period that lasted two years.

Yesterday Monday morning, insider sources revealed that longtime Newport Resorts World president and CEO Kingson Sian has “officially retired” from the group, along with two key officials who were part of the joint venture with the Genting Group of Malaysia.

 

 

Named president of Newport Resorts World was Nilo Rodriguez (formerly the chief operating officer of Philippine Airlines) and Lance Gautreaux, an American, who will serve as COO and also the gaming head of the development.

 

Also replaced in the shakeup were Hakan Dagtas (COO) and Bernard Than (chief financial officer), both appointees of the former Malaysian joint venture partners. Newport Resorts World has yet to name a new CFO to replace Than, according to insiders.

 

Genting’s financial woes prompted the father-and-son tandem of Andrew and Kevin Tan to decide to buy out the Malaysians’ stake in 2022 at the height of the coronavirus pandemic, and resulted in the younger Tan taking a bigger role in the growing property and leisure conglomerate.

 


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