Asia

Asian news

Man San Law resigns as Chairman of 500.com

SBC News Man San Law resigns as Chairman of 500.com

Updating investors, embattled New York-listed Chinese sports lottery operator 500.com has confirmed that Chairman of the Board Man San Law has stepped down from the governance position with immediate effect. San Law’s position will be split with director Lian Qi taking on the responsibilities of Chairmanship, supported by Bo Yu who will act as Director of Governance, a decision which …

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Sands hit with $7 million DOJ ‘Asian compliance misconduct’ fine

SBC News Sands hit with $7 million DOJ 'Asian compliance misconduct' fine

US casino operator Las Vegas Sands Corp (Sands) has confirmed that it will pay a $6.96 million penalty in order to resolve its ‘Foreign Corrupt Practices Act’ (FCPA) dispute in connection with business transactions carried out in China and Macao. The penalty charge imposed on Sands relates to the company failing to implement appropriate ‘internal accounting controls’ ensuring the legitimacy …

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Asia Gaming to showcase live dealer model with ICE tournament

Asia Gaming Baccarat - Copyright: jenjenjira / 123RF Stock Photo

Asia Gaming will host a live Baccarat tournament at ICE stand N1-550 to preview its international expansion plans and demonstrate the potential of its live dealer model. A provider of online gaming in the Asia-Pacific region, Asia Gaming has confirmed its biggest ever presence at next month’s show in London, as part of a big year forecasted for Live Casino …

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Melco Crown targets Macau turnaround with senior executive restructure

SBC News Melco Crown targets Macau turnaround with senior executive restructure

Asian gambling operator Melco Crown Entertainment (MCE) has undertaken a senior executive restructure as the firm seeks to reverse its declining corporate performance. A raft of executive changes was confirmed by MCE CEO Lawrence Ho, who has assumed greater control of the company following last December’s equity sell-off by James Packer’s Crown Resorts. Aiming to reverse the declining performance of …

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Rodrigo Duterte will shutter online gambling in the Phillipines

Copyright: pockygallery / 123RF Stock Photo

Rodrigo Duterte, the outspoken and hardline President of the Phillipines, has seemingly backtracked on a softer approach to online gambling regulation and moved to close it down entirely in the country. In a speech which followed the announcement of the 2017 national budget Duterte stated that he would be “ordering the closure of all online gambling (firms)… All of them. …

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GVC reduces net debt by selling payments processing business

GVC - Copyright: magurok / 123RF Stock Photo

GVC has agreed to sell its payments processing business Kalixa Group to Singapore-based global payments operator Senjō Group for a total consideration of €29.0 million payable in cash on completion. Prior to completion, an amount equal to the free cash (over and above €2.1 million) in the Kalixa Group will be retained by GVC by way of dividend. The sale …

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Strategy change sees Packer drop all international ambitions for home comforts

Copyright: rafaelbenari / 123RF Stock Photo

Implementing a ‘comprehensive strategic change’ James Packer’s Crown Resorts (Crown) will scale back on all its international investments and ambitions, to focus on growing its Australian home enterprises. Confirming its corporate strategy change, Crown will no longer spin-off its international assets into a separate enterprise seeking an ASX-listing (plan announced in May 2016). Fully committing to Crown home markets, Packer …

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Pacific Consortium makes firm £4.4bn bid for Tatts Group

SBC News Pacific Consortium makes firm £4.4bn bid for Tatts Group

The expected Tabcorp-Tatts merger (first announced October 2016) faces a major challenge as a private consortium led by London private equity firm Macquarie Group and New York fund KKR has today launched an AUS $7.3 billion (£4.4 billion) bid for Tatts Group assets. Under the proposition of ‘Pacific Consortium’ the group of investors has made an approach of between AUS …

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Longines extends commercial tie-in with Hong Kong Jockey Club

SBC News Longines extends commercial tie-in with Hong Kong Jockey Club

Following the conclusion of the ‘International Races’ festival (11 December) at the Hong Kong Jockey Club (HKJC), event title sponsor and HKJC commercial partner Longines has confirmed that it will extend its commercial tie-in with the Asian racing operator. Updating corporate stakeholders this weekend, HKJC governance detailed that Swiss watchmaker Longines had extended its title sponsorship of its ‘International Races’ …

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