Imperial Pacific International (IPI), a Saipan-based casino operator, has sued a VIP Chinese gambler, as the latter failed to honour a $5m credit marker.
On Wednesday, the Marianas Variety reported that IPI had filed a lawsuit in the Commonwealth of the Northern Mariana Islands (CNMI) Superior Court against Yonglun Bao, a high-roller from China who has proven unwilling or unable to honour his gambling debts.
IPI attorneys told the court that Bao was given an open credit line of up to $20m, of which $5m was dispensed for gambling purposes when Bao visited IPI’s temporary casino Best Sunshine Live in February 2017. IPI’s permanent venue, the Imperial Pacific Resort Hotel Saipan, launched in July of that year.
However, Bao failed to repay the $5m by the due date specified in the promissory note he signed.
The note calls for an annual interest rate of 24 per cent and also makes Bao liable for collection agency and legal fees should any lawsuit be required to ensure repayment of the loan.
The report failed to specify Bao’s current whereabouts, but if he’s gone back to China, there is little either IPI or the CNMI court can do, as gambling debts are legally unenforceable on the Chinese mainland.
Last month, IPI filed a lawsuit against a different VIP deadbeat, but this one was based in the United States, where gambling debts are recognised under the law. The CNMI is also technically part of the US, meaning legal rulings are also recognised.
The Hong Kong-listed IPI has a reputation for taking major chances by offering direct credit to its high-rollers rather than employ junket operators to serve as middlemen and shoulder the risk of gamblers defaulting on their markers. In 2017 alone, IPI wrote off HK$4.75b – over half-a-billion US dollars – in uncollectable VIP gambling debts.
IPI recently suggested it was close to signing new deals with junket operators once Saipan gaming regulators approve the operators’ junket license applications. Saipan has to date issued only a single junket license and that was nearly two years ago.
PAGCOR Licensees Give PHP60-M for New VMMC Wing
The Veterans Memorial Medical Center will soon have more patient rooms with the start of construction for the Magiting Veterans Wing on Friday, September 22, through a Php60 million grant from two licensees of the Philippine Amusement and Gaming Corporation.
The Magiting Veterans Wing is a project initiated by the Philippine Military Academy Magiting Class of 1970 with funding support from Bloomberry Cultural Foundation Inc. (BCFI) and Newport World Resorts Foundation, Inc. (NWRFI), among others.
The two foundations, representing Solaire Resort and Newport World Resorts, respectively, each released Php30 million with PAGCOR’s approval.
The project will be carried out in two phases. The first will be sponsored by BCFI and covers civil, structural, mechanical, electrical, masonry works and roof deck waterproofing while the second phase will be funded by NWRFI and consists of works, fixtures and devices.
The Magiting Wing will have a total floor area of 1379.84 square meters and will house 12 new private rooms inclusive of four suites, a nurse station, lounge area, hallway, storage, access ramp and connecting bridge to the main hospital building.
PAGCOR Chairman and CEO Alejandro H. Tengco said the agency approved the grant from the casino foundations because of the project’s noble objective.
“PAGCOR recognizes the patriotism and sacrifice of Filipino veterans who dedicated their youth, vigor, strength and even lives for our country. By supporting this noble project, we show our gratitude to our modern-day heroes and their families,” he said.
Tengco said all integrated resort casino licensees in the country are required to put up a foundation to fund Corporate Social Responsibility programs on education infrastructure, health facilities, environmental preservation and cultural heritage restoration.
Two percent of the licensees’ gross gaming revenues from non-junket tables automatically go to such foundations.
Defense Secretary Gilberto C. Teodoro, who graced the ceremonial concrete pouring for the project, expressed gratitude to the project supporters.
“As donee, we will provide the necessary maintenance and other operating expenditures to see to it that your donations will not go to waste,” he said.
Teodoro said other plans to improve the welfare of Filipino veterans include decentralising the VMMC’s services and the upskilling of hospital personnel so that doctors and specialists can focus more on caring for patients.
“No soldier ever retires. They are always a part of the system. They provide guidance and support to our active personnel hence their job as a soldier is never done,” he said.
Aside from BCFI and NWRFI, other major sponsors of the Magiting Veterans Wing project are DMCI, San Miguel Corporation and some retired military personnel.
Dubai Racing Club Opts for TPD’s Horse Tracking Solution
Total Performance Data, the world’s leading horse racing live data provider, has announced today that Dubai Racing Club is a new client.
Following successful live trials at last Spring’s Super Saturday and Dubai World Cup meetings, Dubai Racing Club has signed a multi-year deal to use TPD’s services beginning with the new season at Meydan Racecourse on Friday 10 November. This extends TPD’s content footprint in the fast-growing Middle Eastern horseracing scene where both of Saudi Arabia’s racecourses are already live.
TPD will produce live and post-race timing stats for every horse as well as live running order graphics for the world’s biggest set of on course screens, including the new 4k big screen.
Will Duff Gordon, CEO of TPD, commented: “We are very excited to be further enriching the wonderful racing that takes place at Meydan and look forward to a successful partnership. I’d like to thank our engineering partners at Gmax for so rapidly delivering the live service back in March.”
Mohammed Riaz, Head of IT for Dubai Racing Club, said: “When Trakus ceased trading we were impressed with the speed of set up and quality of output when Gmax and TPD met our needs for the climax of last season. We are excited to use this content on our new 4k big screen as well as for our international audience.”
The new season at Meydan Racecourse begins on Friday, November 10th and concludes with the $30.5million Dubai World Cup meeting on Saturday, March 30th.
Niko Partners ‘India Games Market’ Report – India retains title as Asia’s fastest-growing video games market in 2023
- Meteoric rise in revenue: Niko Partners projects India video games revenue across all platforms to reach $868 million in 2023, up 21.2% YoY. India’s video game market is the fastest growing by gamers and revenue, which is forecast to reach $1.6 billion by 2027, growing at a 5-year CAGR of 17.2%. The report excludes revenue generated from Real Money Games.
- Player base keeps on expanding: The number of gamers in India across all platforms is forecast to reach 444 million in 2023, up 12.1% YoY, and reach 641.2 million in 2027, growing at a 5-year CAGR of 10.1%.
- Dominance of mobile gaming: India is a mobile-first market with 96.8% of total gamers playing on a smartphone or tablet.
- Game-spending is on an upward trajectory: 31% of the 444.4 million gamers will spend on video games in 2023, with annual ARPPU reaching $6.38.
- Esports continues to gain momentum: 71.8% of the total gamers have engaged with Esports by either playing an Esports game, watching or participating in an Esports tournament.
- Encouraging factors in terms of revenue growth and brand investment: The return of BGMI and Free Fire are positive signs for the industry and foreign game companies looking to enter the market.
The Future of Online Gambling: Non-GamStop Casinos in Focus
Gaming Americas Weekly Roundup – September 25-October 1
Delasport Signs a Sportsbook Deal for 3 Esports Entertainment Group Brands
TUNDRA’S NEW ‘TEAMMATE’ UNVEILED
ComeOn Group renews sponsorship deal with Sliema Aquatic Sports Club and Sliema Wanderers FC
One Month Left to Nominate for the Casino Guru Awards 2024
Soft2Bet Welcomes Martin Collins as Chief Business Development Officer
Exclusive Q&A w/ Tom Farrell, CMO at ClearStake
Esports Betting in Central & Eastern Europe: Oddin.gg Sponsors Hipther’s GamingTECH CEE
ProgressPlay showcasing latest innovation in Cyprus
IGT Enhances iLottery in Lithuania with Remote Game Server and Compelling eInstants
Incode Technologies and MaxBet Transform Player Onboarding with AI Identity Verification
PRAGMATIC PLAY SCALES SWISS OPERATIONS WITH GAMRFIRST PARTNERSHIP
7777 gaming powers the newly launched website in Romania Win2
St8.io Continues Expansion with Entry into Romania
ESA Gaming Set for South Africa Debut Following Western Cape Certification
eSports6 days ago
‘Break the Meta’: Herman Miller Gaming and G2 Esports Launch Limited-Edition Embody Gaming Chair
Latest News6 days ago
Betting Analytics Website MightyTips.com Signs Player Sponsorship Deal with Sheffield Wednesday Veteran Liam Palmer
Africa6 days ago
Abios Powers Nigerian Esports Betting Brand Oyawin with Data and Widgets
Central Europe6 days ago
FeedConstruct Extends Partnership with Czech Handball and Expands Content Portfolio
Gambling in the USA6 days ago
Gaming Americas Weekly Roundup – September 18-24
Industry News6 days ago
Entain Provides Update on Current Trading and FY23 Guidance
Latest News6 days ago
FACEIT reveals personal CS:GO wrap up with FACEIT REPLAY
Balkans7 days ago
Hacksaw Gaming Makes Bulgarian Market Entry via Inbet Partnership