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Imperial Pacific files lawsuit against a Chinese VIP over gambling debt

Niji Ng

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Photo credits: https://calvinayre.com
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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.

 

Source: CalvinAyre.com

Niji has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. Besides reporting industry headlines from all around the globe, Niji is also head of the content management team at Impressions Content Management, based in Kerala, India, which offers writing and editing services to clients around the world.

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Asia

Philippines casino shows strong results

Niji Ng

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Philippines casino shows strong results
Photo Source: vigattintourism.com
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Resorts World Manila, an integrated resort in the Philippines posted impressive results for the third quarter to September 30. The company reported an overall revenue of PHP4.7bn (€68.8m), which higher than the revenue of PHP3.5bn (€58.3m) in the previous comparative quarter.

The above figure is only the revenue from gaming activities. Non-gaming businesses, including hotel, F&B and other retail, reported a revenue of PHP5.9bn (€ 98.4m) and the year-to-date to PHP16.9bn (€261.8m). The net profit for the year-to-date was PHP1.8bn (€30m).

Resorts World Manila has been operating as a casino and hotel since 2009. Operator Travellers International Hotel Group also has other hotels and an events and convention centre.

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Asia

Lottery corruption scandal erupts in China

Niji Ng

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Lottery corruption scandal erupts in China
Photo Source: seeker.com
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An alleged lottery corruption scam is snowballing into a big social media controversy in China. The main allegation is that RMB136 billion (US$19.5 billion) has been eaten up by corrupt lottery administrators.

It must be remembered that there has been “temporary” ban on online lottery in China for several year.

The latest controversy revolves around the accusation that it is almost impossible for ordinary lottery punters to win a major prize. Following the allegation, four former senior Welfare Lottery officials, led by disgraced former Welfare Lottery director Wang Suying, admitted that there was systemic corruption in the sector.

Government officially rejected the quantum of corruption. But its lack of transparency is making the matters only worse. The government refused to provide the details of losses on grounds that it would be inconvenient.

Publically available figures date back to 2012 and are contained in a National Audit Office report in 2015, which disclosed that corrupt lottery officials had stolen or misused almost RMB17 billion between January 2012 and October 2014.

Part of those losses was in the online sector, where administrators allegedly failed to officially report all online sales, pocketing the balance and triggering the long-running “temporary” suspension of online sales by the government which remains in force at present – three years on.

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Tencent Cloud Korea Conference Showcases the Latest in Game Globalization Solutions

George Miller

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Tencent Cloud Korea Conference Showcases the Latest in Game Globalization Solutions
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Tencent, a leading internet services provider, held its Tencent Cloud Korea Conference in Busan, South Korea, on November 14, 2018, to showcase its latest industry solutions developed based on its extensive partnerships with global game companies. Dao Feng, Vice President of Tencent Cloud, and Joannie Kwon, CEO of SKY addressed hundreds of developers and executives at the event as an introduction of Tencent Cloud’s gaming capabilities and services ahead of the G-STAR 2018 exhibition, also held in Busan.

“Tencent considers Korea an important market, with its advanced and highly competitive game sector”, said Dao Feng, Vice President of Tencent Cloud, “Tencent Cloud is committed to providing leading cloud services, enriched by its gaming know-how, for game developers and publishers in Korean and worldwide.”

In line with the exhibition’s theme, Connecting Players Around the World, the Tencent Cloud Korea Conference featured a wide range of capabilities and case studies to highlight its worldwide services, including Tencent Cloud’s global infrastructure, its network optimization, Internet information security protection, service interfaces and its Global Application Accelerate Platform (GAAP) developed to address common challenges on latency and network lag for game companies.

Tencent also introduced the experience in developing and operating its game business, including the breadth of its gaming ecosystem and its key capabilities in gaming solutions as supported by Tencent Cloud. Tencent Cloud’s global network of high-speed interconnection covers the vast majority of players around the world and provides 24×7 Full Path Control customer service.

Experts from Tencent Cloud gave in-depth introductions on key priorities for games, including reliable cloud migration solutions that enable seamless migration between servers, object-based storage, database, big data and other Tencent Cloud solutions.

The conference showcased Tencent Cloud’s strength in boosting the global expansion of its game business and international game companies. Tencent Cloud aims to enhance its customer and partner network in the global market.

 

About Tencent:

Tencent uses technology to enrich the lives of Internet users. Our social products Weixin and QQ link our users to a rich digital content catalogue including games, video, music and books. Our proprietary targeting technology helps advertisers reach out to hundreds of millions of consumers in China. Our infrastructure services including payment, security, cloud and artificial intelligence create differentiated offerings and support our partners’ business growth.

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