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Missing Hong Kong casino chairman arrested in Cambodia

Niji Narayan

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Missing Hong Kong casino chairman arrested in Cambodia
Photo Source: South China Morning Post
Reading Time: 2 minutes

Yang Zhihui, the Chairman of Hong Kong-listed casino and hospitality operator Landing International Development Ltd., who was missing for some weeks, has been reportedly detained in Cambodia. This is the last of a series of bad news for the struggling company. Its share prices, which had already have fallen by 35% over the last few weeks, were further down by 33% following the announcement. They fell another 33% today to their lowest since last springnews of arrest.

The company currently runs the Jeju Shinhwa World integrated resort on South Korea’s Jeju Island. The property had its grand opening earlier this year with 155 gaming tables and multiple other gambling and non-gambling options.

Earlier this year, Landing also announced plans to build a $1.5-billion hotel and casino resort in the Philippines. The company received a provisional license from the local gambling regulator PAGCOR and obtained a portion of land in what is known as Entertainment City in the Manila Bay area.

The developer broke ground on the resort on August 7 only to see Philippine President Rodrigo Duterte vow to block the mega-scheme just a few hours after the ground-breaking ceremony. The country’s top official said that the lease contract Landing had secured for the development of its resort was “unconscionable” and that he would not allow any more gambling resorts in the country beyond the existing ones.

Mr. Yang is the casino operator’s largest shareholder with a 50.5% stake. While Landing did not specify in its note to the Hong Kong Stock Exchange whether it had any additional information about the businessman’s whereabouts and why he might have gone missing, reports emerged across Asian media outlets that he was arrested in Cambodia over his ties with Chinese state-owned bad-debt manager China Huarong Asset Management Co. Ltd. The company’s former Chairman, Lai Xiaomin, has recently found himself embroiled in a massive graft investigation.

According to local news outlets, Mr. Lai is facing charges for channeling billions of Chinese yuan to a private company for years. The probe extended to people with close ties with the disgraced businessman, who left his Chairman post at the bad asset manager in April.

Chinese media outlet Caixin reported on Thursday citing multiple unnamed sources that Landing’s Chairman was arrested at an airport upon landing in Cambodia. The news website pointed out that the reasons for his detention were unclear, but it was believed that his reported “close business ties” with Mr. Lai might have turned the attention of police authorities toward him.

Caixin further reported that Landing’s Chairman was a controversial figure across Hong Kong’s business communities due to his suspected but unconfirmed involvement in a fraud scheme.

 

Source: casinonewsdaily.com

Niji Narayan 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. He reports gaming industry headlines from all around the globe.

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Asia

Resorts World Manila to Reopen Casino’s Second Floor Next Month

Niji Narayan

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Resorts World Manila to Reopen Casino’s Second Floor Next Month
Photo Source: wikipedia.org
Reading Time: 1 minute

 

Kingson Sian, the CEO of Travellers International Hotel Group, has announced the reopening of Resorts World Manila next month. The venue is owned by a joint venture between Genting Group and Alliance Global Group’s, Travellers International Hotel Group, Inc.

In 2017, a disgruntled, failed gambler attacked the Resorts World Manila in order to rob it, but ultimately decided to set it on fire. The arson resulted in the deaths of 38 people and heavily damaged the casino’s second floor. The resort has not been operational since.

Kingson Sian said that it will be “an entire new floor of gaming space,” and, “As we expand the gaming space, we are attracting not only locals but also foreign players to come, and we can develop new junket relationships.”

Sian further told the investors that, once the venue is completely operational again, it will offer 465 gaming tables and 2300 slot machines. The total number of gaming positions will be greater than what was offered before the attack.

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Asia

Cambodia Grants 13 Casinos Licenses in Four Months

Niji Narayan

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Cambodia Grants 13 Casinos Licenses in Four Months
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The authorities in Cambodia have granted 13 casino licences in the first four months of this year. Ros Phearun, an official in the Ministry of Finance in Phnom Penh, said that the authorities had now granted a total of 163 casino licences and 91 of the licences were for casinos in the province of Preah Sihanouk.

“We have granted a lot of licences, but there are actually only 51 casinos in operation. The rest are now being built, while some have halted operations. The rise in the number of casinos reflects the increase in tourists, particularly Chinese,” Mr Phearun said.

He said the government is expecting US$70 million in tax revenue from the gaming industry this year. He also added that the relevant ministries had finished drafting legislation governing gaming, and that the respective bill would be sent to the Council of Ministers soon, with a view to its eventual enactment.

“With this law, we hope that to attract more big casino investors and increase revenue from the industry. I think that, as a result of this law, revenue collected from the industry will double,” Phearun said.

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APE Announces 2019 Summer Internship Program Offering 480 Hours On-the-job Training for Undergraduates

George Miller

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APE Announces 2019 Summer Internship Program Offering 480 Hours On-the-job Training for Undergraduates
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Asia Pioneer Entertainment Holdings Limited is pleased to announce its paid summer internship program joint with University of Macau, has launched recently from June to August.

This is the second year in a row of APE to launch internship program. The Internship this year is a full-time student studying in International Integrated Resort Management, specializes in Gaming Management in University of Macau. The working hours will be 480 hours throughout the program. In this period, the student will be placed in different departments including Sales & Marketing Department, Administration & Human Resource Department , Technical Department, etc. Students who complete the program with outstanding results will have priority received a chance to become APE full-time employees.

The program is targeted at the students from local higher education institutions who are interested in gaming industry especially the electronic gaming equipment (EGEs) area. Feedback from the internship program students and schools last year was encouraging. To continue the success, 2019 summer internship program as part of its effort to nurture and support young people. It provides training on team work, social skills as well as job skills to young people to broaden their perspectives, helping them to navigate a better future.

“It is honored to support this meaningful program again. APE has been investing resources over the years to nurture young people including our junior staff because the sense of accomplishment and self-worth of the younger generation can bring about positive changes. We are proud to join hands with University of Macau and share our experience about EGEs and gaming industry. It is anticipated that the students will come back for being an employee after they graduated. ” said Mr. Herman Ng, Chief Executive Officer and Executive Director of APE.

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