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Boyaa Interactive CEO receives prison sentence for bribery

Niji Narayan

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Boyaa Interactive CEO receives prison sentence for bribery
Photo Source: guardian.ng
Reading Time: 1 minute

 

Zhang Wei, the chairman and CEO of the China-based gaming company Boyaa Interactive, has been sentenced to a one-year jail terms on bribery charges. This has resulted in the steep fall of the company’s share praises. The company is also scrambling to find a suitable replacement.

Zhang resigned from all positions he held at the company immediately after the verdict.

Zhang went in front of a judge with the Municipal of Intermediate People’s Court in May to answer to charges brought against Boyaa Shenzhen of offering “bribes by entities.” Boyaa received a fine of $364,667 (RMB2,500,000) and Zhang was sentenced to a year in prison, with a suspended sentence of 18 months. Upon being found guilty, Zhang immediately launched his appeal, which was denied last week by China’s Higher People’s Court.

According to a Boyaa announcement from last Friday, Dai Zhikang is set to replace Zhang as the board’s chairman.

Boyaa’s second-quarter earnings fell 34.4 per cent after China launched its crackdown on online gambling applications in April. In a sweep to rid the country’s landscape of gambling, regulators not only banned virtual games, but also determined that poker is no longer a competitive sport.

In its revenue filing for the second quarter, Boyaa said that the decline was due primarily to “the effect of regulatory risk regarding the market rumor of the implementation of the ‘Administrative Measures of Online Chess and Card Games’ by the Chinese government aiming to shut down Texas Hold’em poker games and prohibiting the operation of Texas Hold’em poker games starting from 1 June 2018.”

 

Source: CalvinAyre

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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Operators, Investment Firms Confirmed Sponsors of the Kyushu – Nagasaki IR Business Connect Seminar

George Miller

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Operators, Investment Firms Confirmed Sponsors of the Kyushu – Nagasaki IR Business Connect Seminar
Reading Time: 2 minutes

 

The Kyushu – Nagasaki IR Business Connect Seminar (to be held on 27 June 2019) has confirmed at least six international operators and investment groups who have agreed to support the event and speak to attendees. The operators in attendance will be presenting on a variety of topics to an expected audience of nearly 500 participants.

Confirmed event sponsors now include Agora Hospitality Group, Current Corp. – Sofitel Macau at Ponte 16 & Get Nice Holdings Limited, Oshidori International Development Limited, Disaster Support Foundation and Casino Austria International, as well as one international operator who has asked to remain anonymous until the event date. Each of the sponsors will be given time to present individually, where they will introduce their organizations, visions for the future of an integrated resort in Nagasaki Prefecture as well as how they foresee economic integration with the Greater Kyushu Region at large. Problem gaming will also be a topic for discussion. A second session will include a panel discussion which will be chaired by Mr. Andrew Edsall of The Carter Group, a Japanese market research firm based in Tokyo.

The event is expected to draw attendance from Nagasaki Prefecture as well as the Greater Kyushu Region across both the public and private sectors. Additional attendees will include event supporters such as the Nagasaki Prefecture and Sasebo City Governments and a variety of Chambers of Commerce and Economic Federations from throughout Kyushu. The event is seen as the first major IR seminar in the region and follows the recent announcement at the Kyushu Regional Strategy Conference that confirmed agreement for the support of a Nagasaki-based IR by all Kyushu Governors as well as the governors of Okinawa and Yamaguchi.

It is expected that attendees will be interviewed after the event to gauge feedback based on the presentations given and will be passed to the event supporters to further study and understand public perception and IR support within the region.

 

About HOGO:

HOGO is a marketing strategy and corporate communications company that focuses on the tourism, hospitality, gaming and entertainment industries. Based in Macau, the agency has offices in Hong Kong, Vietnam, Thailand, Cambodia and Japan. Focused on creative marketing and strategic vision, HOGO works with clients to further develop and build their brands throughout Asia Pacific.

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Asia

Philippine Stock Exchange Delists Melco Resorts

Niji Narayan

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Philippine Stock Exchange Delists Melco Resorts
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Melco Resorts and Entertainment has been delisted from the Philippine Stock Exchange after falling below the PSE’s minimum required threshold for public ownership.

The delisting comes six months after Melco completed the crossing over of shares from a tender offer aimed at increasing the shareholding of MCO Investments Limited. The stakes were increased from 72.54% to 96.1%, pushing the amount held by other shareholders well below the required 10% minimum public ownership requirement.

Melco (Philippines) is also looking to further decrease the public holding via a reduction in the number of common shares in the company from 5.9 billion to just 11,800, with the value of each share increasing from Php1 to Php500,000.

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Asia

RGB Signs Deal with KL Saberi and Atlas

Niji Narayan

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RGB Signs Deal with KL Saberi and Atlas
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RGB International Bhd, the Malaysia based gaming machine distributor, has secured the rights to distribute EGMs on behalf of two new manufacturers – KL Saberi and Atlas. The KL Saberi is owned by Kangwon Land, the only Korean casino in which locals can legally gamble, while Atlas is an Australian firm operating out of Victoria.

Datuk Chuah Kim Seah, MD of RGB told that RGB was planning to launch 200 units of the new brands in the Philippines, Cambodia and Vietnam this year via the company’s Sales and Marketing division.

“In the Philippines, some 600 gaming machines have already been installed in the casino according to the terms and conditions of the contract,” Chuah said.

RGB previously revealed it had signed contracts to install 1700 units in 2019, of which 1300 are in the Philippines.

When all are installed, “these 1300 machines will generate a yield of at least US$50 million for the group over the next five years,” Chuah added.

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