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Offshore Casinos in Goa to be Shifted from Mandovi River

Niji Narayan

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The Man Who Turned His Passion For Gambling Into A Legitimate Business
Photo Source: hindustantimes.com
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Goa Chief Minister Pramod Sawant has finalised the decision to move Goa’s casinos away from Mandovi river. He also mentioned that the government is planning on formulating a casino policy for the State and is looking at amending rules under the Goa, Daman and Diu Public Gambling Act, 1976.

Six casinos are currently operating on the river. No alternate sites or areas have been demarcated for these casinos.

Goa’s main political parties, the Congress and BJP have been sparring for years on the closure of the offshore casino industry in Goa. Earlier this year, BJP Goa President Vinay Tendulkar requested the state government to shut the industry, after current licenses expire.

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FunFair’s blockchain platform localised for Japan

George Miller

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FunFair's blockchain platform localised for Japan
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FunFair Technologies, the leading Isle of Man-licensed blockchain gaming platform, has localised their Guaranteed Fair gaming platform for the Japanese market.

Previously only available in English, FunFair has enabled Japanese as the first localised language on its technology. FunFairs’ blockchain gaming technology is viewed by its partners as a great fit for Japanese players as Japan is one of the few regulated cryptocurrency markets and is home to some of the most experienced blockchain players globally. This sizable audience is tech-savvy, young, affluent and is in alignment with the Guaranteed Fair principles of FunFair’s core technology. More so, FunFair’s non-custodial wallet allows users to hold complete control of their funds, and access them from any browser globally. This feature paired with FunFair’s technology sets it apart from traditional operators, where funds rest in the custody of the company.

Fred Kessler, CPO at FunFair Technologies Europe Ltd, said: “We’ve been advised by our partners for some time that Japan is a great market due to its regulatory framework around cryptocurrency. The authorities there have been advocates of how cryptocurrency and blockchain technology will encourage growth in Japan. In fact, JPY is the second largest traded currency against Bitcoin after USD and this makes it an excellent choice for our first platform localisation.

We’re really looking forward to increased engagement with this new addition to FunFairs’ product proposition, we continue to push our product and technology forward with our aim to bring blockchain technology to the masses and to the forefront of gaming entertainment”

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Asia

Morgan Stanley Report Says Macau GGR Will Continue to Fall This Year

Niji Narayan

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Morgan Stanley Report Says Macau GGR Will Continue to Fall This Year
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In a new report, Morgan Stanley has revealed that it expects gaming turnover in Macau will plunge 35% this year, more than double the bank’s previous estimate of a 16% contraction.

Earlier, the government projected a 50% drop in 2020 GGR because of the COVID-19 outbreak. GGR there fell by a record 87.9% in February amid a 15-day government-enforced casino closure. Now, the analysts expect the March number to decline 75% to 80% on a year-over-year basis.

Nearly all of Macau’s roughly 40 casinos are currently operational – a few are being used as quarantine centres for screening and treating coronavirus patients – but the Special Administrative Region (SAR) is still enduring strict restrictions.

Lack of clarity on when Beijing will lift the IVS halt is prompting analysts to speculate that the first nine months of this year will essentially be a wash for Macau concessionaires and that no noticeable uptick in GGR will materialise until the fourth quarter.

“While we expect recovery to be slow, we anticipate VIP to turn around faster and Peninsula to benefit from land-based visitation,” Morgan Stanley said.

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Asia

Suncity Group Announces Delay to Launch of Hoiana Casino Resort

Niji Narayan

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Suncity Group Announces Delay to Launch of Hoiana Casino Resort
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Suncity Group has announced the postponement of the launch of its Hoiana casino resort in Vietnam due to the ongoing coronavirus crisis.

In a press release, Alvin Chau Cheok Wa, chairman of Suncity Group Holdings, said: “In summer 2020, we will unveil Hoiana Phase 1 for the first time ever in an exclusive preview, with the grand opening now scheduled in 2021.”

He said the new timeline for the opening of the Hoiana casino resort’s first phase was “a consequence of the uncertainties” brought on by the COVID-19 crisis.

“Suncity’s investment in Vietnam is intended to stay for a very long time,” he said.

Suncity is one of the investors in the Hoiana casino scheme and according to previous filing the group’s listed business is to handle casino operations there.

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