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Interblock Renews its ETG Lease Deal with PAGCOR for an additional 3 Years

George Miller

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Interblock Renews its ETG Lease Deal with PAGCOR for an additional 3 Years
Reading Time: 2 minutes

 

Luxury gaming manufacturer and electronic table game (ETG) market leader Interblock® announced the renewal of its ETG lease deal with the Philippine Amusement and Gaming Corporation (PAGCOR) for another 3 years via its long term partnership with Indepth Insights Inc. (Indepth).

Interblock together with its local agent, Indepth, inked the very first ETG revenue-share lease deal with PAGCOR in June of 2015 at 12 PAGCOR operated casinos for a period of 3 years. As part of the deal Interblock supplied, installed and maintained 192 G5 Diamond play stations with fully automated Roulette and video Baccarat Stadiums. At the end of December 2018 the total number of seats had increased to 204 G5 Diamond play stations spanning across 14 PAGCOR operated casinos throughout major cities in the Philippines.

Interblock’s President of Asia Pacific, Michael Hu, said: “The revenue generated from our first installations had increased strongly from month to month through our continuous performance appraisals. It is with great honor that through our partnership with Indepth and PAGCOR and their continued support of our ETG products we have been able to extend the lease agreement for another 3 years, through January of 2019. This is a win-win partnership combination.”

 

About Interblock

Interblock® is a worldwide leading developer and supplier of luxury electronic table gaming products. Its multi-player gaming devices set industry standards and provide the ultimate in luxury interactive entertainment experiences. The Interblock brand is globally recognized for diamond quality gaming solutions and technical support in more than 200 jurisdictions. Interblock’s exclusive collection of fully and semi-automated electronic gaming tables and video gaming solutions provide casinos, arcades and gambling halls with superior product performance and their guests with an unforgettable gaming experience.

 

 About PAGCOR:

The Philippine Amusement and Gaming Corporation (PAGCOR) is a 100% government owned and controlled corporation under the Office of the President of the Republic of the Philippines through the Presidential Decree 1067-A.  This was in response for the Philippines Government to put a stop to the growing proliferation of illegal casino operations in various parts of the country.  The law creating PAGCOR was later amended and consolidated under PD 1869 otherwise known as the PAGCOR Charter.  In June 2007, Republic Act No. 9487 was passed by the Philippines Congress, extending the corporate life by 25 years, renewable for another 25 years.  Currently, PAGCOR operates 9 casino branches and 31 satellite casinos in major cities across the country’s three major islands.  For more information, visit http://www.pagcor.ph.

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Asia

Cambodia to Ban the Issuance of Online Gambling Policy and Licenses

Niji Narayan

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Photo source: acboulle.org
Reading Time: 1 minute

The Cambodian Government has issued a directive to stop the issuance of online gambling policy and licenses, both within and outside of Cambodia.

The government said that the industry had been used by foreign criminals to extort money. The southern coastal city of Sihanoukville has emerged as a particular centre for gambling and many of the dozens of Chinese-run casinos that have sprung up there have online gambling operations.

“The Royal Government of Cambodia will stop the issuance of online gambling policy and licenses, both within and outside of the Kingdom of Cambodia, from the date of signing this directive,” said the directive signed by Prime Minister Hun Sen.

“Some foreign criminals have taken refuge in the form of this gambling to cheat and extort money from victims, domestic and abroad, which affect the security, public order and social order,” the directive said.

China is Cambodia’s close ally, its biggest donor and investor. It has also been trying to crack down on cross-border gambling, criticising operations in the Philippines that are similar to those in Cambodia.

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Asia

Kien Huat Realty III Limited and Genting Malaysia Berhad to Acquire Empire Resorts

Niji Narayan

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Reading Time: 2 minutes

 

Empire Resorts, Inc. has announced a definitive agreement under which affiliates of Kien Huat Realty III Limited and Genting Malaysia Berhad will acquire all of the outstanding equity of the Company not currently owned by Kien Huat or its affiliates for $9.74 in cash per share. Kien Huat is currently the holder of approximately 86% of Empire Resorts’ outstanding shares of common stock.

The Board of Directors of Empire Resorts has approved the transaction on the unanimous recommendation of the previously formed special committee of independent directors. Empire Resorts and Kien Huat also amended Kien Huat’s existing preferred stock commitment letter with the Company, which, subject to the terms thereof, enhances Empire Resorts’ access to capital through February 2020.

“We are pleased to reach this agreement and provide immediate certain cash value to our stockholders. Kien Huat has been a true partner for Empire Resorts, and we look forward to welcoming Genting Malaysia into our ongoing relationship. With Kien Huatand Genting Malaysia, we will be part of an extensive and attractive organization with enhanced scale and global reach. Importantly, Kien Huat has agreed to provide incremental credit support to Empire Resorts, which will enable the Company to meet its debt obligations as we continue to execute on our business strategy,” Keith Horn, independent director of Empire Resorts said.

“With the resources and support of Kien Huatand Genting Malaysia, Empire Resorts will be better positioned financially and operationally, which will help us advance our mission of delivering a winning combination of luxury facilities, quality entertainment and exceptional customer service. This transaction is a win-win for all our stakeholders, including our stockholders, customers, employees, creditors and the communities in which we operate. Importantly, we expect our employees will benefit from new opportunities for career development as part of a larger organization. I look forward to working closely with Kien Huat and Genting Malaysia to seamlessly complete the transaction,” Ryan Eller, President and CEO of Empire Resorts said.

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Asia

Losers and Winners of Online Gambling in China

Niji Narayan

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Photo source: aljazeera.com
Reading Time: 1 minute

Countless ordinary Chinese people, driven by greed and ignorance, have fallen into online gambling like the moths flying towards the fire.

In 2018, Chinese handset maker Gionee was forced into bankruptcy liquidation. The reason was that Liu Lirong, the owner of Gionee, gambled and lost more than 1 billion Chinese yuan in Saipan Island, leading to a shortage of operating capital and final bankruptcy.

Traditional Confucianism holds that gambling means greed and depravity. Many Chinese literary works and academic studies have portrayed Chinese gamblers and many people think that Chinese people are fond of gambling.

Before the rise of online gambling in many countries, China’s neighbouring countries once set up casinos in border areas with China to attract Chinese tourists and gamblers. Gambling-related criminal cases caused a lot of trouble for the Chinese government. Under pressure from the Chinese government, casinos in many border areas had been shut down.

The rise of online gambling has changed the story. Gaming companies have been able to spread their tentacles into every corner of China with the help of internet.

The reason why the gaming companies in the Philippines employ a large number of Chinese employees is that all of the Chinese employees can speak Chinese and most of the customers they serve are Chinese citizens.

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