International Entertainment Corporation (IEC) announced that it has officially begun its limited operation of the casino at its New Coast Hotel property in Manila. The company is set to officially take over full casino operations from the PAGCOR on May 11.

The Board is pleased to announce that on 9 May 2024, the Group has commenced its limited operation in the Casino, the Group will officially take over the entire casino operation with effect from 11 May 2024 and will be the operator of the Casino under the Provisional License.

IEC statement

This announcement comes after IEC was awarded a provisional casino license by the Philippine regulator on September 27, 2023. The former company now aims to turn New Coast Hotel into a proper integrated resort.  

For context, the casino at New Coast was operated by the PAGCOR’s Casino Filipino brand. During that time, IEC served a supporting function, helping the operator improve the overall gaming experience.

Under its provisional casino license agreement, IEC will pay a monthly fee to the PAGCOR. For the month of May, IEC will have to pay PHP 60 million.

IEC Will Implement Robust AML and CTF Measures

IEC’s official announcement noted that the group has established new internal control procedures and measures that would prevent instances of non-compliance and fraud. This includes an AML and CTF program that seeks to prevent money laundering and the financing of terrorism, allowing IEC to remain compliant.

The program, according to IEC, has been designed with high ethical standards and robust know-your-costumer principles in mind. It will also ensure that officers and employees are aware of their responsibilities and will guarantee cooperation with the AMLC and PAGCOR.

IEC added that it has formed an AML committee consisting of at least three members that would formulate a comprehensive and risk-based AML and CTF program that conforms to the law. The committee will oversee the program’s implementation and will report the casino’s compliance status to the board.

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Australian operator The Lottery Corporation has requested to be omitted from the upcoming gambling reform. Regulatory changes will prevent bettors from using credit cards for gambling, significantly changing the country’s gaming landscape. The company argues that lotteries have a low harm profile, insisting lottery tickets and scratch cards should be exempt from the Interactive Gambling Amendment Bill.

Australia Presses On with Its Gambling Reforms

Earlier this year, the Australian Government proposed several updates to the Interactive Gambling Act 2001 to prohibit users from using credit cards for gambling transactions. The proposed amendment is part of a broader effort to promote responsible gambling. Notably, The Lottery Corporation’s former parent company, Tabcorp, supports this amendment, agreeing it is vital in combating rising gambling addiction rates.

Recent updates to ID requirements for online gamblers marked the first significant milestone towards a fairer and more responsible gambling industry. The measure aims to mitigate underage gambling and alleviate some cases of gambling harm, protecting consumers from unscrupulous operators. Leading politicians have expressed their determination to push on with reforms and update regulations to navigate rising challenges.

The Australian Commonwealth Government’s push towards more responsible gambling coincides with similar measures across most local jurisdictions. New South Wales (NSW) recently pledged $100 million in funding for initiatives and services to reduce the industry’s harmful effects on communities. Such initiatives remain instrumental in reversing the country’s rising problem gambling rates by enforcing more effective regulations.

A Possible Exemption Could Have Far-Reaching Consequences

Lottery Corporation CEO Sue van der Merwe approached the Senate to request an exemption for lotteries from the upcoming ban on online gambling using credit cards and digital wallets. The company argues that lotteries have a significantly lower harm profile than other forms of gambling, relying more on their social and recreational aspects. 

Sue van der Merwe’s request likely reflects The Lottery Corporation’s fears that stricter regulations may impact the company’s bottom line. However, the measure enjoys broad industry support. Responsible Wagering Australia, representing some of the country’s top operators like Sportsbet and Ladbrokes, also released a statement in favor of the changes. 

We share the Government’s view that wagering customers should only be able to conduct their wagering activity with their own clear funds.

Responsible Wagering Australia statement

The Lottery Corporation’s call for an exemption from the impending credit card gambling ban highlights the ongoing debate about Australia’s gambling regulations. As discussions around responsible gambling continue, the decision of whether to grant this exemption will be closely watched by various industry stakeholders and may significantly impact future policies.

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Starting June 1, the fresh Crown corporation will be responsible for supervising all gaming-related activities with the purpose of implementing more cohesive and better-streamlined strategies. 

While players themselves might not notice any immediate changes in regard to Lotteries and Gaming Saskatchewan’s (LGS) activity, the province’s minister of parks, culture, and sport Laura Ross believes the LGS is likely to make a difference in the industry. 

She explained that the decision to bring together Lotteries and Gaming came as a result of online gaming triggering the need to strengthen and improve the gaming regulation and the gambling world as a whole in Saskatchewan. 

The New Crown Corporation to Observe Gaming Policies & Management 

According to the new changes, Lotteries will no longer be a part of the Ministry of Parks, Culture, and Sport. Officially, the Crown came to be by way of Orders in Council starting June 1, 2023. Ross explained the role of the fresh commercial corporation as overseeing “the gaming policy and management in the province”.

Saskatchewan Gaming Corporation will, therefore, no longer act as a designated subsidiary of Crown Corporation. At the same time, the LGS will be included as a designated subsidiary of Crown Corporation. 

As an immediate effect, Saskatchewan Gaming Corporation will be replaced by Lotteries and Gaming Saskatchewan while fully complying with all securities and categories of securities according to the respective Order. Moreover, SaskGaming will turn into a wholly owned subsidiary of the Lotteries and Gaming of Saskatchewan.

PlayNow Is Saskatchewan’s Only Legal Online Betting Platform 

The same minister also emphasized that British Columbia Lottery Corporation (BCLC)’s PlayNow was the sole online betting service acting legally in the province at the moment, further explaining that the rest of the currently operating betting services and sportsbooks were in a “gray” area in terms of regulations.

Ross added that it was mandatory to encourage people to opt for the PlayNow website, “the only legal site” in Saskatchewan since gambling was officially introduced in Canada. In January, BCLC announced it would benefit from an additional boost for the PlayNow.com brand via OpenBet in the same province.

In March, when the new legislation welcoming the new Crown was announced, the minister responsible for all major Crowns, Don Morgan, explained that the LGS would enable them to keep up with the fast-evolving gaming scene. 

At the same time, Morgan explained that they would hold on to the unique character of enjoying a plethora of different operators in the region, with names like SaskGaming, Sask.Lotteries and SIGA mentioned by the minister. 

The Crown’s maximum debt limit has been capped at $130 million while Regina will be the head office of the newly founded LGS. 

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This strategic collaboration aims to enhance the gaming experience at the Tropicana and further solidify its position as a premier destination for poker enthusiasts in Las Vegas. Maverick Gaming’s involvement in the project brings substantial industry expertise and should allow the venue to draw attention away from recent controversies.

The New Room Will Cater to Both Professionals and Novices

Establishing a Maverick Gaming Poker Room at the Tropicana should hopefully attract new and experienced poker enthusiasts. Maverick Gaming’s position as a highly regarded casino operator will be instrumental in delivering exceptional gaming experiences to the casino resort’s poker offerings, elevating them above the competition. The planned poker venue will cater to all types of players, enhancing the entertainment options available to guests.

Outlaw Media Group founders Houston Curtis and Rick Mahr were instrumental in finalizing the agreement. They are the executive producers of Bally’s popular Big Bet Poker TV series and live stream, helping them recognize the value of such a partnership. They lauded Maverick owner Eric Persson’s expertise, describing him as a tremendous asset to the company.

Persson’s industry expertise and proven ability to build successful poker rooms align with Bally’s omnichannel network.

Houston Curtis, Outlaw Media Group co-founder and CEO

Persson will also participate in Bally’s Big Bet Poker, building hype for the new venue. According to officials involved with the project, this collaboration aligns with Tropicana’s commitment to providing a diverse range of gaming experiences catering to seasoned poker players and casual enthusiasts and allowing even novices to feel like VIPs.

Bally’s Reaffirms Its Commitment to the Iconic Property

This bit of good news comes at a critical time for the Tropicana. The casino resort recently faced criticism regarding the planned construction of an Oakland Athletics stadium nearby, which may force the venue to close for 18 to 24 months. Although Bally’s later stated they would keep the property open for as long as possible, rising uncertainty among workers caused the Culinary Union to get involved and secure employee rights.

A high-profile addition like the Maverick Gaming Poker Room is just what Bally’s needs to reaffirm its lasting commitment to the Tropicana in its continued efforts to continuously evolve and innovate, keeping the iconic casino resort relevant in the face of ongoing uncertainty in the industry. The two companies’ shared commitment to excellence will ensure that the Tropicana will continue to stand out among the competition.

This will not be your typical run-of-the-mill poker venue. It’s a place where adrenaline meets attitude and poker dreams come alive.

Jeremy Weinstein, Maverick Gaming CMO

The agreement between Maverick Gaming and Bally’s Corporation represents a mutually beneficial collaboration. By combining their strengths, the two companies can create a dynamic and thriving poker room capable of meeting the ever-changing industry demands and capturing the spirit of Las Vegas poker.

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The preliminary results took a look at both the fourth quarter and the full year. In terms of four-quarter performance, the company posted revenue of $576.7 million, but net loss amounted to $476.8 million, the company said in the update shared with media late on Monday.

Fourth Quarter Sees “Unacceptable” Interactive Division Performance

Adjusted EBITDA stood at $145.8 million while adjusted EBITDAR was posted as $164.4 million. Bally’s President – Interactive and the company’s incoming chief executive officer – Robeson Reeves – commented on the results and what they meant for the business. Reeves focused on the company’s strengths at first, arguing that Bally’s has achieved record results in the Casinos & Resorts and International Interactive verticals.

He noted that revenue had a 12% organic growth in the fourth quarter, with Asia seeing positive year-over-year organic results as well. Reeves, though, spared no harsh words for the company’s domestic market where North America Interactive results were simply dubbed “unacceptable” by the executive, explaining the decision to cut 15% of its workforce.

Reeves assured that presently, the company is focusing on making executive decisions that will lead to a near-term path to profitability in sports. He remained confident that the company’s share in iGaming markets, such as New Jersey and Ontario, will continue to improve for Bally’s. However, there are difficult choices ahead, Reeves cautioned:

As part of the restructuring, we are evaluating multiple options, including leasing technology structures that integrate quickly and effectively with our world class iCasino and Marketing tech stacks.

Incoming Bally’s Corporation CEO Robeson Reeves

Land-Based Sector Likely to Keep Momentum in 2023

Bally’s President – Casino & Resorts, and incoming Bally’s President, George Papanier outlined the company’s land-based activities, arguing that while some additional loss was generated through the introduction of projects such as the company’s Chicago resort, the overall capital expenditures towards property improvements will begin to decline in 2023. If anything, Papanier expects the company’s momentum in the land-based sector to continue.

The company’s full-year preliminary results were posted at $2.25 billion for 2022, with expected net loss to decrease from the fourth quarter to $414.8 million. Adjusted EBITDA for the full-year is expected to be at $548.5 million, the company’s reported stated. Bally’s cautioned that once the final report is published, the results may change. Updates are forthcoming.

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The global casino-entertainment company with a constantly growing offering of sports betting and iGaming products has announced its current chief executive officer Lee Fenton will be replaced by its interactive department president – Reeves. 

Fenton Will Also Leave Bally’s Board of Directors

The decision will come into effect starting March 31, 2023. Besides stepping down from the CEO role that he accepted in October 2021 when Gamesys Group PLC was acquired by Bally’s, Fenton will be also leaving the corporation’s Board of Directors.  

Bally’s outgoing CEO thanked board director Soo Kim along with the rest of the board’s members for his time spent there and the good work put into easing Robeson’s transition to his new position. 

He also described Bally’s as being an “extraordinary business with extraordinary people” while thanking everyone for their support and commitment to the growth of the business. 

Fenton and Robeson have spent 14 years working together, making the transition even more “special”. Fenton spoke about Robeson’s unique talent, explaining that it was the right time for him to be leading Bally’s.

Chairman Kim also took the time to thank Fenton “for his excellent leadership and valuable contributions to Bally’s.” Kim also spoke about Lee’s contribution to the “effective integration of Gamesys” that left the corporation well-prepared for the future. 

The chairman also spoke about Fenton’s contribution to determining the purpose and values of the currently integrated group, while wishing him all the best in his upcoming endeavors.

Reeves, “Honored” and “Grateful”

Speaking about his new appointment, Reeves said that he was honored and grateful to be chosen to lead Bally’s and for receiving his fellow Board members’ support and trust. 

Reeves, who described Bally’s as a company with a robust core and an amazing set of opportunities, expressed his eagerness to start working “hard” with his new executive team to optimize their growth.

Reeves was appointed president of the interactive division on October 1, 2021. Before that, he was Gamesys’ chief operating officer since July 2015. 

He originally joined Gamesys in September 2005 and held a series of important positions there, including director of gaming operations since May 2010 and member of Gamesys’s board of directors since August 2010. 

Ever since he joined Gamesys, Reeves worked on bringing together player and product experiences with marketing and business key performance indicators as a means of guaranteeing sustainable growth. 

Reeves graduated in 2005 with a Bachelor of Science in Statistics, Operations Research, and Management Studies from University College in London.

Last August, Bally’s donated $600,000 to the International Center for Responsible Gaming. 

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