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.

The post International Entertainment Corporation Takes Over Manila Casino appeared first on Keno Wizard.

In 2022, Japanese Pachinko billionaire and former Steve Wynn associate, then nemesis, Kazuo Okada staged a boardroom raid on his “former” property in the Philippines, Okada Manila. Now a trial court has ordered his arrest on charges of pilfering money from the massive casino complex’s coffers during the time of forced control of the property.

Arrest warrants were issued for Okada along with a dozen other associates of his including most notably Antonio “Tonyboy” Cojuangc and, Dindo Espeleta for the crime of “qualified theft” according to reports out of Asia.

Regional Trial Court Judge Issued Warrants

Presiding Judge Hon. Regina Paz A. Ramos-Chavez of the Regional Trial Court Branch 274 issued the arrest warrants.

According to reports in Asian gaming media, “Qualified Theft” falls under provisions of Article 310 of the Revised Penal Code of the Philippines, and involves theft in cases of “grave abuse of confidence” and it carries harsher penalties than some other type of theft.

Art. 310. Qualified theft. – The crime of qualified theft shall be punished by the penalties next higher by two degrees than those respectively specified in the next preceding article.

An article from Inside Asia Gaming purports to have received confirmation and more details from Okada Manila representatives that indicate the theft could have been circa Php500 million – a little over US$9m and that the alleged theft involved simply siphoning money from the casino cashier cage.

Motions to suspend or delay the proceedings that led to the issuance of warrants were reportedly denied by the judge even though the accused may have been appealing the decision with the Secretary of the Department of Justice as such an appeal does not hold proceeding in abeyance based on the judge’s interpretation of the country’s National Prosecution Service Rule on Appeal.

Judge Ramos-Chavez determined there was probable cause to issue warrants for all of those accused in the matter stating: “The counter-allegations of the accused, being evidentiary in nature, are best threshed out in a full-blown trial.”

Early last year the Supreme Court of the Philippines issued an order of Status Que Ante Order (SQAO) which, in effect instructed then-current board members to temporarily restore the Tiger Resorts, Leisure and Entertainment Inc (TRLEI) operators board to its status prior to the removal of Okada from the board in 2017.

While the matter was still being considered for litigation and no direct order to relinquish control by a date certain was issued, that was enough for Okada’s associates to mount a raid on the offices and forcibly retake the property on May 31, 2022. About 50 invaders took over the resort including private security guards and some local police officers.

DOJ Ruled Okada Had No Right to Take Forcible Control of Casino

The Department of Justice ruled about three months later that the SQAO was not an imminent order to, nor give Okada the right to retake and control the property by force, and by early September 2022, the ousted board took its chairs again.

Along the way, Okada and others were indicted for “grave coercion” for bodily removing the existing board and indictments were issued. However, potential kidnapping charges were dismissed. Okada flew to the Philippines and turned himself over to authorities when the indictment was issued. He was released on bail the same day. The group pleaded not guilty to the charges.

The TRAL-backed board accused Kazuo Okada’s representatives in July 2022 of pilfering funds from the cashier cage in response to its assets being frozen, according to some reports.

Source: Philippines Court orders arrest of Kazuo Okada, Tonyboy Cojuangco, Dindo Espeleta and associates for qualified theft, Inside Asia Gaming, July 12, 2023

The post Arrest warrants have been issued for Kazuo Okada and Associates in Manila appeared first on Keno Wizard.

The male victim of the abduction was released with the incident taking place at Okada Manila where he was being held hostage. The perpetrators were aged between 24 and 36 according to local media reports.

Okada Manila Becomes Scene of Abduction

Upon investigating, police found out that the abductors had forced the man into the room because he was unable to repay a PHP500,000 ($9,000) debt. Police were tipped off by the resort. The victim was able to inform a guard about his situation while the abductors were moving him, prompting Okada Manila’s security team to interfere swiftly.

Commenting on the incident as cited by Inquirer, a local media outlet, National Capital Region Police Office chief major general Edgar Allan Okubo said that such crime would not be tolerated and that the police were prepared to act.

“We will work diligently to respond in such similar reports of illegal detention to be able to rescue other possible victims among foreign nationals,” Okubo explained.

The abduction highlights the ongoing problem that many lawmakers, officials and even Chinese diplomats ascribe to the lawless market of Philippine Offshore Gaming Operators. The industry has reportedly produced the most gambling-related crime, and many have called for it to be shuttered completely.

Among those complaining have been Chinese diplomats who see the industry as harmful to the country’s citizens with many abduction cases reported to originate in the POGOs operations in the Philippines. PAGCOR chairman and CEO Alejandro Tengco has warned that should these incidents continue, the regulator would not hesitate to suspend the licenses of POGOs and implement broader measures that could affect the industry in its entirety.

POGOs have been a thorn in the side of the new PAGCOR chair who is keen to be seen as a hardliner on crime. Yet, POGOs generate a fair bit of revenue that is injected into the public purse. Without them, it’s not immediately clear how the state would make for the short in revenue.

The post Okada Manila Kidnapping Results in Five People’s Arrest appeared first on Keno Wizard.