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Cabinet to okay the Taiwan Casino Bill; Modification to AMLA; SkyCity pacifies about its Manila Project | 14 February 2013 : WorldCasinoYellowPages

Cabinet to okay the Taiwan Casino Bill; Modification to AMLA; SkyCity pacifies about its Manila Project

... 14 February 2013

Cabinet to okay the Taiwan Casino Bill; Modification to AMLA; SkyCity pacifies about its Manila Project

Before the Casino Bill of Taiwan comes into shape, it has to be approved by the Cabinet that would weigh its pros and cons with full scanner. Mao Chih-kuo, the Minister of Transport of the state has revealed that the proposed draft for the casino bill is ready and the Executive Yuan has to approve the same with their seal of approval after going through its contents carefully. Voting for the bill is expected to be exercised in June after it is cleared off by the Cabinet and the Full Legislature’s debate. It is noteworthy that the draft of the bill consists of two sections, one comprising of the regulating management & operation of the casino properties while the second one deals with the establishment of gaming regulators for supervision of the issuance of the concerned licenses. Weidner Resorts, the renowned developer would be much satisfied with such good information as they had been vigorously pursuing the authorities to get the things cleared so that they could go ahead with their much sought after Matsu Island Casino Chain project.

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A modification has since been introduced by the Philippines Senate to the existing Anti-Money Laundering Act, i.e. AMLA sparing the gambling concerns from the need of reporting any harmless fiscal activity just due to any violation of numeric porch. Under the existing law, any financial activity crossing P500k ($12.3k) has to be informed to the authorities as per the set rules of the global Financial Action Task Force body upon supplement of the casino properties to the AMLA.

However, the casino operators would now be asked to report only such activities or transactions that involve any information or doubt about money laundering as per the proposed amendments to the Senate Bill 3123 by Juan Ponce Enrile, the Senate President. In fact, the games of chance do not involve any entrance amount in which the casino operators are actually engaged. They could begin with P1k, accumulating P1m within an hour resulting to loss of everything just within a minute, said Enrile who came openly in favor of the casino operators. In case, the compelled reporting depends upon the entrance money as per the rules, it would result in variance because the chance or fate rolls and the report itself do not remain trustworthy. Vigorous efforts had been put by the authorities of Philippines with an aim to seek investment in the gaming sector through the foreigners. No doubt heavy amounts had poured in by the global concerns who believed that there would not be any changes in the conditions with which they had invested heavily, said Enrile.

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Nebulous reports without explicit information about the planned Manila gaming project this year worth NZ $200m (US $168m) by Sky City, the casino operator from Australian/New Zealand entertainment group are pouring in while the latter is engaged in pacifying about its plans to penetrate the gaming bazaars of Philippines. It was revealed by Nigel Morrison, the worthy CEO of SkyCity that they did visit the Philippines and were satisfied with the prospective bazaars. They were in the process of making assessments of the region and also seek assistance of the local investors of the upcoming bazaars, said Morrison who clarified that there was nothing that could be made available to the shareholders at this juncture. Commitments worth AU $300m (US $313m) have already been promised by SkyCity towards expansion of its casino activities in Adelaide whereas the approval of the local authorities in respect of the Auckland project worth $350m is still awaited. The company had taken over full charge of the Queenstown casino property during December, 2012 and dropped half of its share in the Christchurch casino. The financial H1 income figures of the SkyCity would be revealed on thirteenth of this month, say the authorities.

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