Nagacorp to reduce monthly operation costs by $2M

The integrity of sports in China has been thrust into the limelight following a controversial conclusion to the Beijing Half Marathon, which has drawn public attention. The centre of this controversy is He Jie, (pictured above), a record holder in Chinese marathon running, who was the first to cross the finish line with a time of 1 hour, 3 minutes, and 44 seconds.

While He’s time is impressive, it’s the circumstances surrounding his victory that have raised eyebrows. Three African runners, Robert Keter and Willy Mnangat from Kenya, and Dejene Hailu Bikila from Ethiopia, were seen running alongside He in the final moments of the race. The live stream of the event, which took place on 14 April, shows these three athletes seemingly ‘escorting’ He, as some media outlets have put it.

He, an Asian Games marathon gold medalist, is seen trailing closely behind the trio but then suddenly accelerates after what appears to be a gesture from Mnangat, encouraging the Chinese runner to increase his pace and directing him towards the finish line. What’s unusual is that none of the three African runners attempt to surpass He, leading to a photo finish that has been scrutinized by internet users not just in China, but globally.

The Beijing Sports Competition Management and International Exchange Centre, the organizer of the event, has initiated an investigation into the incident. Additionally, Xstep, a Chinese sports brand that sponsored the event and has a contract with He, has stated to The Paper, a state-owned media outlet, that the situation is currently will be released as soon as possible.

This incident has inevitably led to allegations of match-fixing. World Athletics, the international governing body of athletics, has addressed these allegations. “We are aware of the footage circulating online from the Beijing Half and understand an investigation is currently being conducted by the relevant local authorities,” a spokesperson for World Athletics said. “The integrity of our sport is the highest priority at World Athletics. "While this investigation is ongoing we are unable to provide further comment.”

The outcome of the investigation is eagerly awaited by sports enthusiasts worldwide. The incident serves as a reminder of the importance of maintaining integrity in sports, and the potential repercussions when this integrity is called into question.

CoinGames has emerged as a game-changer in the iGaming industry. The company has launched a decentralized gambling platform that leverages the power of blockchain and smart contract technology. This innovative approach has allowed CoinGames to create a Web3 casino that offers instant withdrawals, access to daily promotions, 24/7 live support, and a staggering array of over 10,000 games.

The CoinGames platform addresses what it identifies as the “largest challenge” in the online gambling industry: conversion rates. Traditional online casinos require users to deposit funds upfront, creating a barrier to entry for many potential players. CoinGames eliminates this hurdle by operating as a Web3 casino, where all gaming transactions are facilitated through smart contracts. This streamlines the process, enhances accessibility, and has led to a reported 380 percent improvement in conversion rates and a 200 percent increase in customer Lifetime Value. User-Centric Approach CoinGames has prioritized the user experience, ensuring that players enjoy shorter wait times for registration and deposit. The company has eliminated the need for third parties that often complicate and slow down processes.

As a result, players maintain full autonomy over their funds,using their non-custodial wallets. All transactions are recorded on the CoinGames framework, which is built upon the Binance Chain and Polygon Chain, with plans to soon incorporate Solana and Ethereum. The implementation of these decentralized technologies contributes to a user experience that is both fully secure and streamlined. Setting a New Industry Standard Edoardo Narduzzi, President of CoinGames, has expressed his excitement about the launch of the platform. He believes that CoinGames, as the world’s first fully decentralized gambling platform, marks a pivotal moment not just for the company, but for the entire online gaming ecosystem.

By integrating blockchain and smart contract technology, CoinGames is setting a new industry standard for transparency and user control. CoinGames, which already boasts a user base of 20,000 individuals, has ambitious plans to expand its reach to one million users by the end of the year. The platform operates under a specialized gambling license, ensuring compliance with regulatory standards and bolstering user trust and security. Future Developments In addition to its current offerings, CoinGames is set to introduce its native token, the CoinGames Token.

This will be done through private investor rounds followed by pre-sale and public sale phases. This move is expected to further enhance the platform’s offerings and solidify its position as a leader.

CoinGames is one of the leaders in the charge in revolutionizing the online gambling industry. By leveraging blockchain technology and prioritizing user experience, the company is setting a new standard for online casinos and paving the way for the future of gaming.

MGM Resorts has escalated its battle with the United States Federal Trade Commission (FTC) by filing a lawsuit challenging the agency's investigation into a  that targeted the gaming giant last September. The lawsuit, filed in the US capital on Monday, alleges that the FTC's actions represent an overreach and infringe upon MGM's rights.  

According to the lawsuit, the  left MGM Resorts grappling with operational disruptions, forcing the company to temporarily operate its business without access to crucial IT systems essential for maintaining its renowned standards across its casinos and resorts.  

MGM contends that it should not be subjected to FTC regulations about consumer financial data, as it is not a financial institution. The lawsuit underscores the company's objection to the FTC's involvement, particularly given the personal connection of FTC Commissioner Lina Khan to the incident. Bloomberg reported that Khan was present at an MGM hotel during the cyber-attack, prompting MGM to call for her recusal from the proceedings.  

The lawsuit highlights MGM's objection to the extensive demands made by the FTC, including the production of over 100 categories of information. MGM argues that certain enforcement actions pursued by the FTC have never been targeted at a casino operator of its stature. Moreover, the company challenges the 11-day deadline imposed by the FTC to comply with a Civil Investigative Demand (CID), labeling it as "plainly unreasonable" and arguing that the CID was based on rules that are irrelevant to MGM's operations.  

The aftermath of the cyber-attack has inflicted significant financial losses upon MGM Resorts, with reported costs exceeding $100 million (€94.2 million) in lost revenue and damages. Additionally, the company is contending with over a dozen consumer class action lawsuits stemming from the incident.   

The attack disrupted IT systems at MGM's US-based hotels and casinos, resulting in operational chaos such as slot machine shutdowns, malfunctioning mobile and door keys, and resorting to manual room check-ins.  

, the parent company of MGM China, operates two integrated resorts in Macau through its subsidiary. The legal dispute with the FTC underscores the complexities and challenges faced by multinational corporations operating in the gaming industry.  

Upcoming SiGMA event: BIS SiGMA Americas 2024, find all the details .

Belle Corp, a prominent player in the gaming industry in the Philippines, witnessed an uptick in its consolidated revenues for 2023, reaching PHP5.6 billion (€92.5 million). This marks a notable 3 percent increase from the PHP5.4 billion (€89.2 million) recorded in the previous year.  

The surge in revenue was largely propelled by the company's other gaming-related sources, including gaming revenue share and online betting equipment rental. 

The company's strategic alliances, notably with City of Dreams Manila (CODM) and Melco Resorts and Entertainment Corporation (MRP), have been instrumental in driving its revenue growth trajectory. As an investor in CODM and operating in collaboration with MRP, Belle Corp has solidified its position in the competitive gaming landscape. 

Belle Corp's annual report, disclosed to the Philippine Stock Exchange, highlighted a significant boost in casino revenue attributed to its share in the gaming operations at City of Dreams Manila. The revenue surged by an impressive 50 percent year-on-year, reaching nearly PHP2.34 billion (€38.7 million) in 2023.  

Jackson Ongsip, President and CEO of Belle Corp, attributed this growth to improvements across both mass and VIP segments at CODM. Efforts to expand the client base, coupled with rising local and international tourist arrivals, have contributed to CODM's success amidst stiff competition from other integrated resorts in Entertainment City Manila. 

The robust revenue growth translated into substantial gains for in terms of consolidated net income. The company witnessed a remarkable 42 percent surge, with consolidated net income reaching PHP2.4 billion (€39.6 million) in 2023, compared to PHP1.7 billion (€28 million) recorded in the previous year. 

Furthermore, Belle Corp's subsidiary, Pacific Online Systems Corporation (Pacific Online), also experienced a surge in revenues in 2023. Engaged in the national gaming lottery sector, Pacific Online leases online betting equipment and systems to the Philippine Charity Sweepstakes Office (PCSO) for its lottery operations nationwide.  

The company reported revenues of PHP599.2 million (€9.9 million) in 2023, marking a notable 15 percent increase from PHP519.1 million (€8.6 million) realized in 2022. This growth underscores Pacific Online's integral role in contributing to Belle Corp's overall revenue stream. 

Upcoming SiGMA event: BIS SiGMA Americas 2024, find all the details .