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The Nevada Gaming Commission (NGC), the regulatory body overseeing the state’s gaming industry, convened for a pivotal meeting. The meeting, held at the Nevada Gaming Control Board Offices, was presided over by Hon. Jennifer Togliatti (Ret.), Chair, and attended by members Rosa Solis-Rainey, Ogonna Brown, Hon. Brian Krolicki (Ret.), and George M. Markantonis.
The meeting began with a public comment period, a testament to the NGC’s commitment to transparency and public participation. Notably, comments were taken regarding an invitation to celebrate the historic Moulin Rouge agreement, a landmark event in the history of Las Vegas. Additional comments were taken from members of the Culinary and Bartenders Unions regarding Station Casinos, reflecting the ongoing dialogue between the gaming industry and its workforce.
The Commission approved the prior month’s disposition for February 2024, setting the stage for the day’s agenda. The Commission then turned its attention to nonrestricted and restricted agenda items, demonstrating its comprehensive oversight of the gaming industry.
The Commission also considered new games and devices, reflecting the ever-evolving nature of the gaming industry and the NGC’s commitment to staying abreast of these changes.
New chapter in gaming regulationThe meeting then moved on to complaints. The Commission considered the Stipulation for Settlement and Order, settling the Complaint filed in the matter of the Nevada Gaming Control Board vs. The Donald J. Laughlin Gaming Trust, dba Riverside Resort & Casino, Case No. 23-01. The stipulation was adopted as the Order of the NGC, demonstrating the NGC’s commitment to enforcing gaming regulations and maintaining the integrity of the industry.
Finally, the Commission considered regulations for final adoption. This included the consideration of proposed amendments to NGC Regulation 6, allowing the Chair of the NGCB to establish Live Entertainment Tax Guidelines. The adoption of these amendments underscores the NGC’s commitment to ensuring that licensees that provide live entertainment comply with applicable guidelines, checklists, and other criteria established by the NGCB Chair.
The meeting concluded with the understanding that the disposition has not yet been approved and is subject to revision at the next meeting of the Nevada Gaming Commission. This reflects the NGC’s commitment to due process and its dedication to maintaining the highest standards of regulatory oversight in the gaming industry. If a revised disposition is not posted following the conclusion of that meeting, this document is deemed approved, marking another chapter in the NGC’s ongoing mission to regulate the gaming industry in Nevada.
The Philippine Amusement and Gaming Corporation (PAGCOR) has remitted a substantial dividend of PHP4.59 billion (€75.2 million) to the State Treasury.
This remittance, constituting 75 percent of PAGCOR’s net income for the fiscal year 2023, exceeds the customary 50 percent allocation.
This is also the firm’s response to a request by Finance Secretary Ralph Recto to advance an additional dividend to support governmental expenditures.
The decision to elevate the dividend percentage underscores PAGCOR’s commitment to aiding the national government’s endeavours in driving sustained economic progress and development, as articulated in an official statement released alongside the remittance.
Robust financial performance in 2023PAGCOR Chairman and CEO, Alejandro Tengco, attributed the elevated dividend contribution to the firm’s robust financial performance throughout 2023, highlighted by a staggering PHP79.37 billion (€1.3 billion) in gross revenues and net earnings of PHP6.13 billion (€100.5 million).
“Our remarkable income performance in 2023 set the stage for this higher dividend contribution to the national government, and this epitomizes not just financial success but our unwavering commitment to national development,” Tengco said.
This impressive fiscal achievement served as the bedrock for the heightened dividend rate declaration.
The dividend distribution encompasses PHP3.06 billion (€49.8 million), representing half of PAGCOR’s 2023 net earnings, alongside an advanced 25 percent amounting to PHP1.53 billion (€24.9million), earmarked for future dividend disbursements.
Ceremonial handover with National TreasuryThe ceremonial handover of the dividend check took place at the newly inaugurated PAGCOR Executive Office in Pasay City, with Deputy National Treasurer, Eduardo Anthony Mariño III, receiving the remittance.
Mariño lauded the augmented contribution from PAGCOR, emphasizing its instrumental role in facilitating the government’s socioeconomic agenda, particularly amid the challenges posed by inflation.
“Every peso of this latest remittance from PAGCOR is directly translatable to additional expenditure which can help accelerate growth. This would certainly empower the national government in initiating transformative change this year,” Mariño explained.
The dividend remittance aligns with the statutory mandate outlined in Republic Act (RA) No. 7656, commonly referred to as the Dividends Law, requiring government-owned and controlled corporations (GOCCs) to remit at least 50 percent of their net earnings to the National Government.
Philippines aims for €5.5 billion gaming revenue in 2024Earlier, PAGCOR and the Governance Commission for Government-Owned and Controlled Corporations (GCG) solidified an ambitious target for the country’s gaming industry, aiming for a gross gaming revenue (GGR) of Php336.38 billion (€5.5 billion) in 2024.
The formalization of this target occurred through the signing of PAGCOR’s 2024 Performance Scorecard, an agreement outlining aggressive objectives and commitments for the state gaming agency.
The case of legal drama unfolds between Entain Plc and Sports Entertainment Media BV, a saga of disputed valuations and contested compliance that has found its way to the esteemed High Court of Justice of England and Wales.
At the heart of this dispute is a hefty counterclaim lodged by Sports Entertainment Media BV and its associated parties, including the Singels family and former executives Melvin Bostelaar and Robert Kooiman. They are challenging Entain’s claim that BetCity.nl, a prominent online betting platform, was overvalued by €156m due to undisclosed regulatory investigations during its acquisition. The counterclaimants argue that Entain was fully aware of the compliance probes by Kansspelautoriteit, the Dutch gambling authority, throughout the M&A process.
Understanding the disagreementThis legal tussle revolves around the initial agreement in 2022, where Entain agreed to purchase BetEnt BV, the parent company of BetCity.nl, for an impressive €850m1. The acquisition was structured with a €300 million upfront cash payment complemented by performance-based incentives totalling €550 million, contingent upon BetCity.nl achieving an EBITDA tenfold its value in the fiscal year 2023.
However, the plot thickened when BetCity.nl was slapped with a €3 million penalty for significant non-compliance issues, leading Entain to allege that these infractions were intentionally hidden by the sellers. The counterclaim asserts that Entain’s subsequent operational changes, deemed unnecessary by Sports Entertainment Media BV, led to a revenue shortfall and a compromised valuation, depriving the former owners of their rightful performance rewards.
As the High Court gears up to adjudicate this high-profile case, the outcome will undoubtedly have far-reaching implications for both parties and the broader corporate landscape. The verdict will not only determine the fate of the €104 million counterclaim but also set a precedent for future M&A disputes in the volatile world of online betting.
In a decisive move to combat money laundering, the European Union has enacted robust new laws that focus on the anonymity of both cash and cryptocurrency transactions. These laws aim to eliminate the loopholes that have historically enabled illicit financial activities by imposing restrictions on cash transactions. The legislation sets a limit on cash payments, forbidding any transaction over €10,000 and effectively making anonymous cash transactions above €3,000 illegal.
The new Anti-Money Laundering (AML) regulations also extend to digital currencies, encompassing the rapidly growing cryptocurrency market. The EU has controversially prohibited the use of unidentified cryptocurrency wallets, including all types of digital wallets not operated by a licensed provider, whether they are mobile, desktop, or browser-based.
The implementation of these new AML regulations is projected to begin within three years of their official introduction. However, legal specialists from the Dublin-based law firm Dillon Eustace anticipate that the laws will be fully functional well before the standard timeline.
While these laws could potentially curb money laundering, they have faced criticism. Patrick Breyer, a member of the European Parliament representing the German Pirate Party, has expressed concerns about the laws’ impact on individual financial freedom. He argues that anonymous transactions are a fundamental human right necessary for personal financial independence and warns of potential economic and social repercussions from the EU’s stringent stance on cash transactions.
The effectiveness of the new AML laws in preventing money laundering is yet to be determined. While some view these measures as essential, others worry that they may encroach on financial privacy and freedom. The wider implications for unbanked individuals who rely on cash and businesses handling high-value transactions are also a matter of concern. Additionally, the regulations on self-custody wallets raise questions about the possibility of technological bypasses, such as decentralized exchanges or privacy-centric blockchains.
As the EU tightens control over financial transactions, the future of cryptocurrency in the region is uncertain. The clampdown on anonymity not only brings up privacy issues but also presents obstacles to financial inclusion and innovation, potentially impeding the widespread acceptance of digital currencies in Europe. The evolving story of the EU’s new AML laws will undoubtedly influence the crossroads of finance, technology, and regulation in the coming years.
Exceptions to the regulationsThe EU has made a clear distinction by excluding private transactions between individuals from the cash payment limit. This exclusion acknowledges the importance of cash in everyday transactions among citizens, ensuring that personal and small-scale financial activities remain unaffected.
Furthermore, the Anti-Money Laundering and Countering the Financing of Terrorism Authority (AMLA) will be the central authority coordinating national authorities to ensure the correct and consistent application of EU rules. However, to avoid situations of possibly conflicting communications with supervised entities, the coordination role of the Authority should in principle be limited to interaction with relevant supervisory authorities, and should not include any direct interaction with non-selected obliged entities, except in duly justified cases.
These exceptions are part of the EU’s efforts to balance the need for stringent anti-money laundering measures with the practical realities of financial transactions and the rights of individuals. It’s important to note that while these regulations are robust, they are also designed to be fair and considerate of various circumstances.