• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Pagcor probes money launder scandal involving casinos

Mar 03, 2016 Newsdesk Latest News, Philippines, Top of the deck  


Pagcor probes money launder scandal involving casinos

The Philippine casino regulator is investigating a media report claiming that at least three casinos in the country were used as part of a money laundering scheme. As much as US$100 million of illicit funds may have been laundered through the scheme.

The Philippine Amusement and Gaming Corp, also known as Pagcor, “expects the casinos to submit their comments on the allegation as an initial step in the investigation within this week,” the regulator said in a statement, quoted by several Philippine media outlets.

“As a matter of regulation, Pagcor requires casinos to employ strict internal control policies on funds movements and issuances of playing chips. In addition, casinos implement ‘know your customer’ protocols particularly with regard to high value patrons,” the statement added.

Financial authorities in the Philippines are probing the alleged money laundering case, according to media reports.

The money laundering allegations have led the country’s Securities and Exchange Commission chair, Teresita Herbosa, to call for the inclusion of casinos in the list of institutions required to report suspicious transactions.

“It is worth noting that all bank remittances into casino bank accounts regardless of [the] amount are subjected to scrutiny as to the identity of the remitting party and the purpose of the remittance,” Pagcor said in its statement.

The Philippine Daily Inquirer newspaper earlier this week reported that funds allegedly stolen by hackers from a bank overseas had been directed to a bank in the Philippines.

The money was then consolidated into a single corporate account of an alleged Chinese-Filipino junket operator. It was after reportedly used – on behalf of a Macau-based client – either to buy chips or pay for casino losses incurred at Solaire Resort and Casino, City of Dreams Manila and Midas Hotel and Casino, Inquirer sources said. The funds were then moved on to bank accounts overseas, the report added.

There was no suggestion in the report that the casinos named were in any way complicit with any illicit fund movement.

Asian casino operator Melco Crown Entertainment Ltd operates City of Dreams Manila – the property began operations in December. Philippines casino developer Bloomberry Resorts Corp built and manages Solaire Resort and Casino in Manila, which opened in March 2013.

Both properties are located at Entertainment City in Manila. The area is home to a new cluster of private sector casino resorts licensed by Pagcor.

Leisure and Resorts World Corp, an investor – via a subsidiary – in the City of Dreams Manila casino resort, majority owns Midas Hotel and Casino in Pasay, Manila. The firm said in a filing in November that Pagcor ran the property’s casino – Pagcor accumulates the role of regulator of the Philippine casino industry with that of public operator of some casino facilities around the country. However, a subsidiary from Leisure and Resorts World has an agreement with Pagcor to “jointly conduct junket gaming operations” within the property, the filing stated.


  • tweet
Related articles
  • Philippines must strengthen junket AML controls: watchdog
    Philippines must strengthen junket AML...

    Mar 22, 2023  

  • Pagcor mulls pure regulator role via US$1.5bln casinos sale
    Pagcor mulls pure regulator role via...

    Mar 21, 2023  

More news
  • Vietnam’s Hoiana says has several partners to bring biz
    Vietnam’s Hoiana says has several...

    Mar 22, 2023  

  • Jennifer Kartono named chief HR officer of Crane NXT
    Jennifer Kartono named chief HR officer...

    Mar 22, 2023  


Latest News

Philippines must strengthen junket AML controls: watchdog

Philippines must strengthen junket AML controls: watchdog

Mar 22, 2023  

Anti-money laundering (AML) controls in the Philippines’ casino sector need to be strengthened, says an analysis report by the country’s AML watchdog. The body pointed the finger at the junket...
Read More
Vietnam’s Hoiana says has several partners to bring biz

Vietnam’s Hoiana says has several partners to bring biz

Mar 22, 2023  

Jennifer Kartono named chief HR officer of Crane NXT

Jennifer Kartono named chief HR officer of Crane NXT

Mar 22, 2023  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”We are seriously considering the privatisation of all Pagcor-operated casinos”

Alejandro Tengco

Chairman and chief executive of the Philippine Amusement and Gaming Corp (Pagcor)



Most Popular

  • Macau GGR for March 1 to 19 at US$845mln: JP MorganMacau GGR for March 1 to 19 at US$845mln: JP Morgan March 20, 2023
  • Macau ops getting overseas visitors via private jets: reportMacau ops getting overseas visitors via private jets: report March 21, 2023
  • Universal Ent seeks to end SPAC deal for Okada Manila listingUniversal Ent seeks to end SPAC deal for Okada Manila… March 20, 2023
  • Let’s Win hosts grand opening for club at Hoiana in VietnamLet’s Win hosts grand opening for club at Hoiana in… March 20, 2023
  • Casino op SJM 2024 EBITDA to hit US$510mln: Moody’sCasino op SJM 2024 EBITDA to hit US$510mln: Moody’s March 22, 2023
Copyright 2014-2023 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us