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. Imperial Pacific files lawsuit against a Chinese VIP over gambling debt

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Imperial Pacific International (IPI), a Saipan-based casino operator, has sued a VIP Chinese gambler, as the latter failed to honour a $5m credit marker.

On Wednesday, the Marianas Variety reported that IPI had filed a lawsuit in the Commonwealth of the Northern Mariana Islands (CNMI) Superior Court against Yonglun Bao, a high-roller from China who has proven unwilling or unable to honour his gambling debts.

IPI attorneys told the court that Bao was given an open credit line of up to $20m, of which $5m was dispensed for gambling purposes when Bao visited IPI’s temporary casino Best Sunshine Live in February 2017. IPI’s permanent venue, the Imperial Pacific Resort Hotel Saipan, launched in July of that year.

However, Bao failed to repay the $5m by the due date specified in the promissory note he signed.

The note calls for an annual interest rate of 24 per cent and also makes Bao liable for collection agency and legal fees should any lawsuit be required to ensure repayment of the loan.

The report failed to specify Bao’s current whereabouts, but if he’s gone back to China, there is little either IPI or the CNMI court can do, as gambling debts are legally unenforceable on the Chinese mainland.

Last month, IPI filed a lawsuit against a different VIP deadbeat, but this one was based in the United States, where gambling debts are recognised under the law. The CNMI is also technically part of the US, meaning legal rulings are also recognised.

The Hong Kong-listed IPI has a reputation for taking major chances by offering direct credit to its high-rollers rather than employ junket operators to serve as middlemen and shoulder the risk of gamblers defaulting on their markers. In 2017 alone, IPI wrote off HK$4.75b – over half-a-billion US dollars – in uncollectable VIP gambling debts.

IPI recently suggested it was close to signing new deals with junket operators once Saipan gaming regulators approve the operators’ junket license applications. Saipan has to date issued only a single junket license and that was nearly two years ago.

Source: CalvinAyre.com


Source: European Gaming Media and Events

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Potential New Casino In The Center Of Gdansk

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There is a new intention of creating a new casino in Gdansk in the newely opened IBB Hotel in Dlugi Targ. The one and only issue is that there are already two casinos in the city and the current gambling legislation does not allow another one.

The Warsaw-based company Casino, which manages, among others: a casino in Sopot, wants to open another one in Gdańsk. The company applied for permission to rebuild the premises for a casino and a club with a small gastronomy. Where? In the basement and ground floor of the IBB Hotel in Długi Targ, which opened in April.

We have accepted the casino offer, but now it has to deal with a number of procedures, including getting permission from the Ministry of Finance and the City Council of Gdansk” – said Adam Trybusz, the owner of the object.

The Gambling Act of Poland states that in towns with up to 250,000 residents only one casino can be created, and for each subsequent started 250 thousand inhabitants, their number is increased by one. The number of casinos in the region can not be higher than one casino for each full 650,000 inhabitants.

 

Source: e-playonline


Source: European Gaming Media Latest News

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ACMA probes .cc gambling websites

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The Australian Communications and Media Authority (ACMA) is investigating the allegation that gambling websites using the .cc domain extension have breached of the Interactive Gambling Act (IGA).

As per the IGA, website operators are prohibited from offering casino-style games and live sports betting to Australian customers.

Gambling operators without an Australian licence are also prohibited from taking bets from Australian customers.

“When deciding if a site should be investigated, the ACMA considers a number of factors, including whether the service being provided may be a prohibited or unlicensed service … and whether it may have an Australian-customer link,” an ACMA spokesman said.

Dr. Charles Livingstone, a gambling law expert from Monash University, said the sites do appear to have breached the act.” The avowed purpose of the IGA is to protect Australians from less well-regulated gambling sites, and to prohibit non-wagering gambling being available online,” he said. “Using a web address of an Australian territory to offer online gambling services is an offence, unless the provider is registered in an Australian jurisdiction.”

 

Source: 5star.media

 


Source: European Gaming Media Latest News

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MGA | FIAU issues the Implementing Procedures – Part II addressed to the Remote Gaming Sector

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The Financial Intelligence Analysis Unit (FIAU) has today issued the Implementing Procedures – Part II (found here) addressed to the remote gaming sector.  This document focuses, and provides guidance, on certain aspects of the Prevention of Money Laundering and Funding of Terrorism Regulations (“PMLFTR”) which warrant further elaboration at industry-specific level to ensure that they are understood and interpreted consistently by licensees.

The Implementing Procedures – Part II for the remote gaming sector were drawn up in conjunction with the Malta Gaming Authority and following due consultation with the relative sector.  All interested parties are to take note thereof. These Implementing Procedures are also accessible through the FIAU’s website – http://www.fiaumalta.org/ – and are considered to have come into force on the date of their publication.


Source: European Gaming Media Latest News

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