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At the Global Gaming Expo, AGA CEO Bill Miller highlighted three "mega trends" driving casino growth, focusing on gaming, sports, and technology integration. The gaming industry is undergoing a significant transformation, as innovative approaches and a focus on younger demographics are reshaping the casino landscape. American Gaming Association President and CEO Bill Miller emphasized these changes during his keynote address at the Global Gaming Expo (G2E) in Las Vegas. He outlined three “mega trends” that he believes are driving growth in the sector, with a particular emphasis on the integration of gaming, sports, and technology. One of the most striking trends is the noticeable decrease in the average age of casino visitors. Miller pointed out that the average age has dropped from 50 in 2019 to 42 today. This shift is crucial for an industry that has historically struggled to attract younger customers. Miller was quoted as saying in a report published by Inside Asian Gaming , “A decade ago, the gaming industry was trying to figure out why we weren’t appealing to younger generations. The mantra back then was, well, we’ll get them when they’re 50. That’s changing.” The COVID-19 pandemic served as a turning point, partiuclarly for younger generations seeking in-person experiences that had been absent during lockdowns. As casinos reopened, they became attractive destinations for Millennials and Gen-Zers looking for social interactions and entertainment. Miller noted that this demographic shift has been bolstered by an omni-channel approach that many operators are adopting to enhance customer engagement. Miller highlighted how casinos have started to embrace an omni-channel strategy that blends physical and digital experiences. This approach allows operators to connect with younger audiences in ways they prefer. “Post-pandemic, we are continuing to capture younger adults through innovation such as fast-growing mobile and online platforms,” he explained. The average age of online players is even lower, at just 34 years. Miller drew parallels with the retail industry, which has successfully integrated physical stores with digital platforms to offer a seamless shopping experience. He stated, “Millennials and Gen Zers have come to expect this kind of integrated experience, and our industry is rising to meet those expectations.” Major operators are now launching casino-first iGaming products, allowing online players to earn rewards that can be redeemed for in-person experiences. This data-driven approach helps operators create personalized experiences that resonate with younger customers. By leveraging insights from integrated platforms, casinos can tailor offerings to individual preferences, enhancing customer satisfaction and loyalty. Another significant factor in attracting a younger demographic is the growing integration of gaming and sports. This trend has been especially noticeable in Las Vegas, where major sports franchises like the NFL’s Raiders and NHL’s Golden Knights have relocated. Miller pointed out that the convergence of sports and gaming has led to increased fan engagement and new content tailored for sports betting enthusiasts. “Vegas’s transformation echoes a broader integration of sports and gaming,” he stated. “We see this in the widespread partnerships between gaming companies and major sports leagues.” This collaboration has resulted in growing broadcast rights and fees, benefiting not only athletes and teams but also the gaming industry as a whole. MGM Resorts CEO Bill Hornbuckle echoed Miller’s sentiments in a fireside chat at G2E, noting that sports are indeed a significant factor in lowering the average age of visitors to Las Vegas. “One of the things bringing down the age demographic here in Las Vegas is sports,” he confirmed.

Hotel investors are committing PHP250B to add 40,084 rooms across 158 new establishments in the Philippines over the next 6-7 years, per the 2024 Leechiu report. Hotel investors have committed approximately PHP250 billion (US$4.39 billion) to develop 158 new accommodation establishments across the Philippines over the next six to seven years. This investment will add around 40,084 new hotel rooms to the country’s existing inventory, according to the latest “2024 Philippine Accommodation Pipeline Report” released by Leechiu Property Consultants. This ambitious expansion reflects the strong confidence of developers and investors in the growth potential of the hotel industry. The report emphasizes that the surge in new projects is closely tied to existing or upcoming casino resort developments within the country. “This significant pipeline expansion highlights the commitment of developers and investors to the continued growth and robustness of the hotel industry,” the consultancy stated. The anticipated new hotels are expected to generate approximately 57,000 direct jobs associated with their operations, underscoring the substantial economic and employment impacts these developments will bring. As the hospitality landscape evolves, the infusion of capital and new jobs is likely to invigorate local economies. More than half of the new hotel projects—approximately 54 percent—will be developed by the top ten hotel developers in the Philippines. Leading the construction efforts is DoubleDragon Corp, which plans to add 4,324 new rooms. This is followed by Megaworld Hotels and Resorts, which will create 3,889 keys, and Hann Philippines Inc, responsible for 2,850 hotel rooms. Hann Philippines is particularly noteworthy, as it is the master developer behind the Hann Casino Resort. Currently, the company is also developing the Hann Reserve property, which will feature three 18-hole golf courses, luxury hotels, villas, and residential units. The Hann Reserve is making strides in the luxury segment, with the recent groundbreaking of a Banyan Tree-branded hotel in December and a planned 250-room InterContinental-branded hotel announced in July. The report indicates that the 2024 accommodation pipeline will see local brands contributing 19,901 hotel rooms, while international brands will provide 16,798 room keys. This balance illustrates the Philippines’ growing appeal to global operators looking to tap into the burgeoning tourism sector. “This underscores the Philippines’ growing attractiveness to global operators,” Leechiu Property Consultants was quoted as saying in report published by GGRAsia . The consultancy predicts a notable increase in properties managed by international brands, spurred by the vibrant tourism landscape. From late 2024 through the end of 2025, the Philippines is set to welcome nearly 11,400 new hotel rooms, predominantly concentrated in the National Capital Region and Cebu province. Parañaque, particularly the Manila Bay Area, is witnessing significant interest from major local developers, driven by the thriving gaming industry. With 2,863 keys in the pipeline, Parañaque leads Metro Manila in new hotel room developments and ranks fifth nationwide. Notable upcoming projects in the area include Westside City Resorts by Suntrust Resort Holdings, Hotel Okura Manila Bayshore, and Banyan Tree Manila Bay. The Westside City project is being developed in partnership between the Philippine conglomerate Alliance Global Group Inc and Suntrust Resort, a subsidiary of Hong Kong-listed casino investor firm LET Group Holdings Ltd. The venue is anticipated to commence operations in the first quarter of 2025, further adding to the competitive landscape of luxury accommodations in the area. In Cebu City, the demand for new hotel rooms is equally robust. The city ranks fifth nationwide for new developments, which include a second hotel at the NUSTAR Resort and Casino. Recently, Robinsons Land Corp announced plans to invest over PHP10 billion in hospitality projects, which will feature an “ultra-luxury” NUSTAR-branded hotel as part of its ongoing investment in the Cebu tourism complex. In the 2024 accommodation landscape, independent hotels account for 3,385 rooms, representing 8% of the overall inventory. Local brands, primarily from leading national developers, offer 19,901 hotel rooms, while international brands add 16,798 rooms to the mix. The influx of investment and the introduction of new hotels reflect the Philippines’ potential as a major player in the hospitality industry. With a burgeoning tourism sector and an array of new developments linked to casino resorts, the future appears bright for hotel investors, developers, and the local economy.

POGOs vacated 53,000 sq. m of office space in Q3 2024, driven by a government ban linked to criminal activities, according to Leechiu Property Consultants.  The landscape of commercial real estate in the Philippines is undergoing a significant shift as Philippine Offshore Gaming Operators (POGOs) vacate more office spaces in response to a government ban linked to criminal activities. According to real estate consultancy firm Leechiu Property Consultants (LPC), POGOs terminated office leasing contracts for a total of 53,000 square meters (sq. m) during the third quarter of 2024. This recent wave of terminations adds to an earlier reduction in leased office space, where POGOs withdrew from 21,000 sq. m in the first quarter. Interestingly, there were no terminations reported during the April to June period, suggesting a sudden acceleration in lease cancellations following a decisive government action. Mikko Barranda, LPC’s director for commercial leasing, provided insights into the current situation. “It is not for them to transfer to another building. Majority of the time, they’re terminating completely for various reasons,” he was quoted as saying in a report published by the Inquirer. This indicates that POGOs are not merely relocating; they are withdrawing from the market altogether, likely due to the crackdown on the industry. In July, President Ferdinand Marcos Jr. announced a comprehensive ban on all POGOs  during his third State of the Nation Address. He directed the Philippine Amusement and Gaming Corporation (PAGCOR) to terminate POGO operations by the end of the year. This decision was driven by growing concerns about the sector’s links to various criminal activities, including human trafficking, money laundering, and online scams. Before the ban, Barranda noted that there had already been a noticeable decline in the office space occupied by POGOs. “If you look back over the last four years, they’ve actually been giving up space in a consistent manner,” he explained. The sector, once thriving, has seen its office footprint shrink dramatically. Currently, POGOs occupy approximately 500,000 sq. m of office space in the Philippines. This figure is a sharp decline from the 1.7 million sq. m they occupied in 2019. This drop reflects not only the impact of the ban but also the overall reduction in the industry’s presence. LPC’s data indicates that POGOs now represent just 8 percent of total leasing activity, a significant decrease from their pre-pandemic share of 45 percent. Barranda emphasized the reduced exposure of POGOs in the commercial real estate market. “Their footprint is not as substantial as it was during their heyday in 2018 and 2019,” he remarked. The decline in POGO operations has opened up space in the commercial leasing market, but it also raises concerns for landlords who relied on this sector for occupancy rates. While POGOs have receded, the information technology-business process management (IT-BPM) sector has emerged as the main driver of leasing activity over the past four years. This sector now accounts for nearly half of the total leasing activities in the country, highlighting a significant shift in demand for office spaces. Landlords and property owners are grappling with the implications of this change. With POGOs exiting the market, there is an urgent need to fill these vacancies. Some landlords may need to adapt their strategies to attract tenants from other sectors, particularly as the IT-BPM sector continues to thrive.

Wynn Resorts boosts UAE casino budget to $5.1B, up $1.2B, for its Wynn Al Marjan Island project in Ras Al Khaimah, targeting the growing gaming market. Las Vegas-based gaming operator Wynn Resorts has announced an increased budget for its ambitious casino project in the United Arab Emirates. The budget for Wynn Al Marjan Island has risen to $5.1 billion, marking a $1.2 billion increase from earlier estimates. This financial boost highlights the company’s confidence in the project, which aims to tap into the lucrative gaming market in Ras Al Khaimah. According to the Arabian Gulf Business Insight , Wynn estimates that the gaming revenue from the new resort in Ras Al Khaimah could range between $1 billion and $1.66 billion. This projection was revealed during an investor presentation, underscoring the potential profitability of the venture. The budget encompasses costs related to land acquisition, fees, and capitalized interest, with approximately $4.55 billion earmarked for direct construction expenses. To finance this major undertaking, Wynn Resorts intends to utilize $2.4 billion in debt. It plans to contribute $1.1 billion in equity, with $900 million of that still left to spend. The company noted that demand for this debt has been robust, indicating strong interest from both local and international investors. This enthusiasm for financing signals confidence in the project’s future. The company purchased 70 additional acres of land on Al Marjan Island in August. Wynn Al Marjan Island is scheduled to “pre-open” in the first quarter of 2027. The resort will occupy a significant portion of Marjan Island, which is located about 50 minutes from Dubai International Airport. This prime location offers convenient access for travelers, positioning the resort within an eight-hour flight radius for a substantial segment of the global population. The resort will feature a total of 1,542 rooms, with the gaming area occupying nearly 4 percent of the overall space. This strategic design aligns with Wynn’s target demographic of high-net-worth individuals. According to the company’s estimates, the UAE is home to approximately 9.7 million high-net-worth individuals, making up nearly 20 percent of the world’s total millionaires. Wynn plans to cater to this affluent market, anticipating that a significant portion of its gaming revenues will come from international VIP customers. The company projects that about 37 percent of its gross gaming revenues will be derived from what it defines as “international VVIPs,” which refers to ultra-high-net-worth individuals. Another 29 percent of the revenue is expected to come from other international travelers, while the remaining 34 percent will be sourced from the domestic market. Notably, the nine million non-Emiratis residing in the UAE represent an important demographic for Wynn’s new gaming offerings. Despite the promising outlook, the regulatory landscape for gaming in the UAE is still evolving. While Wynn Resorts recently secured the UAE’s first commercial gaming license, federal gaming laws have yet to be finalized. Current regulations impose restrictions on using national symbols and traditional Emirati dress in gaming advertisements. This suggests that marketing efforts will likely focus on expatriates and foreign visitors rather than the local population.

The Philippine government targets both legal and illegal POGOs, with 58-200 still active despite President Marcos Jr.'s recent announcement of a POGO ban. The Philippine government is ramping up efforts to shut down Philippine Offshore Gaming Operators (POGOs) across the country, with a focus on both legal and illegal operations. The Presidential Anti-Organized Crime Commission (PAOCC) announced on Wednesday that between 58 and 200 POGOs are still active, despite President Ferdinand Marcos Jr.’s announcement of a POGO ban  during his State of the Nation Address (SONA) two months ago. PAOCC spokesperson Winston Casio confirmed that the agency is taking the president’s directive seriously. “Marami pa rin kaming natatanggap na mga report na nagpapatuloy pa ata itong mga iligal na POGO,” he said during an interview on TeleRadyo Serbisyo.  He emphasized the urgency of closing down all operations by the end of the year. “Dapat by the end of the year, wala na lahat ‘yan,” he added. As part of the wind-down process, Casio stated that all POGOs should transition to purely administrative functions by October 16. “Mapa-legal or iligal man, dapat nagsasara na talaga sila,” he reiterated. The PAOCC is in discussions with the Officer-in-Charge (OIC) of PAGCOR to ensure that both legal and illegal POGOs comply with the shutdown order. However, challenges remain, especially regarding administrative matters like settling dues to the Department of Labor and Employment (DOLE), the Bureau of Internal Revenue (BIR), and any potential severance pay for employees. Before the ban, estimates indicated that between 58 and 400 POGOs were operational in the country, both legal and illegal. This regulatory action follows the Bureau of Immigration’s recent reminder to foreign POGO workers to downgrade their visas before the October 15 deadline. Over 10,000 foreign workers have begun this process, allowing them to switch to temporary visitor visas, which will let them remain in the country for up to 59 days while they wind down their affairs. The Bureau has warned that failure to comply by December 31 could result in deportation or blacklisting. In a related effort, new Interior and Local Government Secretary Jonvic Remulla has pledged to ensure all POGOs cease operations by December, aligning with the president’s directive. The government’s crackdown on POGOs has not been without incidents; recently, law enforcement in Cebu raided what appeared to be an illegal POGO hub in Moalboal, a popular diving destination in southwestern Cebu. On October 9, police raided a rental establishment in Barangay Saavedra, leading to the apprehension of 38 undocumented Chinese nationals engaged in POGO activities. The police reported that the operation was initiated after receiving tips about suspicious activities at the site. During the raid, numerous computers and electronic devices were confiscated. The arrested individuals are currently being held at a nearby resort while investigations continue. This latest operation highlights the ongoing challenges faced by authorities in policing the gaming sector in the Philippines. Just a month earlier, the PAOCC had shut down another illegal POGO hub in Lapu-Lapu City on Mactan Island, rescuing 162 victims of human trafficking in the process. These incidents underline the complexity of the POGO landscape , where illegal activities often intertwine with legitimate operations, complicating enforcement efforts.

Macau’s casino revenue surged to MOP1.08B (US$135M) from Oct 1-6, 2024, the highest since the 2019 National Day holiday, according to JP Morgan Securities. The casino industry of Macau has recorded a remarkable surge in gross gaming revenue (GGR) during the National Day holiday from October 1 to October 6, 2024. According to JP Morgan Securities (Asia Pacific) Ltd, the daily run-rate for this period was estimated at just over MOP1.08 billion (approximately US$135.4 million), marking the highest level in five years since the comparable holiday in 2019.   The preliminary data indicates that the total GGR for the first six days of October reached MOP6.5 billion, averaging MOP1,083 million daily. This figure represents a significant 30 percent increase year-on-year. JP Morgan analysts noted that this performance not only surpassed market expectations, which ranged between MOP850 million to MOP900 million per day, but also eclipsed the daily run-rate observed during the 2019 Golden Week, which was MOP1.16 billion. The analysts highlighted that this year’s holiday performance is indicative of a robust recovery in Macau’s gaming sector. The GGR for this period is approximately 20 percent higher than the average of MOP910 million per day recorded during the Labour Day holiday in May. “The strong holiday season performance suggests a ‘very strong- and golden-’ holiday,” they stated in their report which was cited by GGRAsia . Citigroup and CLSA Ltd also noted positive trends based on field visits during the holiday period, reporting strong bet sizes and volumes throughout the Golden Week. According to JP Morgan, the mass gaming segment has rebounded to around 130 to 140 percent of pre-COVID levels, while the VIP segment is lagging, recovering only to 30 to 35 percent of its pre-pandemic figures. This marks a significant improvement compared to the third quarter recovery rates, which were approximately 110 percent for the mass segment and around 25 percent for VIPs. The influx of visitors during this period has also been noteworthy. Macau welcomed an aggregate of 916,215 visitors from October 1 to October 6, with 773,895 coming from mainland China. This represents a 4.5 percent increase in visitor volume compared to the same period in 2019, according to data from the Macao Government Tourism Office. The increase in mass GGR is particularly encouraging for the local economy. JP Morgan’s analysts estimated that spending per capita improved by roughly 25 percent compared to pre-COVID levels. They noted, “This indicates that the recovery in mass GGR significantly outpaces the increase in mainland visitors during the Golden Week.” Anecdotal evidence suggests that events such as concerts have also played a role in boosting visitor numbers and revenue. High-profile performances, such as those by popular Hong Kong entertainer Andy Lau, attracted premium mass players who may have otherwise traveled earlier in the season. His concert, held from October 3 to October 6 at Galaxy’s Arena, is believed to have contributed to the above-seasonal recovery in premium mass gaming. Looking ahead, JP Morgan forecasts that Macau’s casino GGR for the fourth quarter of 2023 will reach MOP56.6 billion. If achieved, this would represent a 5 percent increase year-on-year and a substantial 78 percent recovery from the same quarter in 2019. The strong performance during the National Day holiday highlights the resilience of Macau’s gaming sector as it continues to rebound from the challenges posed by the pandemic. The combination of increasing visitor numbers, higher spending, and successful entertainment events suggests that the industry is on a positive trajectory as it approaches the end of the year.

The Ombudsman suspended Porac Mayor, Vice Mayor, and 8 councilors over alleged negligence in POGO operations, amid growing concerns about POGO-linked crimes. The Office of the Ombudsman has taken action against the local government of Porac town in Pampanga, suspending Porac Mayor Jaime Capil, Vice Mayor Francis Laurence Tamayo, and eight councilors for their alleged negligence concerning the operation of Philippine Offshore Gaming Operators (POGO). This move underscores the ongoing investigations into POGO-related crimes that have been a growing concern in the region. The suspension order, signed by Ombudsman Samuel Martires, also includes Emerald Vital, the licensing assistant and acting officer-in-charge of the Business and Licensing Office. The implicated officials will face a six-month suspension without pay, starting immediately. The Ombudsman’s decision aims to hold local leaders accountable for their inaction and failure to regulate POGO operations adequately. According to the Ombudsman’s announcement, which was reported by GMA Network , the order is enforceable without delay. It emphasizes that any motions, appeals, or petitions filed by the suspended officials will not halt the implementation of this suspension unless otherwise directed by the Ombudsman or a competent court. The backdrop to this suspension involves ongoing scrutiny over the proliferation of crimes linked to POGO operations in Porac and neighboring Bamban, Tarlac. Reports of illegal activities and regulatory non-compliance have raised alarm among local residents and law enforcement agencies alike. GMA News Online attempted to reach Mayor Capil for comments, but as of now, there has been no response from his office. The Department of the Interior and Local Government (DILG) has been particularly vocal about the alleged failures of the Porac local officials. They claim that the mayor and the council members demonstrated gross neglect of duty. Key issues cited include the issuance of business permits to Lucky South 99 , a POGO firm, despite the company’s failure to meet essential regulatory requirements. Specifically, the DILG pointed out several critical oversights: 1. The issuance of Mayor’s Business Permits for Lucky South 99 for the years 2021, 2022, and 2023 occurred without the required prior approvals. 2. The company’s license from the Philippine Amusement and Gaming Corporation (PAGCOR) had expired. 3. The Porac Business Permit and Licensing Office issued a certification stating that Lucky South 99 lacked a business permit for 2024. 4. There was no Letter of No Objection (LONO) for the continued operation of Lucky South 99 as a POGO. 5. Reports from the Philippine National Police documented suspected criminal activities occurring on the premises of Lucky South 99. The DILG emphasized the responsibility of local officials to safeguard the welfare of the community. They criticized the council for failing to enact necessary ordinances or resolutions aimed at preventing criminal activities linked to the POGO operations. The DILG noted that aside from a LONO resolution from November 2019, there had been little oversight or monitoring of Lucky South 99’s activities.

Okada Manila and Hann Resorts are among the initial public offerings (IPOs) lined up for 2025, says Deloitte Singapore. Financial advisory firm Deloitte has expressed cautious optimism about the prospects for initial public offerings (IPOs) in the Philippines in 2025, predicting that the market could see a variety of IPOs, particularly from gaming, energy, and resource companies. In a virtual briefing held on November 19, 2024, Darren Ng, the Transactions Accounting Support Partner for Deloitte Singapore, noted that the outlook for the Philippine stock market in 2025 is one of “cautious optimism.” He emphasized that, while there is uncertainty, the pipeline for IPOs appears promising with diverse companies preparing to go public. “I think from that perspective, if you look at what’s in the pipeline for the Philippines as well, there should be more IPOs happening in 2025 and in a mix of different industries," Ng was quoted as saying in a Business World report.  Among the gaming companies expected to pursue IPOs are Okada Manila and Hann Resorts, both of which have been discussed in market circles for their potential listings. The gaming sector continues to draw attention due to its growing influence in the region, as well as the continuing expansion of integrated resorts and gaming facilities in the Philippines. “There are two gaming companies, Okada Manila and Hann Resorts, and with a continued interest in energy and resources, we do think that there should be more IPOs coming for the Philippines,” Ng pointed out.  In addition to gaming companies, the energy and resources sectors are also expected to contribute to the IPO landscape in 2025. This outlook aligns with recent industry trends where energy and renewable energy companies have been active in the stock market.  The Philippine Stock Exchange (PSE) has also previously indicated that it expects to see six IPOs in 2025, a target that reflects growing investor confidence despite challenges in the broader market. Several high-profile companies are reportedly planning IPOs, though the exact timing remains uncertain. Companies such as SM Prime Holdings, Inc.’s real estate investment trust (REIT), Razon-led Prime Infrastructure Capital, Inc., Maynilad Water Services, Inc., and the digital wallet platform GCash have been named as potential candidates. However, as of now, there is no official timeline for these listings. The PSE had initially set a target of six IPOs for 2024, but only three IPOs have been completed this year. These include mining company OceanaGold Philippines, Inc., as well as renewable energy firms Citicore Renewable Energy Corp. and NexGen Energy Corp. Combined, these three companies raised $203 million and achieved a market capitalization of $972 million in the first three quarters of 2024. Despite this, not all planned IPOs came to fruition. Cebu-based fuel retailer Top Line Business Development Corp. had initially scheduled an IPO this year, but the company decided to postpone its public offering. On Monday, Topline announced that it would delay its IPO until the first quarter of 2025 in order to accommodate institutional investors. The postponement of IPOs in 2024 has been attributed to less favorable market conditions. The Philippine Stock Exchange index (PSEi) has experienced a decline, dropping from a near five-year high of 7,554.68 on October 7, to 6,803.19 by Tuesday. While the index rose 0.61% from Monday’s close, local analysts point to the overall slump in market sentiment as a contributing factor to the delay in IPO activities. Luna Securities, Inc. President and Co-Founder Francis Patrick Diaz noted that the “wait-and-see” attitude among investors continues to dominate, particularly with the uncertainty surrounding global financial markets. He pointed out that the direction of the U.S. economy and its policy decisions, especially regarding interest rates, will play a crucial role in shaping market conditions in 2025. "Given our recent slide, we are more wait-and-see. Aside from waiting on specifics on United States policy such as interest rates, next year is also an election year,” said Diaz. He further explained that uncertain economic conditions may lead some companies to delay their IPO plans if market conditions are not as favorable as they hope. Rizal Commercial Banking Corp.’s Chief Economist, Michael Ricafort, echoed similar sentiments, highlighting the impact of rising market volatility. He cited the global uncertainty following Donald Trump's victory in the U.S. presidential elections and its potential to affect investor sentiment. Ricafort noted that the prospect of higher inflation and potential interest rate adjustments in the U.S. could reduce the attractiveness of stock market investments, including those in the Philippines. “Rising volatility in global and local markets since Mr. Trump’s victory could lead to a wait-and-see attitude. Issuers might prefer to wait for better market conditions, particularly if they hope to sell shares at the highest possible valuations,” Ricafort said. He also mentioned that U.S. economic policies, such as tax cuts, could further influence inflation in the U.S. and subsequently impact global financial markets. While the immediate outlook for IPOs in the Philippines appears subdued, Deloitte’s optimism is grounded in the country’s strong consumer base and the strategic importance of sectors like real estate, healthcare, and renewable energy. Southeast Asia remains an attractive region for investors due to its growing middle class, lower operating costs, and geopolitical neutrality, which many large tech companies find appealing for investment. Deloitte’s report placed the Philippines fourth among Southeast Asian nations in terms of IPO amounts raised this year, trailing behind Malaysia, Thailand, and Indonesia. However, the Philippines still outpaced Vietnam and Singapore in this area, further indicating the country’s potential in the IPO market moving forward. Read related article: Okada Manila Reports 33.4% Revenue Drop to $142M in 3Q 202 4

The House Quad Committee cited Mylah Roque in contempt and ordered her arrest for missing POGO hearings, where she and her husband face scrutiny. The House Quad Committee (QuadComm) cited in contempt and ordered the arrest of Mylah Roque, the wife of former presidential spokesperson Harry Roque. This decision stems from her repeated failure to attend hearings related to the investigation of Philippine Offshore Gaming Operators (POGOs), an area where the couple has faced scrutiny. During the committee meeting on October 11, 2024, Antipolo Representative Romeo Acop moved for Mylah Roque’s arrest after she had ignored multiple invitations to appear before the panel. “May I respectfully move that because Madam Mylah Roque has been cited in contempt by this committee, may I move to issue an arrest order,” Acop stated, emphasizing the need for accountability in the inquiry. The move to cite Mylah Roque in contempt was initiated by Abang Lingkod party-list Representative Joseph Stephen Paduano. “Since we have given Ms. Roque the due process with regards to this, supposedly her presence, in the hearing, I move to cite in contempt Ms. Roque,” he was quoted as saying in a report published by GMA Network . QuadComm lead chairperson, Surigao del Norte Representative Ace Barbers, noted that Mylah Roque had failed to attend the hearings three times, despite the committee’s attempts to engage her. The committee had previously issued a subpoena, but they reported receiving no response from her. Mylah Roque’s absence from the hearings is particularly concerning as the QuadComm seeks to investigate her involvement in signing a lease agreement with Chinese nationals linked to a POGO complex in Bamban, Tarlac. The committee’s inquiry aims to shed light on potential irregularities and illegal activities associated with POGOs, a topic that has drawn significant public attention and controversy. In a late September Facebook post, Mylah Roque indicated that she had traveled to Singapore for medical treatment. However, the committee rejected her medical certificates as valid justification for her absence. She criticized Barbers in her post, labeling him “an abusive individual” for connecting her to the illegal operations of POGOs. The ongoing inquiry into POGOs has also put Harry Roque  under scrutiny. He was cited in contempt and ordered detained by the QuadComm on September 13 for failing to submit requested documents that could clarify his financial dealings. The former Cabinet official has consistently denied any wrongdoing, arguing that the committee’s requests are irrelevant to the inquiry. Harry Roque has described the QuadComm hearings as a “political inquisition” aimed at him and his connections to the Duterte administration. He has stated, “What crime did I commit? File the appropriate charges in the proper court of law.” Roque expressed frustration over what he views as a violation of his privacy and the potential harm to his family due to the ongoing investigations.

PRA Chair Alex Lopez, linked to a POGO in a love scam case, is a sublessor to the raided 3D Analyzer. His ties raise concerns about POGO operations and oversight. The Philippine Reclamation Authority (PRA) is facing scrutiny after it was revealed that its chairman, Atty. Alexander Lopez, is linked to a Philippine Offshore Gaming Operator (POGO) company involved in alleged love scam operations. Lopez, appointed by President Ferdinand Marcos Jr., is a sublessor to 3D Analyzer Information Technologies Inc., which was recently raided by authorities. This revelation raises questions about the governance and oversight of POGO operations in the Philippines. Lopez, in his role as chairman and CEO of Pacific Concrete Products Inc., has been leasing the ground floor of a property owned by the Philippine National Construction Corporation (PNCC) to 3D Analyzer since January 2024. According to a sublease contract obtained by Rappler , the property is under a 25-year lease held by Lopez’s company. At the time of the lease, President Marcos had already announced a ban on POGOs , casting doubt on the legality and ethics of Lopez’s arrangement. In a phone interview, Pacific Concrete’s counsel, Aldo Del Rosario, confirmed the sublease and highlighted that 3D Analyzer is just one of many sublessees. “Our company has been established since 1959. We are a Quadruple A contractor,” Del Rosario stated, distancing the company from the recent allegations against 3D Analyzer. However, he also acknowledged that the legal and operational responsibilities of the lessee fall solely on the lessee. The situation escalated after 3D Analyzer, which obtained an Internet Gaming License in September 2023, was found to have misled the Philippine Amusement and Gaming Corporation (PAGCOR) about its operational status. Despite claiming to have ceased operations, the company continued to hire new employees. “Niloko nila yung Pagcor, sabi nila hindi na sila operational,” said Winston Casio, spokesperson for the Presidential Anti-Organized Crime Commission (PAOCC). (They fooled PAGCOR, claiming they were non-operational.) A joint operation involving the PAOCC, the National Bureau of Investigation (NBI), and the Bureau of Immigration (BI) on October 3 uncovered troubling evidence of love scams at the POGO site. Authorities discovered pre-registered SIM cards, multiple phones per worker, and numerous open windows for secure messaging apps. These findings pointed to an organized effort to exploit foreign nationals. 3D Analyzer’s corporate structure is primarily composed of Filipinos, with one Chinese individual registered as Filipino with the Securities and Exchange Commission. Del Rosario defended the legitimacy of 3D Analyzer, asserting that the company had presented the necessary permits and licenses to operate legally. “Yung mga na-raid dati yung mga illlegal , di ba, yung mga walang permit, but 3D Analyzer showed business permits,” he said. (The ones raided before were the illegal ones, those without permits.) Despite having the appropriate permits, the timing of the raid raised eyebrows. POGO operations had been banned by President Marcos, yet 3D Analyzer continued its activities unabated. During the raid, 254 workers were apprehended, including 190 foreigners who were found to be violating immigration laws. The PAOCC has stated its commitment to pursuing those involved in the operations. Casio expressed concerns about the operation’s blatant disregard for the law. “When we got there, we saw in the IDs that they were just new hires,” he noted. “There was really no plan by 3D Analyzer to stop operations, so we are going after them.” In light of the president’s announcement regarding the POGO ban, Del Rosario claimed that they had reached out to 3D Analyzer to ensure compliance. However, he reported that the company did not respond to their inquiries. “Yes, we sent them a letter reiterating President Marcos’ statement during his State of the Nation Address that POGOs should wind down by December 2024… unfortunately no [they did not answer],” he said. This situation not only raises questions about the operational integrity of POGO companies but also about the role of government officials who may be complicit or unaware of ongoing illegal activities. Lopez’s dual role as a government appointee and a businessman connected to a POGO raises concerns over potential conflicts of interest. Senator JV Ejercito has also highlighted the importance of ensuring that foreign nationals do not exploit loopholes in the law. He pointed out that the ongoing investigations into these operations serve as a wake-up call for stricter regulations. “This should be a wake-up call for us to be more strict,” he said.

Political gambling returns to the U.S. as a federal court allows Kalshi to resume regulated election-betting markets, the first in nearly a century. Political gambling has officially returned to the United States, just weeks before Election Day on November 5, 2024. A federal appeals court in Washington, D.C., has ruled in favor of Kalshi, a financial exchange startup, allowing the company to resume its regulated election-betting markets. This marks a significant development, as it is the first time in nearly a century that people in the U.S. are allowed to gamble on the elections. On October 9, 2024, the U.S. Court of Appeals for the District of Columbia unanimously lifted a temporary ban on Kalshi’s markets. This decision came after the Commodity Futures Trading Commission (CFTC) sought to halt the trading, arguing that election betting could undermine election integrity and create conflicts of interest among voters. However, the court found that the CFTC did not provide adequate evidence to support its claims of potential public harm. The ruling permits Kalshi to allow users to place bets on which political party—Republican or Democrat—will control the House or Senate after the 2025 elections. The court noted that while concerns over election integrity are valid, the CFTC had not substantiated its claims sufficiently. As a result, the CFTC may pursue further action if new evidence arises in the future. These political betting markets operate on a similar principle: they enable bettors to wager on outcomes like Kamala Harris or Donald Trump securing victory on November 5. The resulting balance between the two sides reflects each candidate’s odds of winning. The platforms earn revenue from fees on every transaction, so increased trading activity translates to higher profits for the companies. Kalshi CEO Tarek Mansour expressed excitement over the court’s decision. He was quoted as saying in a report published by Politico.com , “We are incredibly honored to bring safe, regulated, and trusted election markets to the U.S. This week is the dawn of a new era for financial markets.” The company is poised to expand its offerings beyond party control bets, potentially covering a broader range of political contests, including presidential elections. The CFTC has historically opposed betting on congressional elections, arguing that it could lead to ethical dilemmas. Although betting on elections is not illegal at the federal level, certain states, such as Texas and Nevada, have banned it. International betting platforms like Polymarket and PredictIt have long offered odds on elections, but Kalshi’s model stands out due to its full regulation by the CFTC. The platform can now facilitate bets amounting to as much as $100 million. Kalshi’s road to this milestone has not been without challenges. The company faced a lawsuit from the CFTC in November 2023, which aimed to prevent it from offering betting options on election outcomes. In response, Kalshi filed a lawsuit against the CFTC, seeking to overturn the agency’s restrictions. A lower court ruled in favor of Kalshi on September 6, which set the stage for this latest ruling by the appeals court.

Comelec will allow public access to certificates of candidacy (COCs) for the 2025 elections, starting October 8, 2024, to promote transparency in the process. The Commission on Elections (Comelec) in the Philippines has announced that it will provide open access to the certificates of candidacy (COCs) of all aspiring elective officials. This change is set to take effect as candidates for the May 2025 elections begin to file their documents, a process that started on October 8, 2024. The public will now have the opportunity to verify candidates’ information, a step aimed at increasing transparency in the electoral process. Comelec Chair George Garcia explained that this decision follows an investigation into the case of Alice Guo, the former mayor of Bamban, Tarlac. Guo was dismissed from her position after it was revealed that she was allegedly a Chinese citizen. This investigation prompted Comelec to act proactively to ensure that foreign nationals do not run for public office. “The Comelec saw it proper, for the first time, because of our experience in Tarlac,” Garcia was quoted as saying in a report published by the Inquirer . “We admit that there’s no additional law on the filing of candidacy, but the Comelec had to act, to be proactive.” He emphasized the importance of allowing public scrutiny of candidates’ COCs, which contain essential information, including full names, dates and places of birth, residency details, civil status, and professions. Under the new guidelines, the Comelec plans to upload all COCs, as well as certificates of nominations (Conas) for political party candidates and certificates of acceptance for party list nominations (Con-Cans) onto its website within the next two weeks. “At least, [with the online posting], our countrymen will no longer be misinformed,” Garcia remarked. He views this initiative as a demonstration of transparency that will empower voters. Historically, these documents were only accessible by request from Comelec’s main or local offices. The recent Comelec Resolution No. 11045, adopted on August 28, outlines the implementation of this new public access policy. The posting of COCs is scheduled to begin on October 18, in accordance with the Data Privacy Act. Sensitive information, such as candidates’ exact addresses, email addresses, and signatures, will be redacted from the public documents. As of now, Comelec has received more than 43,000 COCs from individuals aspiring to various elective positions. This includes 183 individuals who have filed for the Senate and 155 out of 160 eligible party-list groups that submitted their Con-Cans. Preliminary reports indicate that 573 individuals filed COCs for 254 House seats, with many others vying for various local positions. Garcia highlighted that the Comelec is ready to handle petitions against candidates. Within 25 days of the conclusion of the COC filing period, registered voters or political parties can file petitions to cancel or deny the candidacy of any candidate based on specific grounds. These grounds include lack of qualifications, failure to submit required financial statements, or engaging in illegal campaign activities. For instance, if a candidate is found to have provided false information in their COC, they could face disqualification. Garcia noted that candidates could still appeal to the Supreme Court if disqualified. This avenue for appeal could result in a restraining order against the Comelec’s decision, provided it occurs before the printing of ballots. The issue of foreign nationals running for office has gained attention, especially with the recent investigations revealing discrepancies regarding citizenship. Undersecretary Gilbert Cruz from the Presidential Anti-Organized Crime Commission (PAOCC) stated that they are looking into reports of Chinese nationals holding local government positions. However, he emphasized the need for thorough validation before drawing conclusions. “During the course of the Senate investigation, it was discovered that there were over a thousand Chinese nationals who acquired new identities in one of the birth certification registration centers here,” Cruz reported. This revelation points to a potential loophole in the system that could allow foreign nationals to claim Filipino citizenship. Senator JV Ejercito has also raised concerns about the implications of these findings. He called for greater vigilance to prevent foreign nationals from running for office in the future. “This should be a wake-up call for us to be more strict… we have to put a plug in these holes so it won’t happen again,” he stated, stressing the importance of thorough vetting of candidates. Fresh allegations have also surfaced regarding Alice Guo’s candidacy, suggesting that her election bid in 2022 was allegedly arranged by Chinese state security. These claims came during a Senate hearing on Philippine offshore gaming operators. Guo has consistently denied these allegations, asserting her Filipino identity. Guo, who is believed to be a Chinese national named Guo Hua Ping, was also tagged as a “ Chinese spy ” in an Al Jazeera documentary. In response to the ongoing concerns, Senate President Francis Escudero urged Senator Ejercito to report any suspected foreign candidates to the Comelec. He stated, “If he has doubts, Senator JV should inform the Comelec so it could look into it.” This highlights a growing consensus among lawmakers about the need for stricter oversight in the electoral process. As the country approaches the May 2025 elections, the Comelec’s move to provide open access to COCs marks a significant shift towards transparency. By allowing the public to scrutinize candidates’ qualifications, the commission aims to foster a more informed electorate and reduce the likelihood of foreign influence in local governance. The Presidential Anti-Organized Crime Commission (PAOCC) has warned the public about “ POGO politics ” which stems from Chinese criminal syndicates that could be influencing political candidates and funding their campaigns.