BUSINESS

PhilWeb earnings increase; Macau relying less on VIPs; Chinese referee jailed for taking bribes

TAGs: Asia, China, Macau, PAGCOR, PhilWeb

philwebFilipino gambling industry operator PhilWeb has reported an earnings increase of 45% in its end of year results. The firm’s earnings were up to P914million with Dennis O. Valdes, company president, stating: “The profit level was achieved on the back of strong growth in its core e-Games Cafe business as well as its new businesses in Asia-Pacific.”

Valdes also stated they are now one of the most significant contributors to PAGCOR revenues, adding: “Last year, PhilWeb remitted a total of P1.7 billion to the agency, 34% more than in 2010. This amount comes without a single centavo of capital expenditure or operating expense on PAGCOR’s part, and therefore flows directly to their bottom line.”

Number one casino business destination Macau is reducing its over reliance on VIPs and high-rollers. Chinese New Year suggested that visitors from the main-land are flocking to the enclave in greater numbers with Gary Pinge, an analyst at Macquarie Securities, telling Bloomberg: “Better infrastructure is drawing more Chinese tourists to Macau, benefiting the whole industry.”

A Chinese referee that took charge of matches at the World Cup has been locked up after it was revealed he took bribes. Lu Jun was one of nine people jailed after an investigation found he accepted over $128,000 (£82,000) to influence the results of seven Chinese league games. The trial heard of wrongly awarded penalties, fixed international friendly matches and gambling during the trial that has seen corrupt referees dubbed “black whistles.” Chinese authorities have arrested dozens of officials, players, coaches and referees since deciding to clean up the country’s game in 2009. This trial precedes one involving former senior officials at the Chinese Football Association that will take place later this month.

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