On June 15, Alliance Global Group Inc. (AGI), the Philippines-based conglomerate owned by billionaire Andrew Tan, has revealed that it will consider plans to extend its casino operations outside Metro Manila. The decision comes after the company regained control of its gaming subsidiary, Travellers International Hotel Group, when Genting Hong Kong officially exited.
Researching potential locations for expansion:
Following the easing of COVID 19 limitations, Travellers International Hotel Group has already experienced a financial turnaround during 2022. On that note, AGI CEO Kevin Tan noted that “Travellers, operator of Newport World Resorts (formerly Resorts World Manila), is ready to explore new locations outside the Philippine capital.”
Also, throughout the company’s yearly shareholders’ meeting on Thursday, he said: “As for expansion outside Metro Manila, we are actively looking at some of the key tourism hubs all over the Philippines as potential expansion sites for our integrated resort business.”
Returning control of the subsidiary:
Over the past week, AGI said: “We would buy a 40-percent stake held by cruise ship giant Genting Hong Kong, controlled by Genting Group patriarch Lim Kok Thay of Malaysia, which filed for bankruptcy last year.” In addition, this will allow the company to regain full control of Travellers.
Furthermore, in addition to Newport World Resorts, Travellers holds the gaming license to develop an integrated casino project at the Entertainment City complex along Manila Bay. Additionally, three years ago, it signed an agreement with Suntrust Resorts Holdings Inc., owned by Hong Kong-listed LET Group Holdings (previously Suncity Group Holdings), to construct a $2 billion dollars casino project.
In the meantime, Tan said that “prospects in gaming and hotels—among the hardest hit segments during the pandemic—were on the mend. We intend to sustain this strong growth trajectory.”
Expansion in other segments:
The company also plans to extend in its other segments through a capital spending budget of P70 billion for 2023, up 23% from 2022. In this regard, Kevin Tan said: “AGI has been focused on delivering products and services that create a bespoke and premium lifestyle for our discerning customers. A firm believer of the country’s attractive long-term growth prospects, the Group is betting on the continued improvement in consumer spending.”
On the revenue side, AGI ended the first quarter of 2023 strong, with net profit of P4.7 billion, up 20% over the same period during previous year. However, profits from January to March also grew 34% to P50.3 billion.
About:
Headquartered in the Philippines, AGI is the official owner of Megaworld Corp., Emperador Inc., Travellers, and Golden Arches Development Corp., which manages the McDonald’s fast food chain in the Philippines.
The legal status of online casinos in India is complex and varies by state. While there is no federal law that explicitly addresses online gambling, the legality depends on state regulations and the type of gambling involved.
Key Points:
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No National Law: India does not have a specific national law regulating online casinos. However, the Public Gambling Act of 1867 prohibits operating physical casinos and gambling houses, but it doesn't cover online platforms, leaving a legal grey area for online gambling.
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State-Specific Laws: Some Indian states, like Goa, Sikkim, and Daman, have legalized land-based casinos, and others, such as Sikkim, have also licensed online gambling. Many states have banned gambling altogether, including online gambling.
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Online Sports Betting: Betting on sports, particularly cricket, is very popular in India. However, it's only explicitly legal in some states like Sikkim and Nagaland, which have laws permitting online gaming and betting.
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Legal Gray Area: Many international online casinos accept Indian players and operate legally under licenses from offshore jurisdictions (like Curacao or the UK Gambling Commission). As long as players are gambling on licensed platforms, the risk is minimal, but local authorities may still choose to regulate or restrict online gambling.
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Cryptocurrency: Some Indian players prefer using cryptocurrencies (like Bitcoin) for online gambling, as it provides a layer of anonymity and security.
While online casinos aren't explicitly legal across all of India, many international casinos accept Indian players, and online gambling continues to grow in popularity. Players should ensure they use licensed platforms and understand local laws before engaging in online gaming.
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