Monthly Archives: April 2016

Philippines bank at heart of Bangladeshi bank heist says it might repay funds

The Philippines bank at the center of the great Bangladeshi Bank Heist of ’16 says it’s prepared to comply if the Philippines government orders the bank to make up some of the Bangladeshi losses.

On Tuesday, Philippine senators held their latest public hearing into February’s digital theft of $101m from Bangladeshi central bank accounts at the Federal Reserve Bank of New York. Around $81m of this stolen cash ended up in the accounts of a Rizal Commercial Banking Corporation (RCBC) branch in Manila before spreading through the local casino industry.

So far, junket operator Kam Sin ‘Kim’ Wong has returned close to $5.5m of the cash that two Chinese junket agents transferred to various accounts at the Solaire Resort and Casino and the Midas Hotel casino.

Wong has also offered to hand over nearly $10m he claims to have received from one of the junket agents as repayment for a personal debt. Wong further claimed that another $17m was still in the hands of local remittance firm Philrem Services Inc, a claim that Philrem execs continue to deny.

Blockchain Technology in Europe: Theory and Practice

On May 19, Prague will host Blockchain & Bitcoin Conference Prague. The event will bring together blockchain developers and those who apply the technology in practice: financiers, bankers and businessmen.

The event will consist of a conference, divided into two streams, and an exhibition of IT developments in the field of Blockchain.

The participants will talk about the practical application of Blockchain technology and its legislative regulation in Europe. Developers of payment services and gadgets will deliver their reports.

Guests of the conference will learn how to protect your personal data and avoid becoming victims of cybercrime, as well as what you need to know about the legal requirements in respect of Blockchain.

Blockchain Technology in Europe: Theory and Practice

On May 19, Prague will host Blockchain & Bitcoin Conference Prague. The event will bring together blockchain developers and those who apply the technology in practice: financiers, bankers and businessmen.

The event will consist of a conference, divided into two streams, and an exhibition of IT developments in the field of Blockchain.

The participants will talk about the practical application of Blockchain technology and its legislative regulation in Europe. Developers of payment services and gadgets will deliver their reports.

Guests of the conference will learn how to protect your personal data and avoid becoming victims of cybercrime, as well as what you need to know about the legal requirements in respect of Blockchain.

Dennis Hastert, who Spearheaded Internet Poker Ban to “Protect Our Children,” Abused Four Underage Boys, Say Prosecutors in Fraud Trial

Dennis Hastert, the disgraced former Speaker of the House and one of the main forces behind the banning of online poker in the US in 2006, now stands accused by prosecutors of molesting at least four underage boys in his care several decades ago. Hastert was initially indicted in May 2015 on charges of fraud, […]

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Vietnam’s second integrated resort casino to break ground on April 23

After a prolonged delay, work on Vietnam’s second integrated resort casino is expected to commence later this month.

On Tuesday, Vietnamese officials announced that the developers behind the Nam Hoi An Casino Resort in the UNESCO heritage city of Hoi An in Quang Nam province would break ground on the $4b project’s first phase starting April 23.

The project is a joint venture of Vietnamese investment banking firm VinaCapital, Hong Kong-based retailer Chow Tai Fook Enterprises and Macau junket operator SunCity Group. Chow Tai Fook is the lead partner in the JV, having acquired VinaCapital’s majority stake last September, although VinaCapital announced on Tuesday that it would boost its stake from 22.5% to 32%.

The first phase of the Nam Hoi An project is tipped to cost $500m, covering 160 hectares of ground with an expected completion date of Q1 2019. The project will join the Ho Tram Strip resort as the only other integrated resort in Vietnam offering high-end gambling to international tourists.

New study says casino expansion offers only short-term benefits for state gov’t

New research indicates that casino gambling expansion provides only a short-term revenue boost for cash-strapped US states, in part because of growing market saturation.

On Tuesday, the Rockefeller Institute of Government issued a new Blinken Report titled State Revenues from Gambling: Short-Term Relief, Long-Term Disappointment. The report claims that states pondering gambling expansion should be aware that “in the long run, growth in state revenues from gambling activities slows or even reverses and declines.”

The report examines the three main methods by which states authorize gambling: lotteries, casinos and racetrack casinos (aka racinos). Adjusted for inflation, the report claims lottery sales fell 0.7% in 2015, the second straight year of falling figures, with 27 states reporting declines.

Combined revenue from casinos and racinos grew 1.1% in 2015 but most of this growth was driven by Maryland and Ohio, which both saw new facilities open last year. Between 2008 and 2015, inflation-adjusted state tax and license revenue from casinos/racinos fell 1.5%. Revenue grew by $1.3b in states with new casinos, while states with established casinos suffered a $1.4b decline.

CG Technology sues DraftKings, FanDuel for patent infringement

Sports betting tech provider CG Technology has sued daily fantasy sports operators DraftKings and FanDuel, claiming that the operators are infringing on multiple CG Technology patents.

Last week, CG Technology (the former Cantor Gaming) filed separate complaints in Nevada District Court against the DFS operators, accusing them of violating seven patents owned by CG Tech. The suits list two co-plaintiffs; the Nevada-based Interactive Games LLC and UK-based Interactive Games Ltd.

CG Technology, which provides land-based and online sportsbook technology for eight Las Vegas casinos, says the DFS operators are infringing patents covering the transmission of identification codes and game control signals to a processor, which allows the sites to accomplish all sorts of necessary tasks, including identifying players, tracking results, and generating user pay records and other information.

The suits indicate that CG Technology sent cease-and-desist letters to the DFS operators as far back as July 2014. CG Technology says it attempted to reach a “negotiated non-litigation arrangement” with the DFS operators but was rebuffed, leaving it no option but to sue to protect its “innovative technology.”

CG Technology sues DraftKings, FanDuel for patent infringement

Sports betting tech provider CG Technology has sued daily fantasy sports operators DraftKings and FanDuel, claiming that the operators are infringing on multiple CG Technology patents.

Last week, CG Technology (the former Cantor Gaming) filed separate complaints in Nevada District Court against the DFS operators, accusing them of violating seven patents owned by CG Tech. The suits list two co-plaintiffs; the Nevada-based Interactive Games LLC and UK-based Interactive Games Ltd.

CG Technology, which provides land-based and online sportsbook technology for eight Las Vegas casinos, says the DFS operators are infringing patents covering the transmission of identification codes and game control signals to a processor, which allows the sites to accomplish all sorts of necessary tasks, including identifying players, tracking results, and generating user pay records and other information.

The suits indicate that CG Technology sent cease-and-desist letters to the DFS operators as far back as July 2014. CG Technology says it attempted to reach a “negotiated non-litigation arrangement” with the DFS operators but was rebuffed, leaving it no option but to sue to protect its “innovative technology.”