500 .com, which has been transforming from a Chinese online lottery company into a cryptocurrency mining enterprise, says it has completed the acquisition of a stake in Loto Interactive for HK$105 million ($13.5 million).
Loto Interactive provides lottery-related services and data analysis and storage services. It runs three major data centres, including the provision of power and premises to customers engaged in cryptocurrency mining. 500.com pivoted its focus after Beijing banned online lottery sales.
The acquisition means the company will now own 54.3 percent of Loto Interactive and under takeover rules will be required to bid for all outstanding stock at HK$0.75 a share.
The Philippines has once again been put on the Financial Action Task Force’s (FATF) grey list despite having recently passed legislation to improve its anti-money laundering controls, with supervision of junkets cited as an area of concern.
For this edition of our magazine, we focus on Southeast Asia, with a particular look at the Philippines. The country’s casino industry has been among the hardest hit in Asia, with the integrated resorts in Manila’s Entertainment City having remained mostly closed to the general public since the beginning of the crisis last year.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.