ASIA IN FOCUS
New report highlights Chinese money laundering, Macau analysts raise forecasts again, new RG group formed in the Philippines and more.
Report: Chinese ‘Shadow Bankers’ Using Crypto Casinos, iGaming to Launder Money
A new report from blockchain intelligence firm TRM Labs says Chinese Triads have built an underground financial ecosystem that launders money through casino accounts, betting credits and cryptocurrency transfers. Known in Mandarin as “fei qian” (“flying money”), the networks circumvent international bank wires that could trigger anti-money laundering alarms.
According to a July study from the Foreign Affairs Forum, the illicit brokers “have significantly outpaced traditional money laundering groups, primarily by offering exceptionally rapid transfer services and charging minimal commissions.” Their sophisticated methods render cash “virtually untraceable as it crosses international borders.”
However, law enforcement agencies are fighting the illicit financiers on their own turf: in cyberspace. As stated by TRM: “The same features that make cryptocurrency attractive to criminals (speed, global reach, pseudonymity) can be leveraged by investigators to track and freeze illicit assets in ways not possible before.”
For the full report, click here.
Philippine iGaming Operators Form PlaySafe Alliance to Promote RG
A group of 19 Philippines iGaming operators have formed the PlaySafe Alliance, positioning themselves as the responsible alternative to unregulated underground sites. The move followed a push by anti-gambling activists and some policymakers to abolish online gambling in the country.
Critics claim iGaming preys on the young and the poor, causing financial hardship and mental health issues and increasing the risk of crime. Mike Defensor, president of iGaming operator World Platinum Technologies Inc., acknowledges the risks, but says they don’t come from legal, licensed providers.
“The real enemy in the issue of online gambling is the illegal market,” Defensor said. “No licenses, no control. Minors can play, no taxes are paid and they don’t follow the rules. … Therefore, strict regulations and focus on legal operators are crucial to ensure safe, responsible and fair gaming for all.”
“This alliance is not about competition — it’s about collaboration,” said Eusebio Tanco, chairman of iGaming operator DigiPlus Interactive. “By working as one, we can ensure that online gambling in the Philippines will be more secure, transparent and beneficial to both players and the nation.”
South Korea’s Inspire Casino Appoints ‘Chief Transformation Officer’
Inspire Entertainment Resort in Incheon, South Korea has named Sangwon Lee as chief transformation officer. According to Chosun Biz, Lee is charged with building organizational efficiency and cooperation “to boost competitiveness and drive sustainable growth.”
Inspire opened in early 2024, the first global integrated resort of U.S.-based Mohegan Gaming. At the time, Inspire President Chen Si said the $1.6 billion IR would become “a global tourism destination.”
But Inspire failed to deliver where it counts: on the gaming floor. Without a strong base of international punters, especially Chinese VIPs, it lost $104 million in its first year. Last February, after the Mohegans defaulted on a $275 million loan payment, lender Bain Capital took over.
Lee, “with his exceptional expertise and leadership, will be a significant turning point for Inspire’s growth,” said Si. “Moving forward, we will work with this CTO to further strengthen our global competitiveness and continue our growth and innovation.”
‘High-End’ Chinese Players Propel Macau GGR
In an August 11 note to investors, JP Morgan Securities Asia Pacific raised its Macau gaming forecast for the third time in three months.
The bank now projects a 13 percent rise in gross gaming revenue for the second half of 2025, versus just 4 percent in the first half. The bank attributed its optimism to “high-end” mainland Chinese business owners, who comprise most of the city’s premium mass and VIP cohort and helped boost GGR in May, June and July.
According to Macau Business, analysts DS Kim and Selina Li say high-end demand helped to accelerate mass-market demand. A stronger Chinese yuan was a contributing factor; so were high-profile concerts and other special events, which “provide gamblers a compelling excuse for more frequent trips … capturing greater wallet/time share from gamblers and families.”
China’s relaxed entry restrictions and a broader visa-free transit policy have also lured more tourists to the gaming mecca.
Gaming Moguls Among Philippines’ 50 Richest
Billionaires with gaming interests top Forbes magazine’s 2025 list of the richest Filipinos. Ranked first are the Sy siblings, whose SM Investments Corp. owns City of Dreams Manila, the largest integrated resort in the Philippines. They have a collective net worth of $11.8 billion, down from $13 billion in 2024.
Shipping magnate Enrique Razon Jr ranked second, with $11.5 billion. Razon is chairman and CEO of Bloomberry Resorts Corp., which operates Solaire Entertainment City in Manila, Solaire North in Quezon City and Jeju Sun Hotel & Casino on Jeju Island in South Korea.
Real estate and gaming tycoon Manuel Villar completes the Top 3 with a net worth of $11 billion. His company, Villar Land Holdings, is on track to open the first of two planned integrated resorts in Greater Manila this year.
Dumont Joins Sands China Board as Non-Exec Director
Sands China, one of Macau’s Big 6 casino concessionaires, has added Patrick Dumont to its board as a non-executive director.
Dumont has been president, COO and treasurer of the Las Vegas Sands Corp. since January 2021, and an LVS director since April 2017. LVS holds a 73.6 percent stake in Sands China.
According to Macau Business, Dumont, son-in-law of LVS co-founder Miriam Adelson and her late husband, gaming legend Sheldon Adelson, will serve in the role for an indeterminate period. He will also replace outgoing LVS Chairman and CEO Rob Goldstein upon his retirement next year.
