From the federation, the interconnection plan to the monitoring system of the Ministry of Finance is rejected.
Dominican Republic.- More than two years have passed since the Dominican government decreed the start of the regularization process for lottery banks in the territory, however, there are still a large number of banks that have not been able to join the process.
Through a public act, the National Federation of Lottery Banks (Fenabanca) demanded that the authorities fully complete the National Regularization Plan for the banks as established by the decree 63-22 and Resolution 061-22 of the Ministry of Finance.
Fenabanca denounces that the Ministry of Finance and the Directorate of Casinos and Gambling continue violating the rights of the betting bank owners, and jeopardizing the economic stability and livelihood of thousands of people who depend on this sector.
«We are requesting and demanding from the Ministry of Finance, the Deputy Minister of the Treasury, the director of Casinos and Gambling, the general director of Internal Taxes, and the administrator of the National Lottery and coordinator of the Regularization Plan and any other authority that by law, has the responsibility to regulate and organize the gaming sector«, stated the guild.
According to what is established in Decree 63-22, it is established that the Regularization Plan for the Lottery Banks sector should be satisfactorily concluded, establishing the protocols to determine the banks, sales points or agencies that qualify to grant operating licenses. This respecting the 200 meters of distance that must exist between a legal bank and another.
It is also established that the authorities must implement an aggressive plan for the inspection and closure of illegal banks, which do not meet the stipulated requirements.
See also: ASONABIL denounces obstacles that prevent the regularization of lottery banks
Facing such irregularities by the authorities, the members of Fenabanca «reject the arbitrary and improvised manner by officials, who without the slightest preparation or guidance demand the implementation of an interconnection plan».
«In Fenabanca and the Lottery Associations of different provinces, we do not reject the interconnection, our opposition is focused on the arbitrary, misinformative, disorganized manner and without clear criteria in which they want to impose an interconnection plan when there is not even control of the banks that operate irregularly in the country», argues the guild.
The syndicated refinancing facility is intended to reduce debt service and improve cash flow.
The Philippines.- Bloomberry Resorts has announced it has signed a PHP72bn (US$1.24bn) syndicated refinancing facility that replaces a previous PHP73.5bn (US$1.27bn) loan facility acquired in 2018 and a PHP20bn (US$345.5m) term loan obtained in December 2020. The agreement was reached with a group of banks.
The company said the new agreement is priced at a spread 75 basis points lower than the previous facilities, with an option to fix the interest rate within the next 12 months. “This feature will allow Bloomberry to benefit from further interest rate cuts that are expected to be implemented in the coming months,” the company said.
Enrique K. Razon Jr., Bloomberry chairman and CEO, commented, “We view this refinancing as a positive development that will allow the company to lighten its debt service and preserve cash as Solaire Resort North ramps up, improve the company’s bottom line, and ultimately ensure the consistent return of capital to our shareholders in the coming years.”
The group of lenders comprises BDO Unibank, Bank of the Philippine Islands, China Banking Corporation, and Philippine National Bank. BDO Capital and Investment Corporation acted as the main organiser and only book-runner, while BDO Unibank – Trust and Investments Group will serve as the security trustee, facility agent and paying agent.
The company said Solaire Resort North is expected to contribute to the group’s cash flows as it becomes more profitable in the coming quarters. The venue opened in Quezon City in May and is expected to achieve full operational capacity within two years.
Bloomberry reported net income of PHP1.3bn (US$23.4m) for the second quarter of the year, down 61 per cent year-on-year and down from the PHP2.6bn (US$45m) reported for the first quarter of the year. Gross gaming revenue (GGR) was PHP14.5bn (US$261m), down 4 per cent year-on-year.
