Online betting business that operate in the Philippines will be required to deal with stricter anti-money laundering steps as part of the country’s efforts to remove its name and also quit being grey-listed by worldwide economic regulatory bodies.

Recently, the Philippine legislators gave the nod to a changed version of the Anti-Money Laundering Act (AMLA) in which so-called POGOs (Philippines Offshore Pc Gaming Operators) as well as their service providers are included under the “protected individuals” interpretation. The abovementioned piece of regulations was first approved in 2001 and after that came to be subject to modification in 2017 in order to consist of both land-based and on-line gambling enterprise drivers in the nation, in addition to the junket driver partners of regional gambling establishments.

Nonetheless, the amended costs faced substantial objection, as it did not cover the Philippines Offshore Gaming Operators’ provider. In March 2020, the Anti-Money Laundering Council (AMLC) of the country flagged the expense as a location of worry and likewise raised a warning over the supposed absence of commitment of POGOs to continue to be according to the KYC (know-your-customer) regulations.

Under the changes, the Anti-Money Laundering Council is empowered to provide special writs to wagering business as well as also to launch search as well as seizure in case operators do not wish to comply. Tax criminal offenses have likewise been identified as predicate offenses to money laundering as part of the changes.

FATF Previously Included the Philippines on Its Grey List

In order for the modification of the AMLA to work, the item of legislation still requires to be signed by Philippine Head of state Rodrigo Duterte. Mr. Duterte is anticipated to lay his signature under the amended bill as part of his efforts to stop the Financial Activity Task Force (FATF) from waging its danger to consist of the country in its “grey checklist” of territories that are thought about untrustworthy and insufficiently devoted to taking on cash laundering crimes.

The Philippines were put on the Financial Activity Task Force’s “grey list” in 2000. The country managed to exit that listing in 2005, and afterwards, in 2017, Philippine legislators made the AMLA modifications following another hazard from the Task Force that it would bring back the country in the list for making an exception for betting business from the coverage of the previous upgrade of the Anti-Money Laundering Act in 2013.

According to reports, Philippine Head of state Rodrigo Duterte additionally is afraid that the nation would certainly be gone back to the “grey listing”. Such an action would certainly have a destructive impact on the nation’s economy that has already been battling as a result of the coronavirus pandemic.

The current deadline enforced by the FATF for the nation to make sure its anti-money laundering policies were modified was supposed to be October 2020. Nonetheless, the negative consequences of the coronavirus pandemic saw the Task Force prolong that deadline to February 1st, 2020. Apparently, the FATF is set to make its final decision whether the anti-money laundering rules revealed by the Philippines suffice in June 2021.

Both the city and also prefecture of Osaka are to pursue their plans for the establishment of an integrated gambling enterprise resort in an initiative that will certainly see the two administrations collaborate. Both management bodies revealed they have chosen April 1st, 2021 as the day to integrate right into an area-wide management that would help them incorporate their initiatives, job closer and get rid of overlap, while going after alternatives for more financial development.

As revealed by some regional officials, part of the aforementioned initiatives will include preparations for Osaka’s incorporated gambling enterprise resorts bid, in addition to for the 2025 World Expo. the authorities’ overall goal is to bring a brand-new life to the city as well as the prefecture by finding a brand-new degree of growth and also advancement, making Osaka the second-most-important city in Japan after Tokyo.

The enhancement of an elegant large-scale hospitality, gaming as well as amusement facility, likewise referred to as an incorporated gambling establishment hotel, would possibly assist Osaka in its effort to locate a fresh resource of money as well as produce further development.

Sadly for the city of Osaka, its Osaka City Strategy, under which the city would certainly have been divided into 4 wards, was declined at the time a vote on it took place in November 2020.

Only Two Bidders Left in Osaka’s Plans for Integrated Casino Resort

The declined Osaka Metropolis Strategy led to a new effort that would lead to the establishment of an Osaka Teamwork Council, which would be headed by the Governor, and the Mayor of the city would inhabit the setting of a deputy supervisor in plan decisions. The task for the Council’s establishment is readied to be considered this Friday, January 22nd and also is set to be followed by a main proposition in February 2021.

The initiative has encountered opposition from the Liberal Democratic Event (LDP) that cited the formerly fallen short strategy. The Party noted that a vote on the problem had currently revealed the public viewpoint on the matter, demanding full authority to be kept by Osaka city. For the time being, it continues to be vague whether the action will gain ground, with doubters having noted that a due date on April 1st is prematurely to anticipate some progress on turning the region right into an unified management area.

Osaka’s prepare for the establishment of an integrated casino resort are relatively easy for now. For the time being, MGM Resorts and also the local firm Orix have been the just two suitors that have actually shown interest to operate such a large facility there. The remainder of the prospective buyers have taken out after the two previously mentioned ones developed themselves as the top rivals for the prefecture’s integrated online casino hotel task.

The city of Yokohama officially introduced the timeline for the request-for-proposal (RFP) stage of its incorporated casino site resort application plan. The action provided the start to the procedure of hiring a betting operator as a business partner for the metropolis authorities in the application process for among the 3 casino licenses that are readied to be granted by the Japanese Federal government.

As revealed by Yokohama authorities, the request-for-proposal procedure will include 2 stages. The very first among them is arranged to range from February 5th to May 17th, while the second one, which will certainly involve a period for paperwork to be checked out, is to run from June 1st and June 11th. Then, the experienced authorities will certainly announce the selected gambling driver at some point in the summer of 2021.

According to media records, all interested celebrations are enabled to take part in the request-for-proposal phase.

As soon as Yokohama has actually selected its private-sector partner, the authorities will certainly come up with an incorporated gambling enterprise resort advancement strategy and also public hearings on the issue will be held by the end of the year. Yokohama City Council is readied to elect on the plan by March 22nd, 2022, after which an official application is scheduled to be tabled to the Central Federal Government by April 2022.

In case its application gets the Japanese Government’s authorization, the city of Yokohama intends to open the hospitality, gaming as well as home entertainment complicated between 2025 and 2030.

Additional of Integrated Casino Resort Could Help Yokohama Become Top Tourist Destination

The request-for-proposal phase of Yokohama’s integrated online casino hotel application plan is substantially various from the one revealed by various other prospect places throughout the nation, especially in the long period offered to gambling firms to make a decision.

According to experts, there has not been any specific reason for such a decision yet there have actually been rumors that the authorities may have wanted to offer Wynn Resorts and also Las Vegas Sands to renew their passion in the casino site development in Yokohama after both betting operators determined to take out from the market in 2020.

Gambling business that determine to join the request-for-proposal phase of the application process will be required to create a layout that represents the regional landscape and is also in line with public health steps, catastrophe avoidance steps, framework growth, financial revitalization, tourist and also advancement of the neighboring locations.

In a declaration launched by Yokohama officials, the city introduced that it was willing to achieve the highest global requirement for its incorporated casino resort task that might assist it become a worldwide vacationer location. The authorities have actually shared that the establishment of an IR would aid it become an entrance for inbound visitors from across the globe after raising its beauty as a traveler place in Japan.

Apart from that, Yokohama authorities continue to be enthusiastic that the integrated gambling establishment hotel task would certainly aid it add to the development technique of the nation, which was targeted at elevating international intake to ¥ 1.5 trillion in 2030.

As CasinoGamsPro reported, previously in January, a plenary meeting of the City Council voted against a neighborhood vote presenting the concern of whether Yokohama need to hold a large friendliness, gambling establishment and also enjoyment complicated.

The on the internet gaming sector in the US turned out fortunate in the middle of the week, as a federal charms court promoted the decision that the 1961 Wire Act relates to sporting activities betting solutions just.

On January 22nd, two courts of the US Court of Appeals for the First Circuit backed the New Hampshire Lottery Commission’s opinion against the Department of Justice (DOJ). The two-judge panel ruled that the prohibition on connecting betting info across state lines under the provisions of the 1961 Cord Act applies only to sporting activities betting services as well as to no other form of gaming.

The judgment of the US Court of Appeals is exceptionally important, as states that have already made on-line texas hold’em legal would certainly be offered the opportunity to share player liquidity with various other states where similar regulation has actually been passed. For the time being, Nevada, New Jacket and also Delaware are the only 3 states that have actually become part of such contracts however the court’s ruling has actually made it feasible for other states to do the same.

The decision finally brings a lengthy saga, which began in 2018, to an end after an opinion released by the Office of Legal Counsel reversed a 2011 viewpoint of the very same office under which the 1961 Cable Act related to no other type of gaming, and on the internet lotto game sales particularly, yet to sports wagering events.

DOJ’s Decision to Reverse 2011 Ruling Served Late Sheldon Adelson’s Interests, Experts Say

Exactly how did it all begin?

Back in 2011, the DOJ’s Workplace of Legal Advise issued a point of view to reply to state lotteries’ inquiries asking whether they might market lotto tickets online in case they trade data with other states. The Office of Legal Guidance wrapped up that the 1961 Wire Act applied just to sporting events or contests, with this point of view essentially unlocking to US mentions to roll-out interstate on the internet gambling markets.

A couple of years later on, in 2018, the Head Of State Trump Department of Justice efficiently turned around the previous decision, with the action being mainly considered as a special act of goodwill to gambling enterprise proprietor Sheldon Adelson, who had actually revealed he was against on-line betting a couple of years earlier. Despite a commonly held belief that the 2011 opinion was the right one, Assistant Attorney General Steven Engel reversed it, saying that the previous point of view was incorrect and also the stipulations of the Cable Act must put on various other types of betting as well, as well as specifically, to on the internet gaming.

In June 2020, the two sides’ particular arguments were listened to by the First Circuit panel. Throughout the dental arguments, the go by the panel shared a doubtful opinion concerning some of the DOJ’s arguments about the 1096 Wire Act’s designated scope. The United States Court of Appeals courts currently ruled in support of the first judgment.

Even if the Division of Justice chooses to attend to the matter to the United States Supreme Court as well as appeal the most up to date judgment, the end result could be various from what the DOJ wants. With Trump no more an acting President and also Sheldon Adelson having actually just recently died, specialists’ fundamental opinion is that the administration of President Joe Biden will certainly back the 2011 ruling that unlocks for interstate on the internet gaming markets.

The state of New York has actually been searching for brand-new resources of income for some time now, which has actually encouraged realty designers as well as wagering companies to seek authorization of a long-forgotten proposal including the establishment of an online casino venue in New York City.

The proposition for such a gambling establishment is not something new. Actually, casino firms have actually been attempting to make use of the New York City market for many years, specifically considering the multitude of tourists seeing Manhattan that has actually been thought about as one of the top gambling locations in the United States.

The efforts to bring a casino to New York City have actually been encountering opposition both from Guv Cuomo as well as state lawmakers today, Mr. Cuomo has actually revealed a $15 billion spending plan hole that must be filled somehow. According to some experts, this is a factor that could be good enough for neighborhood authorities to look for an online casino growth in New York City.

Analysts have likewise said that casino proposals emphasized on the tribulations within the industrial real estate market that has actually been dealing with fears relating to the future of office buildings, taking into consideration the coronavirus circumstance that has forced companies to make their employees start functioning from house.

Three New Casino Licenses Could Be Issued by the New York State from 2023

The state of New York can release 3 new gambling establishment licenses as of 2023. Nonetheless, also before the coronavirus pandemic outbreak in 2020, regional authorities have faced some stress to accelerate their strategies to provide a casino permit, especially when it comes to the area of New York City.

In case a plan for the legalization of full-blown casinos in New york city City emerges, casino site programmers have actually repeated they are ready with some projects.

As mentioned above, the state of New York has actually been facing a budget shortfall. The budget plan talks are set up to start later in January at the earliest. Governor Cuomo launched his budget proposal on January 19th. Under its stipulations, the state would be permitted to start an official request-for-information phase for designers and gambling firms in order to inspect their market interest for the 3 remaining casino site licenses. Apparently, the state authorities likewise intend to ask prospective bidders to supply even more information about the range of the development and the license’s value.

The fiscal troubles of the state have actually urged New york city authorities to begin seeking some fresh profits resources. According to regional lawmakers and also some gambling enterprise companies’ authorities, each new permit would certainly come precisely as a new earnings stream, with a likely asking rate being approximated at no less than $500 million each. As well as this is a great deal of cash, especially in the light of the $15-billion budget plan shortage that is being dealt with by the state of New york city.

Regulators in the state of Michigan have actually accepted on the internet gambling and online sporting activities betting growth as well as the brand-new kinds of gaming are readied to formally begin at twelve noon on January 22nd.

Yesterday, the Michigan Video Gaming Control Panel (MGCB) revealed that it okayed to the initial nine online casinos as well as their on-line systems to start supplying online sporting activities wagering and online betting services during that time. The state’s gaming watchdog also shared that some aspects of the expansion anticipate additional approvals in the following couple of days.

On-line gaming and sports betting solutions were made formally lawful by the local Legislature and Governor Gretchen Whitmer in December 2019, with Michigan regulatory authority spending an entire year making rules and designing one of the most appropriate methods to permit, control and check the brand-new platforms that are set to begin in the state.

For the time being, a total of nine platforms and also their linked operators will have the ability to use online gaming and sporting activities wagering solutions on the territory of Michigan– DraftKings for the Bay Mills Indian Area, FanDuel for MotorCity Casino Site, Wynn for the Sault Tribe of Chippewa Indians, BetMGM/ Holler Digital for MGM Grand Detroit, William Hillside for the Grand Traverse Band of Ottawa and also Chippewa Indians, Rush Road for the Little River Band of Ottawa Indians, the Hannahville Indian Area stood for by the TwinSpires platform, Greektown Gambling establishment stood for by Penn Sports Interactive/Barstool Sportsbook as well as the Golden Nugget Online Gambling for the Keweenaw Bay Indian Neighborhood.

Online Gambling and Sports Betting Operators Have Time to Test Their Platforms until Friday

Under the new on the internet gambling as well as sporting activities betting legislation, the minimum age for accessing the new kinds of gaming is set on 21.

Individuals, who take part in sports wagering do not have to be citizens of Michigan, but they are required to be located within the borders of the state at the time when their wagers are put by means of a computer or mobile phone application. Customers from Ohio, where online sports wagering is not legitimately permitted, could make use of the new on the internet betting as well as sporting activities betting apps of the state of Michigan.

The executive director of the state’s betting watchdog, Richard Kalm, described that the days in between January 19th as well as January 22nd would be offered for the on-line platforms to do their tests and also make the required changes for providing their solutions. He additionally confirmed that some of the on-line gambling as well as sports wagering platforms, including DraftKings, FanDuel and BetMGM, have actually currently been marketing their services and using clients the opportunity to register with their wagering systems yet putting wagers has actually not been readily available for now.

Michigan authorities allowed in-person sports wagering solutions to start in March 2020 yet had no time at all to create as the coronavirus pandemic break out compelled them to cease procedures. Local sports wagering locations were allowed to reopen in the summer just to close doors once again on November 18th. They have been permitted to operate at lowered capacity considering that December 22nd, 2020.

Huuuge Gamings, a social online casino game maker, formally disclosed its intentions to go public through an initial public offering (IPO) on the Warsaw Stock Exchange. According to preliminary expectations shared by the firm, Huuuge wants to raise $150 million with the IPO.

Although the company is still thought about the new arrival, joining the gaming field relatively late, Huuuge handled to find its audience and also is presently targeting younger individuals. The company is particularly concentrated on the arrangement of real-time gambling procedures as well as frequent updates concerning the industry that make customers come back for even more.

Now, the operator has actually decided to finally make use of the large home window in Initial Public Offerings in the gambling industry. Only a few days earlier, Paytika went public, elevating an overall of $11.4 billion through its IPO. Supposedly, Activision Blizzard handled to raise $2 billion in senior notes.

Market expert company InvestGame approximated Zynga’s $1.8-billion acquisition of private Optimal Games and also Tencent’s $1.4-billion purchase of Leyou Technologies as the most significant purchases in the field. InvestGame even more revealed there were 158 procurements as well as IPOs in the field, with their overall value being estimated at $11.6 billion.

Huuuge Operates Through Three Divisions Managing Its Key Games Offerings

Huuuge Games was developed in 2015 by Anton Guffin, who currently holds 42% of the voting legal rights at the driver. The business focuses on the development of free-to-play social gambling establishment mobile games, revealed that it had 4.74 million regular monthly individuals as of September 30, 2020. The number stood for an increase from the 3.98 million energetic users at the end of 2019.

At the same time, Huuuge took care of to enhance its modified profits prior to passion, tax obligations, devaluation and amortization (EBITDA) from a $4.3-million loss to $24.8 million. For the nine months till September 30, 2020, the business created general income of $243.5 million, a considerable 30% year-to-year rise from the $187.3-million income created in the exact same nine months a year earlier. The exact same duration also saw the adjusted EBITDA of the business increase from $9.3 million to $54.2 million.

Currently, there are 3 primary systems Huuuge operates via– Brave, Mighty and HuuugeX. They handle the internal as well as exterior studios of the operator and also its games, while likewise enhancing the driver’s portfolio. The 3 departments hold the duty for the firm’s essential games offerings– Brave concentrates on casual video games with posting bargains, Mighty operates games providing within the social gambling establishment subgenre, while HuuugeX is in charge of cutting-edge brand-new generation informal video games.

The driver’s profile presently includes a variety of video games, such as informal games as the ones provided under the Coffee Break Gamings label; social video games such as Stars Slots, Huuuge Bingo Legend, Huuuge Casino, etc.; and some video games that are still in the early stages of growth.

In the Going Public, the company as well as some capitalists are set to sell shares. The ones marketing consist of RPII HGE, Big Wagers OÜ, Seoul Investment Patent Endeavor Fund, Korea Investment Global Contends Fund, etc. The money originated from the IPO is set to be utilized by Huuuge for new investments as well as acquisitions, in addition to fund the company’s currently existing operations.

The end of recently saw the authorities in Japan’s Wakayama prefecture verify there were no new applicants interested in ending up being a private-sector companion for the local government in pursuit of among the three incorporated casino resorts that are readied to be established in the nation. As prefecture officials exposed, no brand-new firms had actually expressed rate of interest to make submissions for the prefecture’s delayed request-for-proposal (RFP) phase.

By the time the changed request-for-proposal stage involved an end on January 15th, the interested parties, which are willing to get involved in the task and also run an integrated gambling enterprise resort in Wakayama, had currently made their submissions. They coincided as the ones that the Wakayama authorities unveiled in May 2020 as qualified to take part in the neighborhood RFP phase of the application procedure.

According to information validated by the Japanese contributor of GGRAsia, the two business that had actually submitted their applications for running a potential integrated gambling establishment task were Suncity Holdings Japan Co Ltd, a local unit of the privately-held junket company Suncity Group based in Macau, and also Clairvest Neem Ventures, a division of the private-equity firm Clairvest Team based in Canada.

Back in November 2020, Wakayama announced January 15th as the new entry deadline for its request-for-proposal stage of the incorporated online casino resorts’ application procedure. The new deadline was virtually 3 months later than the one that had been previously introduced.

Integrated Casino Resorts’ Application Process Delayed by Coronavirus Pandemic

Yoshinobu Nisaka, the Governor of Wakayama, had actually previously exposed that the Agents of the Japanese Federal government had actually guaranteed neighborhood authorities that the prefecture’s close distance to Osaka, a metropolitan area that is likewise considered as one of the front runners in the integrated casino hotels’ application process, would certainly not be taken into consideration as a negative aspect when the national-level assessment of the suggested jobs begins.

As CasinoGamesPro already reported, as much as 3 integrated gambling establishment resorts are planned to be developed in Japan as the initial stage of the nation’s betting market liberalization. Supposed IRs are elegant large-scale online casino complexes that also include friendliness, enjoyment, and tourism facilities. Japan’s city governments were first required to locate a private-sector companion that would run a potential incorporated online casino hotel there and afterwards send their application to the nation’s main authorities.

The schedule, under which the national authorities of Japan are set to start approving the application proposals from local governments willing to organize an integrated online casino hotel, was delayed by 9 months to October 2021 as a result of the coronavirus pandemic outbreak.

A couple of days back, the prefecture of Wakayama formally announced its IR application plan. The prefecture shared that it planned to use the integrated gambling establishment resort to become an important part of the region’s revitalization, with the plan itself being mainly based upon wellness and also sports.

United States wagering gigantic Caesars Home entertainment could see its gambling enterprise permit in South Korea. The company has actually been trying to develop a gambling establishment in Midan City that would certainly be open for immigrants just, but experienced some troubles as a result of the coronavirus pandemic.

The building of Ceasars’ casino in the nation was abruptly stopped in February 2020 and the business failed in its initiatives ahead up with new sponsors to get the job back on course again. Currently, the nation’s authorities have intimidated to terminate the United States betting company’s permission to finalize its casino job in case the operator does not think of a solid investment plan.

Caesars Amusement has been offered 2 months to locate an option to the trouble.

US casino site driver’s Midan City task was prepared as a partnership in between Caesars Home entertainment and also a Chinese development firm, with the overall investment that had actually already been made totaling up to $150 million. Nonetheless, the Covid-19 pandemic break out substantially altered the Caesars’ strategies, as it required closures all throughout the sector as well as the companies discontinued the implementation of their continuous construction strategies.

Caesars’ Partners Unable to Provide the Promised Money Portion to Fund the Project

With the large unfavorable impact of the pandemic already known, Caesars Amusement was put in an uncomfortable placement, because its companion– the construction firm Ssanya Building– might not offer the monetary portion of $27.3 million that it had actually formerly promised.

According to records of some local media hubs, the hold-up in the construction works is located inappropriate by the nation’s leaders. South Oriental media have reported that if Midan City-based Caesars Korea Composite Hotel (RFCZ) is not okayed for changes by March 17th, 2021, the previous consent for the gambling enterprise project that had actually currently been provided to Caesars Amusement will be terminated in case that the Incheon Free Economic Area Workplace and also South Korea’s Ministry of Society, Sports as well as Tourism held a meeting on June 14th, 2021.

Such an outcome will certainly be a serious problem for the United States online casino giant that once assumed it had struck it rich with the Midan City casino project in South Korea.

The big endeavor includes the building and construction of a betting center at greater than 410,000-square-foot website. The gambling establishment project got the regional authorities’ very first authorization in 2014 adhering to a regulative consideration. At the time, the gaming driver was enabled to develop the prepared hotel. The gambling enterprise operating permit is readied to be issued when the building and construction works are completed.

Sadly for Ceasars Entertainment, the task has actually dealt with several issues considering that the start of the building and construction functions, with lots of delays in the job’s timetables being introduced. Every one of this at some point made South Korean authorities at some point shed their persistence.

According to media reports, about 25% of the task’s advancement has been total. Currently, if the betting driver does not handle to locate a fast way out of the circumstance, the casino site hotel would certainly remain unfinished.

Foner Park might be waiting on the statement of the main establishment of the Nebraska Gaming Payment yet the Grand Island racetrack is discussing with wagering operators that could be willing to provide their solutions there once the governing body is in place.

In November 2020, the state voters gave the green light to suggested constitutional amendments under which online casino betting at certified equine tracks throughout Nebraska will certainly be made legal.

Fonner Park is not able to make a move up until Pete Ricketts, Guv of Nebraska, establishes a Gaming Commission and also the guard dog wraps up the policies as well as regulations under which casino site operations in the areas will be controlled.

According to the CEO of Fonner Park, Chris Kotulak, the Nevada Pc gaming Commission may be created in regarding a month.

While waiting for this to take place, he is connecting with gambling companies that might be interested in running the Fonner Park online casino. Mr. Kotulak clarified that the talking to procedure with casino site drivers is still recurring, and also as soon as they discover a partner, they will be an action more detailed to generating fresh earnings from the solution. He even more shared there was an opportunity that the company chosen for Grand Island could be likewise run other gambling establishments in the state of Nevada.

Nebraska Gaming Commission Could Be Officially Created Within a Month

The economic advancement arm of the Winnebago People of Nebraska, Ho-Chink Inc., was validated as one of the business that are being taken into consideration as prospective gambling enterprise operators. The company has actually introduced a subsidiary called WarHorse Gaming LLC, to establish casino site locations at Omaha-based Horsemen’s Park, the Lincoln Race Course and also Atokad Downs in South Sioux City.

The brand-new pc gaming department of Ho-Chunk is presently using casino site gaming services at the abovementioned race tracks in cooperation with Nebraska Horsemen’s Benevolent as well as Protective Organization.

On November 3rd, Efforts 429, 430 and also 431 were passed. All three of them were backed by the Winnebago People of Nebraska’s financial development arm and also the horsemen’s team, which currently stands for the equine owners and instructors in the state.

Earlier today, WarHorse made a statement that it prepares to establish a $200-million casino and also hotel at Lincoln race track. While Fonner Park plans future online casino construction, there is additionally a possibility that the currently existing centers in the race track are broadened with some fresh pc gaming choices by the end of 2021. As disclosed by Mr. Kotulak, there would most likely be some type of slots operation on the residential property prior to the end of the existing year.

For the time being, it stays vague when a stand-alone casino site could be built there. In any case, Mr. Kotulak kept in mind that he would not expect construction work to commence until the initial stage would take place. He even more explained that the application of some kind of gambling enterprise operations would be included in the initial phase.