Davao City tycoon Dennis Uy and EEI Corporation have reached an agreement to complete the long-delayed Emerald Bay integrated resort in Cebu. PH Resorts (PHR) signed a memorandum of understanding (MoU) with EEI on December 9, aiming to finish the resort that was originally planned to open in 2021. EEI will finance and complete the PHP17.5 billion project.
This is Dennis Uy’s third attempt to complete the resort, with previous deals with Bloomberry Resorts and Okada Manila falling through. The delayed project has caused financial strain for PHR, which posted a net loss of PHP4.21 billion in 2023. However, the new partnership with EEI brings renewed hope for the project’s completion.
Key Points:
1️⃣ Dennis Uy partners with EEI to complete the stalled Emerald Bay integrated resort in Cebu.
2️⃣ The resort was originally planned to open in 2021, with a total investment of PHP17.5 billion.
3️⃣ This is Uy’s third attempt to complete the project, with previous partnerships failing.
4️⃣ PHR is recovering from significant financial losses, posting PHP4.21 billion in net losses in 2023.
5️⃣ EEI is jointly owned by the Yuchengco family and Speaker of the House Martin Romualdez, a relative of President Marcos.
6️⃣ If completed, Emerald Bay will join Cebu’s Nustar Resort and compete with Mactan World Resorts.
Indonesia blocked 380,000 online gambling sites in October as part of the new government’s effort to eliminate illegal gambling. Lawmakers are utilizing artificial intelligence to detect and block gambling providers.
Under President Pabrowo Subianto, Indonesia has renewed its commitment to eradicating online gambling, which is strictly prohibited in the world’s largest Muslim country.
Minister Meutya Hafid promptly introduced a 100-day agenda with four key goals: protecting personal data, digitizing government services, eradicating online gambling, and creating a more child-friendly internet.
The ministry is employing artificial intelligence to detect and block illegal gambling content. As of October 20, around 380,000 sites have been shut down, including 300,000 illegal IP addresses and thousands of ads on platforms like Meta, Google, and Twitter.
The government has also launched special cyber patrols to detect sites and applications with gambling content. Juda Agung, deputy governor of Bank Indonesia, added that payment service providers, both banks and non-banks, must implement fraud detection systems to identify accounts used for online gambling.
Despite gambling being illegal, Indonesia’s passion for gambling remains strong. Figures from ABC Asia show that gamblers lost RP327 trillion (£16.2 billion/€19.5 billion/$20.5 billion) in 2023, about 1.5% of the country’s GDP.
The government is using a two-pronged approach to combat online gambling: digital scrutiny of internet traffic and financial transactions, and increasing digital literacy and awareness among Indonesians.
Key Points:
1️⃣ Indonesia has blocked 380,000 online gambling sites as part of efforts to eliminate the activity.
2️⃣ Artificial intelligence is being used to detect and block gambling providers.
3️⃣ A 100-day agenda has been introduced with goals of data protection, government digitization, eradicating gambling, and creating a child-friendly internet.
4️⃣ Special cyber patrols and fraud detection systems for payment providers are also part of the strategy.
5️⃣ Despite gambling being illegal, Indonesians lost RP327 trillion to gambling in 2023.
6️⃣ The government is employing both digital monitoring and public education to tackle online gambling.
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