Casino Flashcards
encompasses businesses such as hotels, bars, and restaurants that offer people with food, drink, or a place to sleep.
Hospitality industry
all businesses engaged in legalized gambling activities, including
without limitation casinos
Gaming industry
“any other game or scheme the result of which depends wholly or chiefly upon chance or hazard; or wherein wagers consisting of money, [or] articles of value or representative of value are made; or in the exploitation or use of any other mechanical invention or contrivance to determine by chance the loser or winner of money or any object or representative of value”.
Gambling
broadened the scope of what constitutes “illegal gambling,” particularly concerning online gambling as “committed by any person who, in any manner, shall directly or indirectly take part in any game scheme, regardless of whether winning thereat is dependent upon skill or chance or both, wherein wagers consisting of money, articles of value or representative of value are at stake or made, when such game scheme is not authorised or licensed by the government agency duly empowered by law or its charter to license or authorise the conduct
of such games, or is conducted in a manner that violates the terms and conditions duly prescribed by the said government agency.”
EO No. 13
enforces standards and guidelines for accommodations, travel agencies, and tourist destinations
Department of Tourism
ensures fair trade practices and consumer protection, impacting businesses like restaurants and souvenir shops
Department of Trade and Industry
The department oversees environmental regulations for eco-tourism sites and ensures sustainability.
Department of Environment and Natural Resources
The department sets labor standards and practices impacting the industry’s workforce.
Department of Labor and Employment
generally regulates gaming activities in the Philippines and issues the license to operate a gaming activity.
PAGCOR
supervises professional sports and related activities to prevent illegal gambling associated with paid sports and amusement games. It also oversees betting in horse racing.
Gaming and Amusements Board
financial intelligence unit of the Philippines, responsible for implementing the AMLA, including regulating casinos since 2017 as covered persons under the AMLA.
Anti-money Laundering Council
What are the relevant accounting standards of the casino industry?
IFRS 15: Revenue from Contracts with Customers
IFRS 9: Financial Instruments
IAS 16: PPE
IAS 21: The Effects of Changes in Foreign Exchange Rates
Government Accounting
first integrated resort in the country and currently houses one of the largest casinos in the Philippines.
Newport World Resorts
An integrated resort casino complex that was the first to
open in Entertainment City.
Solaire Resort and Casino
Currently holds the title of the largest casino in the
Philippines.
Okada Manila
