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The Congress of Japan finally addressing the IR implementation bill will determine the trajectory of the casino industry

Athira A

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The regulation of the casino market in Japan, were approved by the Experts' Committee, which is in charge of the Integrated Resorts Implementation Bill. Photo credits: http://www.casinogamespro.com
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The IR Implementation Bill is currently under the consideration of the Congress of Japan. Addressing of the IR Implementation Bill by the Japanese Congress finally will determine the trajectory of the casino industry in the nation. Investors all around the world are looking forward to the regulation on the Japanese market as it is estimated as the most profitable markets on an international level.

According to AGBrief, “enthusiastically Pro-IR elements in the LDP want to expand the number of IR licenses to be granted in the first round to about five. Komeito has responded firmly that three is the most that it can accept.”

With the nearing of the submission of the IR Implementation Bill, integrated resorts are in the proximity of reality in Japan. The general bill on casinos cannot come into force until the Congress passes all regulations regarding gambling prevention, license process and gaming taxes, among other things.

Despite usually discussing the national budget for the fiscal year each time the ordinary session begins, the government wants to have the bill passed soon. As a result, the bill is set to reach the House of Representatives this month once it gets cabinet approval. The ordinary session of parliament is due to end on June 20th; the IR Implementation Bill is, therefore anticipated to be passed sometime between April and that date.

Athira is a self-described “logophile” – a lover of words. She loves updating her vocabulary and playing around with words, to frame a sensible world of letters. Letters come alive when they become words and when words become sentences. And that’s her job, to put them together in a meaningful way without loosing its essence. She has written content for websites, articles and poems for an international magazine, and press releases as well. She also loves writing on social media. She holds a Masters degree in bio-technology, but she has always been interested in the organic farming of words. Besides writing content for our daily news feed, she is also working as staff writer/editor with Impressions Content Management, based in Kerala, India, which offers writing and editing services to clients around the world.

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Asia

Cambodia to Ban the Issuance of Online Gambling Policy and Licenses

Niji Narayan

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Photo source: acboulle.org
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The Cambodian Government has issued a directive to stop the issuance of online gambling policy and licenses, both within and outside of Cambodia.

The government said that the industry had been used by foreign criminals to extort money. The southern coastal city of Sihanoukville has emerged as a particular centre for gambling and many of the dozens of Chinese-run casinos that have sprung up there have online gambling operations.

“The Royal Government of Cambodia will stop the issuance of online gambling policy and licenses, both within and outside of the Kingdom of Cambodia, from the date of signing this directive,” said the directive signed by Prime Minister Hun Sen.

“Some foreign criminals have taken refuge in the form of this gambling to cheat and extort money from victims, domestic and abroad, which affect the security, public order and social order,” the directive said.

China is Cambodia’s close ally, its biggest donor and investor. It has also been trying to crack down on cross-border gambling, criticising operations in the Philippines that are similar to those in Cambodia.

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Kien Huat Realty III Limited and Genting Malaysia Berhad to Acquire Empire Resorts

Niji Narayan

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Empire Resorts, Inc. has announced a definitive agreement under which affiliates of Kien Huat Realty III Limited and Genting Malaysia Berhad will acquire all of the outstanding equity of the Company not currently owned by Kien Huat or its affiliates for $9.74 in cash per share. Kien Huat is currently the holder of approximately 86% of Empire Resorts’ outstanding shares of common stock.

The Board of Directors of Empire Resorts has approved the transaction on the unanimous recommendation of the previously formed special committee of independent directors. Empire Resorts and Kien Huat also amended Kien Huat’s existing preferred stock commitment letter with the Company, which, subject to the terms thereof, enhances Empire Resorts’ access to capital through February 2020.

“We are pleased to reach this agreement and provide immediate certain cash value to our stockholders. Kien Huat has been a true partner for Empire Resorts, and we look forward to welcoming Genting Malaysia into our ongoing relationship. With Kien Huatand Genting Malaysia, we will be part of an extensive and attractive organization with enhanced scale and global reach. Importantly, Kien Huat has agreed to provide incremental credit support to Empire Resorts, which will enable the Company to meet its debt obligations as we continue to execute on our business strategy,” Keith Horn, independent director of Empire Resorts said.

“With the resources and support of Kien Huatand Genting Malaysia, Empire Resorts will be better positioned financially and operationally, which will help us advance our mission of delivering a winning combination of luxury facilities, quality entertainment and exceptional customer service. This transaction is a win-win for all our stakeholders, including our stockholders, customers, employees, creditors and the communities in which we operate. Importantly, we expect our employees will benefit from new opportunities for career development as part of a larger organization. I look forward to working closely with Kien Huat and Genting Malaysia to seamlessly complete the transaction,” Ryan Eller, President and CEO of Empire Resorts said.

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Losers and Winners of Online Gambling in China

Niji Narayan

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Photo source: aljazeera.com
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Countless ordinary Chinese people, driven by greed and ignorance, have fallen into online gambling like the moths flying towards the fire.

In 2018, Chinese handset maker Gionee was forced into bankruptcy liquidation. The reason was that Liu Lirong, the owner of Gionee, gambled and lost more than 1 billion Chinese yuan in Saipan Island, leading to a shortage of operating capital and final bankruptcy.

Traditional Confucianism holds that gambling means greed and depravity. Many Chinese literary works and academic studies have portrayed Chinese gamblers and many people think that Chinese people are fond of gambling.

Before the rise of online gambling in many countries, China’s neighbouring countries once set up casinos in border areas with China to attract Chinese tourists and gamblers. Gambling-related criminal cases caused a lot of trouble for the Chinese government. Under pressure from the Chinese government, casinos in many border areas had been shut down.

The rise of online gambling has changed the story. Gaming companies have been able to spread their tentacles into every corner of China with the help of internet.

The reason why the gaming companies in the Philippines employ a large number of Chinese employees is that all of the Chinese employees can speak Chinese and most of the customers they serve are Chinese citizens.

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