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Japan Plans to Pass Responsible Gambling Bill

George Miller

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Japan soon to pass responsible gaming bill
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According to analysts from Global Market Advisors, the Responsible Gaming Bill may get passed in Japan before 2018.

The gaming industry is going through major changes in Japan as the country aims to get the casino segment up and running as soon as possible. However, there’s another bill that, according to analysts from Global Market Advisors (GMA), might get approved before the end of this year: the Responsible Gaming Bill.

The piece of legislation is a key part to get the Integrated Resort Implementation Bill to be discussed as the debate will begin once this project gets passed. And as the bill’s passing depends on how long the extraordinary session is, experts from GMA said: “If it is extended through December as has been discussed by some experts, it may allow for debate to begin on some of the key aforementioned issues, including integrated resorts.

Analysts assure that in case it doesn’t get passed this year, the bill is likely to be pushed until next spring. That scenario might also be likely since the legislature has a busy schedule and political tensions with North Korea are potential delay factors.

On the IR Implementation Bill, GMA warned about concerns regarding the document and explained: “The law should offer the guiding principles and framework from which the regulatory board can implement and oversee the Integrated Resorts.

This will allow for evidence-based research to serve as a guiding principle and allow for the regulatory authority to evolve with best practices in the future. The same principles should be applied as the Responsible Gaming Bill is debated and passed.

Asia

Sands China Obtains Exemptions on Credit Facility

Niji Narayan

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Sands China Obtains Exemptions on Credit Facility
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Sands China Ltd, the Macau subsidiary of Las Vegas Sands, has made changes to the terms of a US$ 2.0 billion loan facility that it owns.

The revolving unsecured credit facility was approved by Sands China in November 2018 and it is valid until July 31, 2023. The facility involves a host of banks and has Bank of China Ltd, Macau Branch, as the lenders’ representative.

The revised terms allow for the agent and borrowers to “waive any default that may arise as a result of any breach of the requirements” even in the restated form.

The other changes are the following: the borrowers waiving Sands China’s conditions to ensure that its combined leverage ratio on the last day of any quarter does not exceed 4 to 1; and the combined interest coverage ratio on the last day of any quarter is greater than 2.5 to 1.

The lenders also decided to “extend the period of time during which the company may supply the [lenders’] agent with its audited consolidated financial statements for the financial year ended on December 31, 2019; to April 30, 2020;” with a similar loosening of the deadline for disclosing the results of the 2020 financial year – namely to April 30, 2021.

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Asia

Cambodian PM Orders Shut Down of Casinos

Niji Narayan

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Cambodian PM Orders Shut Down of Casinos
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Cambodian Prime Minister Hun Sen has ordered that all casinos in the country should be shut down as a preventive measure against the spread of the coronavirus.

Under measures introduced by the Ministry of Economy and Finance to combat the spread of COVID-19, all casinos in the country have to close its operations from 11.59 pm on Wednesday 1 April until further notice with the government to “take action in accordance with the law in force accordingly” against any operators that fail to comply.

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Asia

Osaka Extends Casino RFP Deadline

Niji Narayan

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Osaka Extends Casino RFP Deadline
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The Government of Osaka prefecture has extended the casino RFP deadline by three months in view of the coronavirus pandemic.

The Osaka Government announced last week that it will allow three more months as a result of the global coronavirus pandemic. The government is still hopeful of realizing its 2026 goal for starting an IR, but the present health scenario is likely to force further delays.

Along with the delay in RFP, the decision on choosing a private-sector partner to participate in the project will also be pushed back.

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