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Japan’s licence renewal procedure raises concerns

George Miller

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Japan's licence renewal procedure raises concerns
Photo credits: jpinfo
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Ed Bowers, the CEO of MGM Japan expressed his conern about the licence renewal procedure, saying: “could turn out to be too expensive for potential investors.”

Japan’s casino industry is finally on the brink of getting its regulatory framework, as the countries legislators are about to pass the IR (Integrated Resorts) Implementation Bill, before the Diet’s upcoming holiday. However, there have been some concerns raised about how licence renewals have been planned and how expensive to fund they could turn out to be. Winning operators will score a concession with a ten-year lapse to develop their projects and a three-year casino licence. But when the concession expires, this is gonna need a reapproval every five years, and this gonna cost money thus making the procedure unappealing for potential investors.

The banks will look at this as a five-year licence and as it’s a shorter timeframe, the cost of funds will be higher and therefore investment levels potentially lower,” Ed Bowers, CEO of MGM Japan said at the Japan Gaming Congress in Tokyo. “Getting private business to invest [€7.65 billion] in a project with a contract that needs to be renewed every five years and have a local assembly approval is complicated and risky,” he added.

Japans casino industry needs the approval of the IR Implementation Bill if they want to lay out the necessary legislative foundation. However, even as the ruling coalition continues to push to get it passed before the Diet session ends on June 20th, lawmakers are divided on several details and its possibilities remain uncertain.

 

Source: focusgn.com

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Asia

Jiangsu Police cracks illegal online gambling racket

Niji Ng

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Jiangsu Police cracks illegal online gambling racket
Photo Credits: Reuters
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Police in Jiangsu, China, has cracked a sophisticated gambling racket who were providing illegal online gambling services. The racket is believed to have dealt with a massive CNY7.8 billion (approximately $1.1 billion in wagers over the course of last few years.

The probe into this racket was launched more than two years ago, after receiving a tip-off. So far, the police have arrested 56 persons.

With very few exceptions, gambling is illegal across China. However, operators of illegal gambling operations have been circumventing existing prohibitions for years, becoming more and more resourceful in their approaches to Chinese customers.

In the case of the Jiangsu illegal gambling ring, those involved were found to have operated a betting website the servers of which were based in the Philippines. Locating an illegal operation abroad is a traditional practice among operators of illegal betting and gaming websites.

As mentioned above, as many as 56 individuals were arrested on illegal gambling charges over the course of the investigation. According to police records, the gambling ring earned more than CNY650 million in profits.

The betting website was based in the Philippines and had more than 114,000 registered customers. Four prime suspects were identified through bank card information, Xinhua reported yesterday.

 

Source: casinonewsdaily.com

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Hard Rock looks for real estate partner to develop IR facility in Japan

Niji Ng

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Hard Rock looks for real estate partner to develop IR facility in Japan
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Hard Rock’s CEO for the Asia–Pacific region Ed Tracy said the company is seeking a construction or real estate partner in order to win Japanese IR license.

“We expect that even though it’s not outlined in the legislation that you have to have local partners, it just makes good sense,” Mr Tracy said in an interview with Bloomberg Television and added: “Significantly in Japan real estate costs are pretty high on a global scale, so a real estate partner would be great, and obviously a construction partner. That’s kind of the starting point.”

The Hard Rock executive also explained that the company, which “has significant content and technology partners that are Japanese based,” is focused on developing its IR in Hokkaido: “Our evaluation shows us that Tomakomai city is exactly the right place… We’ve been forming partnerships there and we’ve been working very hard with a tourism company,” he said.

 

Source: focusgn.com

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Vietnam to cut hassles for industries, including gambling industry

Niji Ng

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Vietnam to cut hassles for industries, including gambling industry
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Vietnam’s Ministry of Finance (MoF) has proposed a series of cuts to bureaucracy and red tape hassles for a wide range of industries, including the betting, casino and lottery industries.

The MoF is believed to have proposed a cut of around 51.4 per cent of the business investment commissions under its control. It would also modify 16 decrees, which could be beneficial for insurance, gaming, accounting, customs and securities verticals.

The outlets did not specify exactly what could be stripped out or amended. However, the mere fact that the MoF wants to make monumental changes is a step in the right direction. It has the potential to reinvigorate the gambling industry and comes after regulators have made several changes to gambling-related legislation.

Vietnam approved a measure last December that would allow locals to gamble in two casinos during a three-year trial programme. Currently, casinos are only open to foreign gamblers. While the casinos have yet to be designated, it is believed that the Phu Quoc resort as well as a project in the Quang Ninh province could be included in the pilot programme.

More recently, the country gave sports betting a nod. In May, it approved new gambling regulations that now cover a variety of sports and would see new players enter the industry. The law is expected to take effect January 1 of next year and would provide the framework for a five-year pilot programme that allows local gamblers to place bets on international soccer games, as well as horse- and dog-racing.

Vietnam also loosened its grip on the casino industry in May when it awarded its first casino license in more than a decade. That license went to Laguna Lăng Cô for its $2-billion resort project in the Thua Thien Hue province. The resort initially opened five years ago, and has been hoping ever since to be granted a casino license. Even though it has the license in hand, Laguna Lăng Cô is not yet dealing cards or handing out chips. The casino would not be ready until 2022.

 

Source: calvinayre.com

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