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Sasebo Chamber of Commerce/Nagasaki Marine IR Promotion Council To Launch New IR Initiatives In Q3

George Miller

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Sasebo Chamber of Commerce/Nagasaki Marine IR Promotion Council To Launch New IR Initiatives In Q3
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The Sasebo Chamber of Commerce/the Nagasaki Marine IR Council will launch multiple initiatives in September focused on the further development of an integrated resort within Nagasaki Prefecture. These events come after the successful Kyushu-Nagasaki IR Business Connect Seminar held in June and include both public and private sector as well as IR operator-focused initiatives.

The first initiative will be an open seminar focused on assisting companies in building their business plans, utilizing their resources to develop long-lasting relationships with IR operators and the development of the region. An expected attendance of approximately 50 to 100 people will include business owners and leaders in Sasebo and Nagasaki and will include multiple international speakers (to be announced shortly). The speakers, all existing vendors currently engaged with international IR operators, will work with the audience to help provide a blueprint for building relationships and ultimately engaging operators.

The second initiative will primarily focus on IR operators and will consist of a digital summit presentation by the Sasebo Chamber of Commerce/the Nagasaki Marine IR Promotion Council. This presentation will focus on further expanding the presentation given to operators by the Chamber of Commerce and will explain in detail the groups ideas related to operators and their engagement with the business community. Discussions will include staffing and training, local procurement plus business participation by the local business community and will be explained to operators who may wish to integrate aspects of the plan into a future strategy / RFP. Additionally, it will give opportunity to those companies who belong to the Sasebo Chamber of Commerce/ the Nagasaki Marine IR Promotion Council to state their thoughts and ideas directly to IR operators.

Asia

Suncity Group Announces Delay to Launch of Hoiana Casino Resort

Niji Narayan

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Suncity Group Announces Delay to Launch of Hoiana Casino Resort
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Suncity Group has announced the postponement of the launch of its Hoiana casino resort in Vietnam due to the ongoing coronavirus crisis.

In a press release, Alvin Chau Cheok Wa, chairman of Suncity Group Holdings, said: “In summer 2020, we will unveil Hoiana Phase 1 for the first time ever in an exclusive preview, with the grand opening now scheduled in 2021.”

He said the new timeline for the opening of the Hoiana casino resort’s first phase was “a consequence of the uncertainties” brought on by the COVID-19 crisis.

“Suncity’s investment in Vietnam is intended to stay for a very long time,” he said.

Suncity is one of the investors in the Hoiana casino scheme and according to previous filing the group’s listed business is to handle casino operations there.

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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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