Author: Admin VietNamGaming

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Japan’s public gambling on the rise with boat racing sales up 36% in 2020

Posted on by Admin VietNamGaming

01-10-2020 |  

The Japan Motor Boat Racing Association has announced increased sales and users in 2020, with its Annual Report showing sales for the year topped JPY2.09 trillion (US$19 billion), an increase of 35.7% from the previous year.

The JPY500 billion (US$4.5 billion) year-on-year increase meant 2020 was the first time annual sales for boat races have broken the JPY2 trillion barrier in 28 years – the last coming in 1992 when sales were JPY 2.08 trillion (US$18.9 billion).

The total number of user transactions in 2020 was 378.2 million, an increase of 8.2%.

The record high stands at JPY 2.2 trillion (US$19.9 billion), achieved in 1991, however 2020 sales figures threatened that figure for the first time in years.

Officials cited the “spread of internet betting in the COVID-19 pandemic” and “inflow from the pachinko/pachislot industry” as reasons for the strong performance, adding that 2021 has started off in a similarly impressive fashion.

The Japan Racing Association also recently announced a 3.5% increase in sales in 2020 to JPY2.9 trillion (US$26.3 billion).

Source: Inside Asian Gaming

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Japan’s Casino Regulatory Commission releases draft casino regulations, launches public consultation period

Posted on by Admin VietNamGaming

01-10-2020 |  

Japan’s Casino Regulatory Commission released its draft casino regulations on Friday, outlining in more detail what operations of the nation’s first casinos will actually look like.

Release of the draft regulations comes more than four years after the IR Development Act was first passed into law in December 2016, and six months before the national government starts accepting applications from locations and their operator partners to be granted an IR license.

However, before the regulations – more specifically called the “Casino Administration Committee enforcement regulations draft pertaining to the Act on Promotion of Development of Specified Complex Tourist Facilities Areas” – are finalized, they will first be opened to public feedback.

The period for feedback is Friday 2 April 2021 to 9 Sunday May 2021 and allows for comment on many of the key regulations relating to Japan’s integrated resort development. Topics open for public comment cover three main areas:

Casino regulations and rules governing specific fund transfers, credit, deposits and foreign exchange.
How IT is used in respect to casino regulation and operations.
The approval process for casino-related machine manufacturers and suppliers.
As reported by Inside Asian Gaming this week, the draft regulations also reveal nine games and 21 variants that will be allowed to operate on Japan’s casino floors. They are baccarat (2 types), blackjack (4 types), poker (8 types), roulette, Sic Bo, craps, Casino War, money wheel and pai gow. Electronic games are also approved.

Traditional Japanese games such as pachinko, pachislot and mahjong are not listed.

Source: Inside Asian Gaming

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World Series of Poker to return to Las Vegas in late 2021

Posted on by Admin VietNamGaming

01-10-2020 |  

The World Series of Poker has announced plans for a full return of its annual live tournament series in 2021, with organizers revealing tentative dates over two months starting in late September.

The return of the world’s largest and most prestigious poker tournament series comes after the event was cancelled in 2020 due to the COVID-19 pandemic – although the WSOP did eventually run a controversial online/live hybrid event in December.

With vaccinations now well underway in the United States – around one-third of the population is said to have now received their first shot – the 2021 WSOP will return to the Rio All-Suite Hotel & Casino from Thursday 30 September and run through October, with the WSOP Main Event starting on Thursday 4 November and concluding on Wednesday 17 November.

The full schedule of events has yet to be finalized, however the WSOP said it plans to host a US$25,000 charity H.O.R.S.E. event on the opening weekend to benefit frontline health workers, plus a US$5 million GTD No-Limit Hold’em event billed as “The Reunion”.

Specific COVID-19 safety protocols and other related 2021 tournament policies will be reviewed with gaming regulators in the lead-up to the event, and it remains to be seen how many international players are allowed to travel to and from the United States by the time the WSOP gets underway.

“This year, more than ever, we embrace our role at the WSOP to deliver memorable experiences and bring this community of poker lovers back together,” said WSOP Executive Director, Ty Stewart.

“In 2021 the theme is get vaccinated and get back to Vegas.”

The WSOP has also announced plans for the resumption of WSOP Europe in 2021, currently scheduled to run from Friday 19 November to Tuesday 8 December at King’s Casino in Rozvadov, Czech Republic. WSOP Europe is expected to include 15 gold bracelet events, including a €10,000 buy-in WSOP Europe Main Event and a €50,000 High Roller event.

Source: Inside Asian Gaming

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Japan’s draft casino regulations list nine games to be permitted

Posted on by Admin VietNamGaming

01-10-2020 |  

Japan’s Casino Regulatory Commission has listed nine casino games that will be permitted to operate inside the nation’s casinos, with traditional Japanese games such as pachinko, pachislot and mahjong all notable exclusions.

The nine games, contained within the Casino Regulatory Commission’s draft regulations published Friday, include 21 variants of games currently banned in Japan but set to be legalized as part of the government’s IR development plans.

The nine games are listed as baccarat (2 types), blackjack (4 types), poker (8 types), Sic Bo, craps, Casino War, money wheel and pai gow, plus electronic games.

Public feedback on the draft regulations will be accepted until 9 May, after which time final casino regulations will be decided.

The regulations also call for prior background checks on all major stakeholders and executives of casino and IR operators to ensure “social credibility”. This will include detailed investigations into criminal and financial records, as well as whether there are any links to organized crime.

As a measure against problem gambling, casino operators will be expected to ban users suspected of addiction for at least one year and later limit the number of casino visits they are allowed to make each month. Operators will be required to establish a consultation desk for anyone wanting to discuss gambling addiction.

It is also stipulated that the current time must be on display to all guests on the casino floor, while ATMs will be forbidden. In relation to casino comps and incentive programs, the draft states, “Nothing that could potentially arouse the passion for gambling may be included,” although there are no specific details provided.

Source: Inside Asian Gaming

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Scientific Games launches new “Mural” gaming cabinet

Posted on by Admin VietNamGaming

01-10-2020 |  

Scientific Games Corporation has unveiled a brand new slot machine cabinet known as “Mural.”

The cabinet, designed via virtual collaboration between the company’s offices around the world due to the COVID-19 pandemic, provides players with a massive display area by offering a dual 55-inch, 4K resolution curved display aimed at creating an eye-catching attraction on the casino floor.

It also boasts an embedded wireless charger for easy mobile phone charging, while both the main monitor and the cabinet’s iDeck are touchscreen enabled for easy player interaction. A next-generation Salem processor provides lightning-fast gameplay, smooth animation and crystal-clear graphics, the company said.

“Our mission is to create unparalleled player experiences,” explained Matt Wilson, Executive Vice President and CEO, Gaming. “The Mural cabinet is a new form factor for us. Its name is a nod to not just the size of the display, but to the beauty of the imagery you see in the game.

“The cabinet’s design required our teams to work collaboratively to get every element right. Our cabinet design has evolved into a much more holistic process where we’re taking insights from players, inputs from our partners and working across our teams to ensure nothing is left to chance. The Mural cabinet is the evolution of the gaming floor and we could not be more excited to unveil it.”

The Mural cabinet will launch in the United States with popular game titles “Willy Wonka – Dreamer of Dreams” and “88 Fortunes – Emperor’s Coins”.

Source: Inside Asian Gaming

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Melco granted rental concessions by Belle Corp for use of City of Dreams Manila land

Posted on by Admin VietNamGaming

01-10-2020 |  

The Philippines subsidiary of global casino operator Melco Resorts & Entertainment has reached an agreement with its local partner, Belle Corp, that will see it provided with rental concessions for City of Dreams Manila of up to Php3.73 billion (US$77 million) for 2020 and 2021.

Details of the agreement formed part of the FY20 financial results of Melco’s parent company, Melco International Development Ltd, which this week reported a loss of US$1.6 billion in 2020 due to the impact of the COVID-19 pandemic.

Signed on 22 March 2021, the agreement between Melco Resorts Leisure (PHP) Corporation and Belle Corp provides for adjustments to the rental payments paid and payable by Melco Resorts Leisure, which incorporate rent concessions of approximately PHP2.06 billion (US$42 million) for 2020 and up to Php1.67 billion (US$35 million) for 2021. The concessions will be recognized in 2021 and over the remaining terms of the lease until July 2033, in accordance with the applicable accounting standards, Melco said.

Belle Corp owns the land and buildings that comprise City of Dreams Manila, which it leases to Melco Resorts & Entertainment (Philippines) via its 78.7%-owned subsidiary Premium Leisure Corp (PLC). Belle Corp also earns a share of revenues from City of Dreams Manila.

Although it is yet to release its full financial results for 2020, Belle Corp had reported revenue from its lease agreement with Melco of Php2.0 billion (US$41 million) for the nine months to September 2020, plus Php325 million (US$6.7 million) from its share in gaming revenues.

In 2019 Belle Corp reported gaming share of Php2.98 billion (US$61 million), while revenue from the Melco lease agreement was Php2.67 billion (US$55 million).

City of Dreams Manila has currently suspended all operations until at least 4 April after the Philippines government imposed Enhanced Community Quarantine over Metro Manila and adjacent provinces on 27 March.

Source: Inside Asian Gaming

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Crown likely to regain Sydney license this year: Regulator

Posted on by Admin VietNamGaming

01-10-2020 |  

New South Wales chief gaming regulator Philip Crawford said the reinstatement of Crown Resorts’ license in New South Wales is a “realistic prospect”, provided the company has its “structures in place.”

Crown’s license was suspended in February following a damning report from Patricia Bergin highlighting the company’s lapses in anti-money-laundering measures, stemming from poor governance.

The fallout from the report was a complete shake-up of Crown’s board of directors and executive management team, including chief executive Ken Barton and five Packer-linked directors.

Suspension of the $1.7 billion resort’s casino license has also severely impacted the operator. Last month, Moody’s Investors Service has confirmed Crown Resorts’ current issuer credit rating of Baa3 but has revised the rating outlook from review for downgrade to negative, due to the “far-reaching and complex” remediation steps needed for Crown to reach suitability to hold its Sydney restricted gaming license.

Speaking to The Australian, the Independent Liquor and Gaming Authority (ILGA) chairman said that Crown has made progress, but needs to demonstrate complete rehabilitation to get its license back.

“Let’s be under no illusion, if I’m not satisfied, if the Independent Liquor and Gaming Authority’s not satisfied that they have rehabilitated themselves, they won’t be found suitable,” he said.

Crawford added that the reinstatement of the license in the second half of this year is a “realistic prospect.”

Source: AGBrief

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Japan’s leading opposition party makes casino abolishment “basic policy”

Posted on by Admin VietNamGaming

01-10-2020 |  

The leading opposition party in Japan, the Constitutional Democratic Party of Japan, published a list of its basic or fundamental policies this week, including a pledge to abolish casinos.

The relevant article read, “We will abolish the casino business, which causes an increase in the number of gambling addicts and disturbs public order and morals.”

At all stages in the legalization of the IR business in Japan, it has been done over the fierce objections of all left-of-center political parties in countries, and has only been possible because of the recent political dominance of conservative politicians.

Making the abolishment of casinos one of the fundamental policies of the leading opposition party heralds the possibility that if, in the future, Japan ever has a change of government at the national level, then the IR industry could be in for serious difficulties.

The Constitutional Democratic Party of Japan currently holds 109 seats (23 percent of the total) in the House of Representatives and 43 seats (18 percent of the total) in the House of Councillors.

Source: AGBrief

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Suncity cutting costs at Hoiana, seeks expansion ops.

Posted on by Admin VietNamGaming

01-10-2020 |  

Suncity Group Holdings says it’s putting cost cutting initiatives in place to enable its flagship Hoiana resort in Vietnam to ride out the pandemic storm and continues to explore international opportunities.

Suncity reported that it returned to profit for 2020, despite a 67.4 percent drop in revenue, due to an increase in the fair value of derivative instruments and convertible bonds. The company had a profit attributable to shareholders of RMB786.4 million ($119.7 million) compared with a loss of RMB1.48 billion a year earlier.

The Hong Kong-listed company has been on an aggressive drive in recent years to diversify away from its junket operator roots. It is now the controlling shareholder of Summit Ascent, which operates the Tigre de Cristal resort in Russia’s Far East. It’s building an integrated resort in Manila’s Entertainment City and is developing two non-gaming properties in Japan.

However, 2020 was to have been the year when it opened its flagship IR project, the Hoiana.

Commenting on events, Suncity Chairman Alvin Chau explained how Covid had put plans for Hoiana’s grand opening on hold, with Vietnam’s international borders closed since March 2020.

“Flights and visas to Vietnam are no longer accessible, leaving us no chance to showcase what a masterpiece that we have created. 2020 was history, and letting bygones be bygones would be the best strategy,” Chau said. “As long as we stay afloat while we sharpen other swords, and I am not worried about not having chances to strike in the future.”

Hoiana, in central Vietnam held a preview in June. Since then, the 1,000-room resort has generated net revenue of $4.8 million with an adjusted EBITDA loss of $32 million. In addition, luck wasn’t on its side, which resulted in a $1.2 million hit to EBITDA over the year.

Only the mass gaming floor, the VIP rooms, some hotel rooms and the golf course entered into preview on 28 June 2020 and the group has been forced to switch its marketing focus to foreign passport holders in Vietnam.

Still, Suncity said it will continue to ramp up the property and prepare more VIP rooms and food, beverage and retail outlets in anticipation of a recovery.

In addition to its already announced development pipeline, Suncity said it’s actively exploring other overseas markets. It gave no further details.

Its plans in Japan involve a diving resort in the Miyako Islands and a skiing resort in Niseko, Hokkaido. While in the Philippines, the Westside City Project’s main design and piling works are completed and it’s moving on to building the superstructure above the ground.

Source: AGBrief

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Dore ruling could change face of VIP gaming in Macau: Vilela

Posted on by Admin VietNamGaming

01-10-2020 |  

The final court ruling on Wynn Macau’s liability in the Dore Entertainment case could change the landscape of VIP gaming in Macau, according to gaming expert António Lobo Vilela.

Vilela’s latest entry in the Gaming Law Review examines the liability of Macau casino operators for activities rendered inside casinos by gaming promoters (junkets), more specifically, the practice of cash-deposit taking.

A VIP gaming promoter has the role of attracting and facilitating high-roller gaming activity. They do this by operating their own managed VIP room in casinos, offering a share of their earnings with the host casino operator in return for an allocated room.

Such activity requires a gaming promoter to retain strong cash flows.

Over the years, Macau’s gaming promoters have established a practice of raising funds by seeking investors, soliciting funds, and offering high-interest rates for deposits, which allow them in turn, to extend more credit to clients, according to Vilela.

“In other words, gaming promoters act in a very similar way to banks by soliciting investor’s funds, paying monthly dividends for those who invest in their operations.”

It is this type of cash-deposit that was the subject of a court case in 2015 between Dore Entertainment, Wynn Macau and four people after a former cage manager working for Dore Entertainment made off with HK$100 million in deposit capital.

Over the years, over countless appeals, Macau’s courts’ latest ruling states that Wynn Macau would be “jointly and severally liable” to return the funds on deposit at VIP rooms, noting that casino operators are liable as a result of their duty to oversee the gaming operator’s activities carried out inside the casinos.

Vilela said the final decision made by the Macau Court of Final Appeal on a casino operator’s liability on cash-deposits could change Macau’s gaming landscape significantly, leading to Macau’s casino operators questioning whether the VIP revenues brought by gaming promoters are worth the liability.

“The decision is crucial to the Macanese gaming ecosystem and the way it is structured. Whatever the decision may be, it will reshape forever the relationship between casino operators and gaming promoters, finally understanding that the latent financial risks could eventually outweigh the perceived profitability of the VIP gaming,” he said.

In a worst-case scenario, should a gaming promoter with no significant assets in Macau or elsewhere file for bankruptcy, this would leave the casino left honoring their obligations, he added.

Vilela in his article also called for the Macau Monetary Authority to take a closer look at the questionable practices of deposit-taking by gaming promoters.

Source: AGBrief

 

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