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 Too Strict Regulations Could Scare Off Casino Operators from Japan




Too Strict Regulations Could Scare Off Casino Operators from Japan
Published: 2017-08-01

Analysts believe that major casino operators could reduce or even back off from investment plans for the construction of integrated resorts in Japan, after an advisory panel recommended on Monday too strict regulations for the operation of the country’s nascent casino industry.

A group of politicians, vested with the creation of a regulatory framework for the operation of the future casino complexes, held its final meeting on Monday.

The panel proposed the implementation of an entry fee for Japanese nationals as well as other measures that would limit their access to casinos. (READ SO: JAPAN WANTS CASINOS ONLY FOR FOREIGNERS)

In addition, a previously reported possibility for a limit on the maximum casino floor space was also confirmed as one of the proposals to be included in a set of recommendations that is expected to be submitted to Japanese President Shinzo Abe in the days to come.

If the casino floor proposal is approved, that would mean that casinos would only occupy 15,000 square meters of space, which according to industry analysts and executives is too little to justify larger investment in a project of this type. (READ SO: ONE OF THE ASIAN TIGERS COULD BE THE THIRD GLOBAL POTENTIAL GAMBLING MARKET)

Casino gambling became legal in Japan in December 2016. However, the onus is now on the Diet (Japan’s government) to craft a new bill that would regulate the country’s casino industry. Politicians have announced a late 2017 deadline to implement that plan.

 

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Dividends on Macau, HSBC predicts. 

Too Strict Regulations Could Scare Off Casino Operators from Japan

HSBC Global Research predicts that MGM China, Wynn Macau, Galaxy, and Sands China will pay dividends in 2024, while Melco and SJM are likely to withhold dividends.

 

In a recent report on HSBC Global Investment Summit 2024 key takeaways, the financial services agency said that Macau’s gaming demand remains healthy, while gaming operators “remain committed to shareholder returns”.  Analysts Charlene Liu, Jessie Lu, and Lauren Cai maintain a ‘buy’ rating for MGM China and Galaxy, noting that both operators observed positive trends across all business segments, with notable upticks in VIP segment. 

 

Macau gaming stocks remain intact, supported by a steady daily gross gaming revenue.

 

Earlier in March, MGM China announced a final dividend of HKD0.243 per share and a special dividend of HKD0.104 per share for 2023. Similarly, Wynn Macau declared a final dividend of HKD0.075 per share for the same fiscal year.

 

With growing offerings of non-gaming events of a different nature, both[operators] expect to see travelers return more often to Macau and the seasonality trend to smoothen out,” the analysts said.

 



Legalization of casinos to be studied by various agencies in Thailand. 

Too Strict Regulations Could Scare Off Casino Operators from Japan

 

 

 

 

 

 

Thailand’s Ministry of Finance has been appointed lead agency to consider a House committee study recommending the legalization of casino gaming but will work with 16 other agencies in doing so, local media reports.

 

 

Deputy Finance Minister Julapun Amornvivat, who chairs the House committee, said earlier that the complexes would create jobs, boost tourism, and curb illegal gambling. He expected the complexes to generate 40-50 billion baht of revenue annually. After the plan is greenlighted, a policy-level committee will be established to supervise the project, to be chaired by the Prime Minister, he said.

 

Thailand’s National Assembly to debate introducing casinos on March 28

 

An administration-level committee will then be formed, comprised of ministers and executives from related agencies to consider each aspect of the project in detail.

 

The 16 other agencies named include the ministries of Tourism and Sports, Social Development and Human Security, Higher Education Science Research and Innovation, Agriculture and Cooperatives, Transport, Interior, Justice, Labour, Culture, Education, Public Health and Industry.

 

The study itself recommends imposing a 17% tax on gross gaming revenue – making it one of the lowest tax regimes in the region – with locals to be required to pay an entry levy of an amount yet to be determined. License duration would be set at an initial 20 years and then renewable every five years, while the larger casino complexes would require a minimum investment of US$2.7 billion.

 

The Office of the Council of State, the National Economic and Social Development Council, the National Office of Buddhism and the Royal Thai Police will also be consulted.

 



China National Lottery Sales Down 13.2% Year-on-Year in March 2024 

Too Strict Regulations Could Scare Off Casino Operators from Japan

In march, a total of 36.301 billion yuan of lottery tickets were sold nationwide, a year-on-year decrease of 5.509 billion yuan or 13.2%. Among them, the sales of welfare lottery institutions were 12.632 billion yuan, a year-on-year decrease of 899 million yuan, a decrease of 6.6%; the sales of sports lottery institutions were 23.669 billion yuan, a year-on-year decrease of 4.610 billion yuan, a decrease of 16.3%. This is mainly because the market was closed during the Spring Festival holiday in February this year.

 

 

Cumulatively from January to February, a total of 93.865 billion yuan in lottery tickets were sold nationwide, an increase of 18.832 billion yuan or 25.1% year-on-year.

 

Among them, the sales of welfare lottery institutions were 32.322 billion yuan, an increase of 7.950 billion yuan or 32.6% year-on-year; the sales of sports lottery institutions were 61.543 billion yuan, an increase of 10.882 billion yuan or 21.5% year-on-year.



At least good news from Korean Casinos industry. 

Too Strict Regulations Could Scare Off Casino Operators from Japan

Foreigner-only casino operator Grand Korea Leisure which operates three casinos in South Korea and Seoul and Busan under the Seven Luck brand reported a 19.9% month-on-month increase in casino revenue to KRW40.4 billion (US$29.9 million) in March, which was also 4.4% higher than the same month in 2023.

 

 

The strong result, comprising a 19.7% sequential increase in table revenue to KRW37.3 billion (US$27.6 million) and 22.7% increase in slots revenue to KRW3.06 billion (US$2.27 million), came off a 10.1% improvement in drop to KRW321.1 billion (US$237.5 million).

 

This brings casino sales for the first three months of 2024 combined to KRW93.7 billion (US$69.3 million), down 12.9% on the same period last year but on the rise after a slow start to the year.

 

Table drop of KRW916.0 billion (US$677.4 million) through March is up 21.5% higher year-on-year.



Thailand Casinos Inch Closer to Reality, Could Open before MGM Osaka. 

Too Strict Regulations Could Scare Off Casino Operators from Japan

This March 28th Of the 257 House members in attendance, 253 voted in favor of the casino gaming legislation. Deputy Finance Minister Julapun Amornvivat said a casino feasibility study could now be advanced to national government’s cabinet. Assuming momentum continues building, it’s possible the first gaming venue in Thailand could open its doors before MGM Resorts International’s (NYSE: MGM) Osaka integrated resort. The first Japanese casino hotel is expected to open in 2030.

 

 

Thailand’s National Assembly to debate introducing casinos on March 28

Assuming two years to finalise a regulatory framework and three years to construct, the first entertainment centre may only open in 2029 (in Thailand),” said Maybank Investment Bank in a note to clients.

 

 

Should Thailand’s national cabinet formally approve entertainment complexes, it’s possible that up to eight such venues will be permitted and it’s likely that awarding of gaming licenses will occur in phases.

 

Thailand Casinos Could Beat Japan Efficiency, Emulate Singapore Model

Owing to its reputation as major tourist destination in Southeast Asia and its penchant for attracting visitors from China and the West, Thailand was already expected to attract some of the gaming industry’s biggest names in terms of bidding for casino permits.

That scenario could be amplified should the Thai government continue displaying efficiency in the legalization and regulatory process. Delays and lack of clarity on those fronts are why so many of the industry’s largest operators eventually threw in the towel on Japan, leaving that country with just the MGM Osaka venue to start its move into casino gaming.

 

 

Analysts also expect Thailand’s casino framework will be closer to that of Singapore than Macau and low tax rates could be another draw to international operators.

 

Proposed gaming tax rates are low at 17 percent and social safeguards à la [in the manner of] Singapore will be proposed,” noted Maybank analysts.

Singapore is home to just two integrated resorts, which are operated by Genting Singapore and a unit of Las Vegas Sands (NYSE: LVS).

It’s expected that Thai entertainment complexes featuring casinos could boost tourism spending in the country by as much as 52% annually. That’s one reason why the country will likely draw bids from some of the biggest names in the gaming industry.


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