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OKADA’S RESORT STILL ON TRACK?
Kazuo Okada has confirmed his US$2bn Manila Bay Resorts project will open on time in 2015, despite legal disputes
Philippines - New operations
Japanese billionaire Kazuo Okada has confirmed his US$2bn Manila Bay Resorts project in Entertainment City will open on time in 2015, despite a legal dispute with Century Properties Group.
INDIA – DELTA OPENS RESORT READY FOR CASINO Delta Corp has now unveiled its Deltin Resort in the district of Daman on the Arabian Sea coast in India with the news it will open the biggest casino in India soon. Housed over 10 acres with 35,000 sq. ft. of gaming space and 168 rooms, the property will benefit from the nearby markets of Mumbai and Gujarat. Delta Chairman Jaydev Mody said: “I am confident that it will reshape the face of the industry in India. It under- lines our efforts to provide luxurious yet accessible gaming and hospitality destinations in the country.”
The 60,000 sq. ft. casino attached to the resort will open ‘very shortly.’ In India, live gaming is only allowed in Goa, Daman and Sikkim. Deltin Group includes a portfolio of gam- ing and hospitality properties in Goa and Daman, including Deltin Royale offshore casino in Goa, DeltinJaqk offshore casino in Goa, DeltinCaravela casino in Goa, Deltin Empress, a luxury floatel in Goa, Deltin Palms, a boutique hotel in Goa, and Deltin Suites, a luxury hotel in Goa.
Mr. Mody added: “Daman is near Mumbai, so we expect a good number of people coming to our hotel. We are looking to tap the Sikkim market as well as some international mar- kets like Nepal and Sri Lanka. We have already acquired property for the casino resort in Sri Lanka and the company is exploring the emerging Sri Lankan gaming market which is poised for rapid growth. Indian visitors make up the largest percentage of total visitors to Sri Lanka accounting for 28 per cent of the total Sri Lanka tourists.”
CHINA – MACAU RULING IN BALLY’S SHFL FAVOUR The Macau Public Prosecutor’s Office has ruled that there is no evidence that SHFL infringed either of the two patents that LT Game Limited Macau, LT Game Limited Hong Kong, and Paradise Entertainment alleged that it had infringed.
Following an injunction asserted by LT Game during the 2012 Global Gaming Expo Asia, criminal investigation pro- ceedings were initiated by the Macau Special Prosecutor against SHFL, now owned by Bally Technologies, over certain patents allegedly used in SHFL’s popular Rapid Table Games Multi-Game product, now called SHFL Fusion Hybrid. SHFL, which became the focus of an injunction. That investigation has now concluded with the Macau Public Prosecutor finding no evidence that SHFL engaged in any wrongdoing.
Contrary to the allegations lodged by LT Game, no Court in Macau has found SHFL guilty of or liable for any patent infringement. Ken Jolly, Executive Vice President of Bally’s SHFL entertainment (Asia) subsidiary, said: “We are extremely pleased with the decision of the Macau Public Prosecutor’s Office. We were vindicated in July 2013 on a similar issue with an acquittal by the Macau First Instance Court and are confident that we will continue to be vindicated in any appeal by LT Game.”
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The Okada group stated: “Our construction is pro- gressing according to schedule. Currently, this construction includes the hotel tower and casino floors. We project mass hiring of operational staff during our planned opening in the third quarter of 2015. In connection with the issue on the allega- tions of Century Properties Group Inc. (CPGI), we regret that the development turned out the way it did. We wish to say that there have been no finan- cial transactions with CPGI and the Okada group.”
Okada’s Eagle I Landholdings and Century Properties are expected to battle it out in court after Okada terminated a deal for Century to be a real estate partner in Manila Bay Resorts.
The Okada group added: “As we have mentioned previously, the investment agreement with CPGI was executed by three parties. Unfortunately, one of the three withdrew from the agreement. Hence, we have no recourse but to stop the negotiations with CPGI.
“We are always complying with respective laws and regulations both in Japan and in the Philippines. We will not tolerate any semblance of dishonesty in our dealings. Our goal is to con- tribute to the Philippine economy through our investments in PAGCOR city and generate employment to thousands of Filipinos, during the construction phase and the operational aspect of the project.”
Vietnam Vietnamese property developer VinaCapital has said it will team up with Los Angeles-based Peninsula Pacific to help fund South Hoi An; a 500 room resort casino near Vietnam’s coastal city of Da Nang. The development is being planned for an economic development zone in the central province of Quang Nam. Peninsula Pacific used to own Peninsula Gaming, who has experience of operating casinos in the states of Louisiana, Iowa and Kansas before it was sold to Las Vegas-based Boyd Gaming in 2012. It is replacing Genting as the casino name in the project after the Malaysian operator pulled out in September 2012. To make the project more attractive to investors, VinaCapital has reduced the project’s footprint by a third, whilst asking to increase its gaming floor from 20 tables to 90.
Melco Crown in discussions over Japanese casino partner
JAPAN Melco Crown has added itself to the growing list of international companies wanting to open a casino in Tokyo in time for the 2020 Olympics. Crown Executive Todd Nisbet said Melco Crown had already held discussions with several Japanese companies.
Speaking in relation to Japan he said: “We think a local partner is a key ingredient. There have been meetings with various companies in Japan. It’s fair to say nothing has solidified yet. Japan is the biggest single opportunity that we are looking at in terms of an international expansion and growth story, just because of the sophistica- tion of the market, the appeal of the overall area. Everybody has
reached for another gear, whether it be the political bod- ies or prospective international companies that are interested in coming into Japan. There’s been this moment in time where the Olympics has crystallised thinking around what’s the best way to capitalise on Japan being on the world stage and really driving the next stage of growth that the Abe government is looking to do to reinvigorate the Japanese eco nomy.”
CLSA Analyst Jon Oh believes that the introduction of 12 casi- nos in Japan would be capable of generating US$40bn by 2025, compared to Macau’s $US52bn and Singapore’s $6bn. He believes the first phase of casi- no openings will come in 2021 with two integrated resorts in
Tokyo and Osaka and a destina- tion resort in Okinawa. CLSA recently conducted a poll to find that only 35.9 per cent of respondents believed integrated resorts could revive the econo- my with 24 per cent saying they weren’t sure of the impact they would have.
A bill to legalise and regulate casino gaming in the country has now been passed to parlia- ment. The ruling Liberal Democratic Party submitted the bill, which could make Japan the world’s second-largest casi- no market, along with the Japan Restoration Party and Hiroyuki Hosoda, the chairman of a cross-party group of pro-casino lawmakers. LDP’s junior coali- tion partner New Komeito has already approved the submis- sion. Politicians now hope to pass the bill in the next Diet session that starts in January with the hope that casinos are up and running in time for the Tokyo 2020 Olympic Games.
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