G3Newswire ASIA & OCEANIA GAMING NEWS
WWW.G3NEWSWIRE.COM
AUSTRALIA – GLI APPOINTS NEW SENIOR MANAGER Gaming Laboratories International has named Phil Harrison to the posi- tion of Senior Manager Regulator Development, Compliance & Quality Assurance for GLI Australia. Harrison will operate out of the company’s laboratory in Adelaide, Australia.
GLI Australia CEO Ian Hughes said, “We are very excited to welcome Phil to the GLI Australia team. His extensive and diverse experience, combined with his commitment and dedication to standards and responsible gambling, make Phil an incredibly valuable asset to GLI and to our clients throughout the Australia and Asian marketplaces.”
Harrison’s extensive experience in the gaming industry dates back to 1994 when gaming machines were first introduced to South Australia. In his role as inspector, systems auditor and as Manager of Gambling Operations for the South Australia Liquor & Gambling Commissioner.
JAPAN - CASINOS DELAY UNTIL AFTER OLYMPICS Japan’s ruling Liberal Democratic Party has now axed plans to approve a casino bill during the current Diet session deliv- ering a huge hammer blow to Prime Minister Shinzo Abe’s growth strategy of casinos opening prior to the 2020 Tokyo Olympics. The decision was taken on November 7 with oppo- sition from members of junior coalition party Komeito blamed for the delay.
Although the plan is to keep the bill on the table, sources said it is unlikely to be discussed even in 2015. One source said: “If they can’t pass it now, I doubt whether they’ll ever be able to pass it,” adding that priority would be given to national defence bills.
Another source said the legislation could now be delayed by three or four years, delaying any openings until around 2024.
Casino giants such as MGM Resorts, Las Vegas Sands Corp, Wynn Resorts and Caesars Entertainment had been opti- mistic that the Prime Minister Abe would be able to pave the way to integrated resorts and open a market that CLSA believes could generate revenues of $40bn.
A Diet members’ group made up of 224 lawmakers, led by former Chief Cabinet Secretary Hiroyuki Hosoda, wanted to approve the ruling in the current Diet session, after which the government would have presented bills to form a legal framework for casino operations.
According to a poll conducted at the start of October, 5.59 per cent of respondents said they were against the proposed legislation, while 30 per cent said they were favour of it.
The bill is also believed to have suffered due to the scandal of two cabinet ministers quitting due to funding-related enquiries. The ruling coalition will now attempt to approve the Integrated Resorts Bill during the first of two parliamentary sessions in 2015.
Doctor Toru Mihara of the Osaka University of Commerce and was one of the architects of the casino bill, said the bill’s delay was a ‘total loss of face’ for the Prime Minister and that the bill could now suffer from ‘a loss of momentum.’
3 0
Delays hit Packer’s Barangaroo over infrastructure payments
AUSTRALIA A payment dispute between Lend Lease and the NSW government has delayed James Packer’s $1.5bn Crown Sydney hotel-casi- no project in Barangaroo. The issues centres around a Court of Appeal decision won by Property giant Land Lease that could cost the New South Wales govern- ment millions on the site’s public infrastructure.
The NSW government is assess- ing whether it will have enough resources to pay for all the public infrastructure at the 22-hectare stretch of land as a result of the ruling. Both parties are at logger- heads over the amount of money, or share of the profits, Lend Lease will pay the government when the project is complete – and are
now stuck in settlement talks about how much – or little – Lend Lease should pay. The method for valuing buildings at the site is at the hands of valuers who will decide the ultimate amount. The 70 storey, six star project was launched in 2012, spinning off into a design competition that was won by London-based practice Wilkinson Eyre Architects. It was approved by the state government in November 2013 despite not being a part of the original plan for Barangaroo South.
Lend Lease cannot proceed with a submission of the concept plan with the Department of Planning and Infrastructure until the com- mercial issues are resolved. This means Crown cannot submit its own development application.
CAMBODIA PLAYS MUSICAL CHAIRS
A flurry of operations have changed hands in recent weeks in Cambodia as large scale projects look increasingly unlikely Cambodia - Casino Operations
Australia-based Donaco International has signed an exclusive term sheet, and is currently conduct- ing due diligence, for a proposed material acquisi- tion of a significant gaming and hospitality busi- ness in Cambodia. The market is distinct from the company’s existing China-facing business at the Aristo International Hotel and so the proposed acquisition provides diversification as well as scale benefits.
Donaco already operates a casino hotel in Vietnam’s northern province of Lao Cai, bordering China’s Yunnan province. Joey Lim Keong Yew, Donaco’s chief executive, in August said the com- pany had a “strong pipeline of potential deals in place”.
Parts of the signed term sheet are binding, includ- ing an exclusive negotiation period extending into early 2015. This will enable the Donaco to com- plete its due diligence investigations, and to finalise and sign long-form agreements.
The acquisition will take place at a multiple of six times earnings before interest, tax, depreciation, and amortisation (6x EBITDA) for the financial year of the business ending on 31 December 2014.
The acquisition will be funded from the compa- ny’s existing cash reserves, and new debt facilities, together with an equity component for the vendor. Based on the range of financing scenarios reviewed by the Board, the proposed acquisition is expected to provide strong earnings per share accretion for the Company’s shareholders.
Further details will be provided to the market when the long form agreements are finalised.
Last month, Australia-listed Cell Aquaculture pulled out of a deal to gain control of the Roxy Casino, in Bavet, a Cambodian town with approxi- mately 10 casinos on the border with Vietnam. The company said the termination of the agree- ment occurred due to difficulties in hiring skilled management personnel.
In September, Israeli casino developer Queenco Leisure International Ltd expressed “substantial doubts” about the ability of its Queenco Casino and Hotel to continue in business. The property is located in Sihanoukville, a coastal area in south- west Cambodia.
New Zealand Scientific Games has been awarded the contract by the New Zealand Lotteries Commission to provide instant games for Lotto New Zealand. Under the terms of the agreement, Scientific Games will work with Lotto New Zealand to grow sales of the Lottery’s instant game portfolio. In addition to instant games, the Company will provide Lotto New Zealand with marketing support and creative services. The seven-year contract began in September 2014 and includes a one-year extension option. Wayne Pickup, Chief Executive Officer, Lotto New Zealand said: “We are focused on growing instant game sales and funding for our communities by taking our instant games to the next level with the vibrant new designs, foils, proprietary play styles and licensed brands offered by Scientific Games.”
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78