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Wire ASIA & OCEANIA


Sega Sammy Pledge $1bn to Genting IR Sega Sammy has said it will contribute over US$1bn to the construction of an


Integrated Resort in Yokohama as part of its partnership with Genting Singapore.


If Yokohama is selected and Genting Singapore wins its bid, Sega Sammy hopes to open an IR by the late 2020s.


JAPAN LICENSING


CAMBODIA – Despite a US$200m bonds offering, Cambodian integrated resort, NagaWorld, has been rated with a negative outlook with the ongoing closure of the facility seeing revenue only hitting 40 per cent of 2019 levels in 2021.


Moody’s Vice President and Senior Credit Officer, Jacintha Poh, said: “The additional notes will provide the company with sufficient liquidity to fund its cash burn over the next 18 to 24 months should its casino operations remain suspended. The negative outlook reflects our expectation that NagaCorp’s earnings and credit metrics will stay weak in 2021 with the extent and pace of recovery remaining uncertain for now.


“The company's revenue in 2021 will be equivalent to around 40 per cent of its 2019 revenue before the coronavirus pandemic, even if the current suspension does not exceed three and a half months as in the previous year. This is because the company’s operating performance in the first quarter of 2020 was not significantly affected by the pandemic.


“Although the pandemic will likely delay NagaCorp’s earnings recovery to 2022, Moody’s expects the company to have sufficient liquidity to withstand its cash burn, which includes operating expenses, interest payments and maintenance capital spending. NagaCorp can also delay planned spending for the construction of an integrated casino and hotel complex in Vladivostok, Russia, and another integrated casino and hotel complex (Naga 3) in Phnom Penh, Cambodia, with no financial penalties.”


CHINA – Macau’s government has told its casino operators that they must reintroduce Covid-19 countermeasures including the compulsory wearing of masks, temperature checks and health status checks due to a rise in infections in Guangdong coupled with the low rate of vaccination.


Anyone whose Macao Health Code is red or yellow will not be allowed into the property. Whilst Galaxy Entertainment, MGM China and Sands China have all held vaccination session to vaccinate 1,500 to 1,800 team members, the government fears not enough people have yet been vaccinated. Melco Resorts also ran an immunity incentive programme to convince workers to get vaccinated with a bonus of around US$125.


The Macau authorities have also introduced a 14- day quarantine for anyone who has been in the districts of Haizhu, Liwan, Nansha, Panyu or Yuexiu in Guangzhou, or the Nanhai and Chancheng districts of Foshan.


P26 WIRE / PULSE / INSIGHT / REPORTS


Sega Sammy Holdings has said it will contribute over US$1bn to the construction of an Integrated Resort casino in Yokohama as part of its partnership with Genting Singapore.


Sega Sammy said in a press release: “We have come to the conclusion that Genting Singapore is the best partner for the success of our domestic IR business, who has been successfully developing and operating Resorts World Sentosa in Singapore, one of the regions that operates and develops an integrated resort under the strictest discipline in the world. We worked with Genting Singapore to analyse the market for domestic IR business, formulate development plans, organize the consortium … and prepare for an RFP application and we have officially applied for the RFP conducted by Yokohama City.


“Trough this consortium, we will proactively participate in IR business in Yokohama City, create a new industry in Japan and contribute to the revitalisation of the domestic economy and the tourism industry. We will also aim to expand the domestic IR business in the future by developing and operating highly transparent


Imperial Pacific wants judicial review into suspension of licence


North Mariana Islands


Saipan casino operator, Imperial Pacific International, wants the Superior Court in Saipan to carry out a judicial review into the indefinite suspension of its casino license by the Commonwealth Casino Commission (CCC) of the Northern Mariana Islands.


Te casino at Imperial Palace Saipan has been shuttered since March 17, 2020.


Imperial Pacific said in its filing: “Pursuant to the force majeure clause under the Casino License Agreement, the Licensee is not required to pay the Annual License Fee in the event of natural disasters. However, the Commonwealth Casino Commission raised disputes and alleged that the pandemic does not constitute


and sustainable IR facilities that contribute to the sustainable development of society.


"Te launch of a formal Domestic IR business is subject to the following prerequisites: the execution of agreement between shareholders for the purpose of establishing joint ventures, etc.; the formal selection of the Consortium as a business operator in the RFP; and subsequent approval of Yokohama City as the Specified Complex Tourist Facilities Area by the Ministry of Land, Infrastructure, Transport and Tourism. Trough these processes, we aim to be selected as a formal operator of Domestic IR business."


If Yokohama is selected and Genting Singapore wins its bid, Sega Sammy hopes to open an IR by the late 2020s. Te consortium also includes Sohgo Security Services Co., Ltd. (ALSOK), Kajima Corporation, Takenaka Corporation and Obayashi Corporation as it looks to land a casino licence in Yokohama City.


Sega Sammy already has integrated resort experience through its 45 per cent share in Paradise City in South Korea, which it runs in partnership with Paradise Group.


a natural disaster or force majeure. As a result, the Licensee has filed a review with Superior Court in Saipan to determine whether the pandemic constitutes a natural disaster or force majeure. If it is determined that the pandemic constitutes a natural disaster or force majeure, the Licensee will not be required to pay the Annual License Fee.”


Te operator had its licence indefinitely suspended having been unable to pay its US$3.1m annual regulatory fee in 2020 due to the effects of the coronavirus pandemic.


Imperial additionally failed to comply with an order to pay money owed to vendors, has breached minimum capital requirements, opted not to pay the cost of its annual US$15.5m casino licence in 2020, and was twice unable to pay US$20m owed to the community benefit fund in 2018 and 2019.


Singapore


Marina Bay Sands and Resorts World Sentosa are now allowed to operate with four players at each gaming table, double the previous COVID-restricted laws, according to the Singapore Tourism Board. Te new restrictions came into force on June 14 and see electronic gaming machines and slot machines operated with one player seated at each machine and a minimum distance requirement of at least one metre enforced with mask wearing unless eating, drinking or smoking. Te Singapore Tourism Board said: “Strict checks are conducted by the Singapore Tourism Board to ensure that casinos provide a safe environment for their guests and staff, in line with prevailing safe management measures. With the decrease in the number of community cases in Singapore, we will be moving back to Phase 3 (Heightened Alert) with a calibrated re- opening.


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