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Whilst there is depth of liquidity in the Japanese banking and bond markets, the amount of financing raised for some of the more recent IRs developed in Macau and Singapore suggests that sponsors may need to include the international loan and bond capital markets as part of their financing strategy.


already and appreciate fully the positive economic effects. Te big city candidates with large assemblies may struggle due to their size and the difficulty in winning cross- assembly and popular support. By way of example of the challenges, although Yokohama is a big city IR candidate, the Yokohama Harbour Transportation Association (a federation which represents local businesses in the Yokohama port area) has expressed its objections to IRs.


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Putting together the best team - the implementation legislation will provide a framework but not specifics. Detailed regulations prepared by the Casino Control Committee containing these specifics will follow. By analogy, the Financial Instruments and Exchange Act, which sets out securities regulations, has a code book of over 300 pages but its subordinate regulations and


guidelines are more than 10 times this size in volume. We do not know, at this stage, whether the subordinate regulations under the IR regulations will have an equivalent volume, however given the range of complex areas and factors involved in operating IRs, we would expect that the regulations will in any case be extremely detailed.


Tis is a new area of law and regulation in Japan, which will be developed by reference to international best practice and the local climate, posing a number of challenges for international operators, including the need to have experienced staff and advisors with the necessary technical, linguistic and cultural skills. Appropriate human resourcing will be challenging.


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Money Matters - investing in Japanese IRs will be highly capital intensive given the scale


of the projects and the resultant demands posed by construction and development. Successful financing will be a cornerstone of timely and on budget project development.


Whilst there is depth of liquidity in the Japanese banking and bond markets, the amount of financing raised for some of the more recent IRs developed in Macau and Singapore suggests that sponsors may need to include the international loan and bond capital markets as part of their financing strategy. It is helpful in this respect that the original government draft plan suggests that IR facilities can be owned by an entity (a Propco) separate from an operating company.


No doubt market participants will progress in their work on Japanese IR developments amidst hopes that implementing legislation will be passed without any further delays.


NEWSWIRE / INTERACTIVE /MARKET DATA P121


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