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Insight


COVID-19 UPDATE - ASIA Japan


Koh Ueda Greenberg Traurig Tokyo Law Offices


Japan: Will certification delays bring additional bids into play?


Shuhei Mikiya Greenberg Traurig Tokyo Law Offices


Contributors Koh Ueda has worked on real estate-related transactions with some of Japan’s largest institutions and companies, covering various asset classes such as hotels, residences, offices, and shopping malls, while representing sellers, buyers, lenders, asset managers, and contractors. Koh has represented one of the largest IR/casino operators in an IR development project in Japan, and advised various IR/casino operators, investors, and banks in and out of Japan.


Shuhei Mikiya focuses his practice on gaming regulations, litigation and real estate. Shuhei has represented one of the largest IR/casino operators in an IR development project in Japan and has advised various IR/casino operators, investors, and banks in and out of Japan.


www.gtlaw.com/en/ locations/tokyo mikiyas@gtlaw.com uedak@gtlaw.com


Pachinko has taken the brunt of the Covid-related downturn in the Japanese gaming market, despite many locations remaining open, against advice, during the soft lockdown period. Online horse racing has proved popular, but the major concern and focus for the global gaming industry is the impact of Covid on the development of Japan’s Integrated Casino Resorts. Bribery scandals, delays and a new Prime Minister only serve to heighten market uncertainty


Te main gambling markets in Japan are, of course, Pachinko and Pachislot. Although these markets have been contracting since a mid-90s peak, as of last year there were around 10,000 pachinko halls and some 4.22 million machines installed in these locations, averaging over 400 machines per location. Te parlours see around 9.5 million players compared to 17 million at their peak whilst the combined market is worth around ¥20.7tr (around ¥30tr a decade ago).


A national state of emergency was declared on April 15 which was an expansion of an earlier state of emergency issued for Tokyo and six other prefectures a week before. However there was no enforced strict lockdown and the government merely ‘requested’ people stay at home whilst bars and restaurants suspended their business. It was a soft approach which the Japanese adhered to.


P54 NEWSWIRE / INTERACTIVE / MARKET DATA


Racing is classified in two categories – those conducted by Japan Racing Association (JRA) and those by local governments (NAR). Last year JRA held 288 racing days and 3,452 races run with 6.2 million attendees at 10 racecourses. Average turnover per day was at ¥10bn.


Te NAR meanwhile held 1,280 race days and 14,779 races in total on 17 racecourses with over 3.2 million attendees. Average turnover per day was ¥526.7m. Te big talking point in Japan is of course the newly anticipated integrated casino resort sector which is expected to be up and running within the next five years.


THE IMPACT


As Coronavirus swept through the world it seemed at first as if Japan had managed to avoid the onslaught. Te number of deaths was remarkably low early on,


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