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Japan's MICE Opportunity

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Japan's MICE Opportunity inside asian gaming • Ho and Adelson: Changing of the guard • Japan’s MICE opportunity • Augmented reality on casino floors APR 2019 #154 | 30 MOP RUSSIAN REVOLUTION www.asgam.com APR 2019 CONTENTS COVER STORY 16 Russian revolution Tigre de Cristal is pioneering Russia’s Primorsky market near Vladivostok and hoping to retain its lead in the emerging cluster. Cover Image: Summit Ascent Holdings 10 Breakfast Briefs IN FOCUS FEATURES 26 Changing of the guard 46 Rise of the machines Recent health scares suffered by SJM founder Dr Stanley Ho and Las IAG speaks with Herman NG, CEO and Executive Director of Macau’s Vegas Sands kingpin Sheldon Adelson are a stark reminder that the Asia Pioneer Entertainment, about the company’s strong 2018 growth, end of an era could come sooner rather than later. its Asian expansion plans and the state of the EGM industry in Macau. COLUMNISTS JAPAN 34 Ready player one 50 Cruise control Could popular augmented reality apps like Pokemon Go highlight the Moves to develop an integrated resort on Osaka’s Yumeshima Island next step forward for using such technology on casino floors? could also provide a welcome spark to the country’s cruise ship industry. JAPAN INDUSTRY PROFILE 38 Japan’s MICE opportunity 54 Jason Tomas: Explorer’s spirit Japan has some ground to make up if it is to become a world leader in Having recently arrived in Macau as Product Marketing Manager for SG the MICE space, but the advent of IRs presents the perfect chance to Gaming, Jason Tomas sits down with IAG to discuss his career journey ride the MICE wave to the top. from the Philippines to his new home. 58 EVENTS CALENDAR 4 INSIDE ASIAN GAMING APR 2019 EDITORIAL JAPAN BUREAU Managing Editor Senior Advisor Ben Blaschke Aki Isoi Editor at Large Editorial Coordinators Jenn Yamazaki Muhammad Cohen Gemma Sakamoto Deputy Editor Editor Oscar Guijarro Shintaro Kamimura Graphic Design Editorial and Ailsa Tang Administrative Associate Ikue Watanabe Contributors Journalists Carlos Eduardo Coelho Makoto Katayama Steve Karoul Tomo Yamamoto Dr Glenn McCartney Rui Pinto Proença Translator Michael Zhu Yukiyo Mitaka DIGITAL CORPORATE Director of Digital Business CEO Kevin Sam Andrew W Scott Director and Administrator Cynthia Cheang SALES & MARKETING Director of Accounting Director of Sales Anita Loi Jadeson Ho Executive Transportation Client Relationship Manager André Ng Caroline Iau Fong Chi Meng ADVERTISING ENQUIRIES PRESS RELEASES ENQUIRIES Jadeson Ho [email protected] [email protected] Must Read Publications [email protected] is a subsidiary of +853 6331 5577 +853 2883 6497 | Price MOP$30 Inside Asian Gaming Macau registered publication number 295 Published by Must Read Publications Ltd Macau registered press company number EP98 Printed by Cochin Advertising Printing Service Co., Ltd. EM Macau, Est. Marginal da Ilha Verde, N°S 1281-1291 Kam Loi Kong Ip Tai, Ha 2° Andar H www.asgam.com ISSN 2070-7681 omedia.mo EDITORIAL Questions remain in Macau re-tendering puzzle he announcement by Macau’s government on 15 four provides some much-needed time to get their houses March that it had agreed to extend the concession in order. And it will be particularly comforting for SJM, contracts of SJM and MGM until 26 June 2022 which can now focus all energies on finally launching its has shed little light on what to expect from the long-awaited Cotai integrated resort, the HK$36 billion TSAR’s license re-tendering process. Grand Lisboa Palace, early next year. Having originally promised to release details of its re- In a filing to the Hong Kong Stock Exchange on the tendering plan by the middle of 2018, the decision to delay day of the announcement, SJM said the concession confirmation of the license extensions – which had long extension “represents an important development for the been anticipated – conveniently negates any need for the Group as it places [SJM] in the same position as the other current administration, under Chief Executive Fernando concessionaires when the Macau Government considers Chui Sai On, to act further given its term officially expires inviting tenders for the next round of gaming concessions.” in December. MGM also pointed to the extension as providing better But the wait for clarification could prove much longer opportunities to finance the business and plan for future than that. capital expenditure opportunities. Not to mention that it As speculated by Union Gaming’s Macau-based analyst is now guaranteed an extra two years of operations in the Grant Govertsen, “The new administration will take office at world’s most lucrative casino hub. the end of this year, at which point we would expect a multi- Yet while SJM and MGM can now move ahead with year study to take place (potentially taking a wait-and-see far greater certainty, it seems the wait to learn more approach to Japan) and thus necessitating concession about Macau’s re-tendering plans has been extended extensions for all six perhaps well beyond 2022.” as well. In other words, there is every chance we’ll still be In particular, we still know nothing about what is sitting here in five years’ time asking the very same expected of the SAR’s six concessionaires in terms of questions about Macau’s license re-tendering process as stating their case for renewal, what financial obligations we are now. will accompany it nor what opportunities will be presented But that’s not necessarily bad news for Macau’s six for new operators to enter the market. Govertsen, for his operators. part, puts the likelihood of a seventh (or eighth) licensee In the case of SJM and MGM, confirmation that their being welcomed into the enclave at 50/50. licenses, originally due to expire in 2020, would instead For now though, any such speculation is little more be extended by two years to come into line with the other than a roll of the dice. Ben Blaschke Managing Editor We crave your feedback. Please email your comments to [email protected]. 8 INSIDE ASIAN GAMING APR 2019 www.asgam.com BREAKFAST BRIEFS MACAU EXTENDS GAMING LICENSES OF SJM AND MGM TO 2022 tender for the granting of new gaming licenses. The concessions of Galaxy, Wynn, Sands and Melco all expire on 26 June 2022. Granting of the two-year extension will require SJM and MGM to pay MOP$200 million (US$25 million) each, with the government adding that the payment does not exempt either from any obligations under their current concession. MGM will also pay SJM a sum of MOP$20 million (US$2.5 million) in connection with the extension of the sub-concession. THE Macau government has authorized the requests of Notably, it will likely also bring to an end any further Sociedade de Jogos de Macau, S.A. (SJM) and MGM Grand decision-making by the current Macau government given Paradise, S.A (MGM) to extend their concession and sub- the regime of Chief Executive Fernando Chui Sai On concession contracts until 26 June 2022. comes to an end in December. At a press conference held on 15 March, the In a note, Union Gaming analyst Grant Govertsen government said it considered that bringing the terms stated, “We do not believe the current administration, of SJM and MGM’s concession contracts into line with which will be in office until December of this year, is likely the SAR’s other four concessionaires would benefit the to move forward in any meaningful way with respect to preparation and development of the upcoming public the license rebid scenarios.” THE GRAND HO TRAM IN VIETNAM TARGETED FOR ACQUISITION BY WARBURG PINCUS SEVERAL sources have informed IAG that integrated Project Co stating recently it had deployed and forward- resort The Grand Ho Tram in Vietnam has been targeted deployed capital of US$1.1 billion. for acquisition by American private equity firm Warburg The Grand Ho Tram has long sought a change to Pincus, LLC. Vietnamese law to allow local Vietnamese to gamble in Warburg Pincus has been a private equity investor its casino, but to date has been unable to do so. Vietnam’s since 1966 and has investments of approximately US$40 first three-year pilot program for locals gaming was billion in retail, industrial manufacturing, energy, financial instead awarded to Corona Resort and Casino in Phú services, health care, technology, media and real estate. Quõc, which is the only casino currently allowed to accept It has offices in the US and China. local Vietnamese, under certain qualifying conditions. Phase 1 of Ho Tram, located on the southeast coast of A casino resort currently being developed at Van Don in Vietnam around two hours by car from Ho Chi Minh City, cost northern Vietnam will reportedly become the second. around US$600 million to complete and features a 541-room The Grand Ho Tram’s parent company is Asian Coast hotel, a casino with space for 90 tables and a Greg Norman- Development Ltd (ACDL), whose directors as listed designed golf course. A second hotel, set to open soon, will on its website include Philip Falcone, Chien Lee and bring the total key count to 1,100 with developer Ho Tram Anthony Podesta. 10 INSIDE ASIAN GAMING APR 2019 LAS VEGAS SANDS SETTLES 15-YEAR LAWSUIT OVER MACAU GAMING CONCESSION LAS VEGAS SANDS has reached a settlement with Hong Kong businessman Richard Suen for an undisclosed amount, bringing to an end a lengthy legal battle that had lasted more than a decade. The settlement was announced at the start of proceedings on day two of a civil suit hearing to determine how much LVS should pay Suen for services allegedly rendered in Macau.
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