However, Japan’s Ministry of Land, Infrastructure, Transport, and Tourism is having none of it, as the government has qualms about the feasibility of the project as submitted by Nagasaki.

Nagasaki Misses the Mark with Government

Kyushu Resorts Japan and Nagasaki prefecture will have to go back to the drawing board or fold their bid altogether. Government officials have expressed open worry over the nature of financing of the proposed projects.

There seems to be an unsatisfactory level of commitment outlined in the letters that are supposed to show support and outline the terms of funding. They are customary and usually enough to convince government officials to indeed agree and proceed with the further stages of a project.

As such, the panel that weighed in on the decision said that they still doubted whether the proceedings could move on due to this lingering fear of lack of funds. It’s not just the funding, though, as the panel is similarly dubious of the chosen companies that will supposedly operate the project.

Casinos Austria International was the only participant who had a hands-on approach in such matters, and it was unlikely that CAI alone would make up for all the participants in the Kyushu Resorts Japan consortium. More worryingly, CAI’s investment is smaller than that of keener but less experienced parties.

Lack of Expeirence and Other Concerns

There was also outlined fear about how the proceeds from an operational casino resort would be divvied up, as too many investors – as is the case with Nagasaki’s bid – would mean that there will be many parties that are eager to recoup their investment overlook other important aspects, such as eliminating the harmful influence of casinos.

Nagasaki still has plenty of time to consider a revised bid, although securing more investors – or the right investors as it were – and eliciting stronger commitment would prove the most difficult part.

Still, overblow fears of recession and a flagging economy may embolden overseas companies with plenty of experience and cash on hand to move more strongly on Japan, and use the near-miss Nagasaki just had with the government to rally and potentially host one of the casino resorts – a total of three to arrive in the year over the next decades or so.

Osaka in the meantime has been gaining steadily with its construction and is likely to arrive on time.

The post Nagasaki’s Bid for Integrated Resort Rejected by Central Government appeared first on Keno Wizard.

Japan’s first casino is finally becoming a reality. A few months after the Japanese government greenlit a revised implementation agreement for Osaka’s integrated resort project, construction of the property has finally begun.

The property is a joint venture of the international casino juggernaut MGM Resorts International and Orix Corporation. The formal agreement was signed in late September, greenlighting the next phase of the project.

First of all, workers will have to solidify the land above to make sure that it can support the complex. Preparation works should cost roughly $173 million. The property owners will have to cover these costs now, although the local government has promised to return the money once the project is finished.

The Osaka integrated resort’s development will cost $8.6 billion, as per the September agreement. The 52-acre property is set to be built on Yumeshima, a 700-acre artificial island in Osaka Bay.

The completed resort will have three hotels from three different brands offering a total of 2,500 rooms for guests. The entire complex is expected to provide a huge boost to local tourism, which is why the property will feature a 730,000-square-foot convention space. The casino itself will only take 3% of the resort’s total indoor space.

Unless further delays impede the project, the resort should welcome its first guests in 2030.

Gaming Is Coming to Japan

The resort is de facto owned by the Osaka IR Corporation, in which MGM Resorts and Orix have a 42.5% stake each. The remaining stake is in the hands of various other investors.

Construction of the new resort was made possible by a new law Japan passed in 2018. Seeking to emulate the success of other tourism hubs in Asia, the country toned down its harsh stance on gambling.

While the new law got many companies excited, many of them were eventually disappointed by the country’s long legislative processes and the COVID-related delays. However, MGM Resorts opted to continue despite the setbacks and its bid is finally paying off.

While the Osaka IR Corporation is the only one actually working on an integrated resort project, there is another contender seeking to penetrate the local market. Casinos Austria is also looking to tap into Japan’s potential as a tourism and entertainment destination and is seeking to build a $3 billion resort in Nagasaki.

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Vietnam’s Ministry of Planning and Investment has put forth an ambitious plan for a $2.2 billion integrated resort and casino in the Van Don Special Economic Zone, nestled in the Quang Ninh Province. 

Vietnam’s Mega Casino Resort Project Nears Approval

The project, set to be completed by the third quarter of 2032 if approved, is a collaboration between the ministry and the Quang Ninh People’s Committee, reported eTurbo News. This initiative, first mentioned by the provincial authority in late 2018, is part of a broader strategy to establish coastal resorts with casino operations. Under the guidelines of Vietnam’s Ministry of Finance, only projects with an investment capital equal to or exceeding $2 billion will be granted a gaming license.

The proposed complex aims to be one of the two casinos in Vietnam permitted to cater to local citizens, a policy established in 2016. The bid for government approval includes plans to initiate the bidding process by the end of 2023, as disclosed by the Quang Ninh People’s Committee in July.

Vietnam’s Ministry of Planning and Investment is optimistic about the potential impact of the project. If given the green light, the resort is expected to generate an average annual after-tax profit of VND8.16 trillion ($336 million), with a break-even point anticipated after 32.8 years of operation. Over the span of 70 years, it is estimated to contribute VND228,000 billion ($9.4 million) to the state budget and provide employment opportunities for approximately 6,000 individuals.

Money Laundering Concerns Hover Over Vietnam’s Casino Project

The proposal, however, comes amidst concerns raised by international officials regarding Vietnam’s ability to address money laundering risks in the casino industry. Although Vietnam implemented an anti-money laundering law in March 2023, the United Nations Office on Drugs and Crime has expressed reservations, stating that the regulatory and enforcement mechanisms in place may not be robust enough to handle the evolving landscape of transnational organized crime.

Despite international alarms, the Ministry of Planning and Investment remains steadfast in its pursuit, emphasizing the socio-economic benefits the integrated resort and casino complex could bring to the region. If Prime Minister Pham Minh Chinh gives the go-ahead, construction could commence as early as next year, with the resort anticipated to be ready for guests by 2032.

In other news, in July Hong Kong’s Cheng family officially assumed control of Vietnam’s Hoiana casino resort, previously managed by the Suncity Group led by jailed Macau tycoon Alvin Chau. The $4 billion joint project with LET Group and VinaCapital includes a casino, golf course, and Cheng-branded hotels. 

The management shift aligns with Macau junket operators exploring Southeast Asia due to stricter regulations at home. Vietnam’s relaxed regulations and rebounding tourism make it an attractive destination. 

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City of Dreams Mediterranean officially opened for business this week after five years of planning, building, and outfitting guests for the high-end adventure of a lifetime in Europe’s largest and only integrated casino resort.

The sheer mass and design elements of the building seem to indicate it would be visible from several miles away with a shape reminiscent of a Mayan temple or a well-known tourist landmark in the Middle East, Sheraton Doha. On might even recall A Cancun casino resort.

Despite the similarities in aesthetics from a distance, City of Dreams is much different – inside and out.

Casino Gaming in a Luxury Environment

While a Mayan temple at Chichen Itza may or may not hold grand treasures, the only way most people will leave this property with a small fortune is to enter it with a large one – lady luck notwithstanding.

The hotel has 500 rooms in a range of luxuries and price points but each room is fresh and the accouterments are unique to the property. The development in toto is the first in Cyprus to achieve a BREEAM Excellent rating for its sustainability strategy beginning at the design stage.

Architecturally, the development was recently honored by the European Property Awards 2023 for achievements in three categories: Best Hotel Architecture Europe: Best Sustainable Commercial Development Europe, and finally, Best New Hotel Construction & Design Cyprus.

Once you get beyond the strategically placed palm trees and massive pool complex, expect high walls of marble to greet you indoors.

Options include a visit to a diamond boutique, relaxing in a cozy chair and trying on high-end wristwatches, or sorting through designer clothing in one of the retail outlets.

While the description may sound like a world away, the design elements are all tied together with local geo design elements like cobbled floors and paths outdoors, plenty of greenery on the pathways to the largest pool complex in the Mediterranean along with cool blues and other hues that tie it all together and meld it with the local environment.

If you are itching to simply know about the gambling experience, that element needs to be put in its proper context as this is an integrated resort as much as it is a casino surrounded by “distractions”. However, expect to find a modest number of slots – 750, and a modest number of gaming tables – 75. How and where the machines and tables are placed is unique with a mixture of banks of machines and scatters of machines throughout some table gaming areas.

Table game options include the following:

• American Roulette
• 3 Card Poker
• Mini Punto Banco
• Baccarat
• Blackjack
• Casino Stud Poker
• Russian Poker
• Texas Hold’em
• Ultimate Texas Hold’em
• Omaha

City of Dreams Mediterranean offers gaming in a luxury resort setting rather than obligatory distractions surrounding a money pit to capture revenues. It seems to be designed holistically.

Full days could be spent exploring everything from zip lines to obstacle courses, climbing walls, and trampolines.

Several eateries and other amenities opened on Monday following a soft opening earlier. Expect a few more food, drink, and entertainment venues to open strategically over the coming days, weeks, and months to help keep the property front and center in the minds of visitors and potential visitors.

Not All Is Paradisical Below the Surface

Union organizers and members are upset about policies that seem to be working against employees exercising collective bargaining to get their fair share of the profits that will be left n the machines and on the tables by visitors from all over Europe and the larger world at the Cyprus resort casino.

One union decided to cancel a planned protest at the request of the Labor Minister who had asked organized workers to “refrain from confrontation”. However, another union decided to go ahead with plans to hold a small protest at the property on opening day.

According to local media reports, the problem is systemic and major rather than specific terms of employment, compensation, or benefits for employees at this point. Cyprus Mail reports that Peo Union (Syxpa-Peo branch Neophytos Timinis) would not “back down” until assurances were given that representatives of the union would be given access to the property.

Both Peo and Deok assert that management in the form of Melco, forbids access to union activities in the workplace and will not allow efforts to unionize workers.

Predictably, perhaps, Melco called the protests “unfounded and poorly timed” an obvious reference to opening day. The opening and ongoing success of the casino is important to Cyprus meeting its goals of becoming a well-known tourist destination so it’s no wonder Labour Minister Yiannis Panayiotou has involved himself directly in the dispute.

On that issue, a Deok union representative said that the labor minister’s intervention would be a turning point towards “fully implementing Cypriot laws and the constitution, that set in stone union liberties.”. With that, Deck union canceled its planned protest.

“The operator of the resort casino needs to realize that its business activities are conducted on the territory of the Republic of Cyprus and it should stop behaving like a state within a state, disrespecting the legal order of its host state,” Deok noted.

Peo union indicated talks were ongoing out of public earshot, but it would hold the course until City of Dreams Mediterranean allows the union access to the resort to work on unionizing employees.

“The how and where can be agreed later, with the minister’s help,” a Peo union rep purportedly told the Cyprus Mail.

Source: The City of Dreams Mediterranean casino resort officially opens on Monday, Cyprus-Mail, July 9, 2023

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Now, though, the project is set to begin construction and to be finally completed by a 2030-set deadline. Osaka governor Hirofumi Yoshimura feels confident that there is nothing that would disrupt this progress or makee it harder for the project to succeed in the future.

Osaka Is Confident in Project’s Success Come What May

Of course, the new deadline for the project’s completion is already a far cry from what was hoped to be the original opening date set for 2025, when the Osaka-Kansai Expo will be taking place.

That time window was of course rendered unrealistic by a number of factors, among which the withdrawal of bidders, the shutdown of the global economy due to COVID-19 and not least, internal rifts and accusations of bribery and influence-peddling in Japan.

Yoshimura is confident that it has all been for the better, as he hailed the cultural significance of the prefecture and the area in general. Speaking to the public and quoted by Yahoo News, the governor said:

Kansai is an area very deep in history. Traditional Japanese culture is something you don’t get in Macau, Singapore, or South Korea. And those unique points are what we will promote from the resort.

Osaka governor Hirofumi Yoshimura

The future project will be built as a partnership between MGM Resorts International, a US casino giant, and Orix Corp, which is the local Japanese partner for the company. The estimated cost of the resort is not quite yet pinpointed but it will run into the neighborhood of $10 billion. The initial cost needed to be invested to start construction on Yumeshima, an artificial island in Osaka Bay, is put at almost $8 billion.

Opportunity for an Economic Boom

Japan has been keen to see this project through as it largely sees it as an economic boon waiting to happen. According to CLSA analyst Jay Defibaugh, the upcoming resort will have a significant impact on tourism and the economy, as similar projects had in places like Singapore.

Of course, not everyone is convinced that would be the case, with all but a few companies pulling completely out of the race and considering other opportunities. MGM Resorts International is pressing on with its own plans, however, and it will be a weathervane for the success of this undertaking. Should it prove successful, however, the race for the second license for an IR will be cut-throat.

The post Osaka Confident in Success of Integrated Resort Despite Delays appeared first on Keno Wizard.

The news was confirmed early on Friday, with the government of Japan finally picking the first location to host the country’s inaugural integrated resort which will seek to boost tourism and generate an economic boon.

Osaka Wins in Expected Decision by Government

The first of the three resorts is set to open by 2029 and it will cost $13.5 billion to pull off. It will be built on Yumeshima, a man-made island in Osaka Bay, and come with a range of amenities, facilities, and venues. The integrated resort will have a dedicated Las Vegas-style resort casino as its central piece but it will feature so much more as well.

This new project will come along with hotels, conference rooms, shopping malls, a ferry terminal, and a range of other leisure and business additions. There will be dedicated helicopter pads to bring in and out well-heeled guests and customers. Overall, the first integrated resort, developed by MGM Resorts International and ORIX, a local company, is set to be a big success when it finally welcomes its first guests.

Once this happens, Japan hopes to see many of Asia’s richest gamblers flock to this new gambling Mecca. Each of the two companies developing the project owns a 40% stake in a dedicated company that they have set up to place an official bid with the government and realize the project. The other 20% of the stake is held by the local government.

As to the Japanese government, Prime Minister Fumio Kishida seems confident that the incoming integrated resort should contribute significantly to the economic growth of the Kansai area in Osaka and beyond. The resort is expected to generate more than 520 billion yen worth of revenue annually and bring in as many as six million international tourists and 14 million domestic visitors.

Japan Still Hesitant about Other Bidders

Of course, there have been some concerns about the future of the project. Some have objected to it arguing that there were serious environmental concerns with the reclamation of the island. Others still have objected to gambling on principle, arguing that gambling could bring more societal ills than it would benefits.

The entire process was plagued by setbacks as well – as the pandemic struck, companies willing to bid for the realization of integrated resorts dropped out of the race. By the April deadline in 2022, only two prefectures had completed an application process, with the other one being Nagasaki.

However, there has been no official confirmation whether Nagasaki will secure the rights to host an integrated resort as well. The government said on Friday that it needed more time to review the proposal submitted by the prefecture.

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