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US gaming giants such as MGM Resorts International, Las Vegas Sands and Wynn Resorts are among the Article source operators in the former Portuguese colony. Some gaming giants have already baulked at the high costs expected in Japan.
Biggest casino bet the past three months SJM Holdings, MGM China and Sands China have all sought waivers on financial covenants, with the latter two winning consent from their lenders for waivers until the second quarter of
Las Vegas Sands ended its plans for an IR in Japan last month after having pulled out from bidding for a project in Osaka in Caesars Entertainment and Wynn Resorts have also withdrawn from casino projects in Japan. Nonetheless, other gaming companies remain committed. To address public concerns around links between gaming and organised crime, the Japan Casino Regulatory Commission is expected to scrutinise executives involved in financing and operating casinos, potentially demanding access to personal bank statements, loans and assets, as well as criminal records, education, family history and military records. HIGH COSTS Any debt financing for the Japanese IRs would whet the appetite of lenders hungry for yield in a low interest rate environment. The three US groups, among others, have raised multi-billion-dollar loans and bonds to fund the spectacular growth. Some bankers feel this is too short for sponsors to recoup the initial costs in the time remaining after construction is completed. Some also believe Japanese regional banks would be more conservative towards the gaming sector. Some Japanese banks have a track record in the sector, having lent to Macau and Singapore IRs. It means sponsors would still have to fork out significant equity contributions, much higher than typical PF deals in Japan. However, the quantum of debt for the Japanese IRs could be constrained given the greater risks the projects pose compared with the typical PF deals from other sectors in Japan. The initial validity of IR licences will be 10 years with renewals required every five years.