Asia
Osaka IR Land Lease to Cost $18.4M Annually
Osaka Mayor Ichiro Matsui has revealed at his regular press conference that three of the four companies requesting a real estate appraisal for the lot earmarked for the Osaka IR bid have agreed on the leasing price.
Prior to the mayor’s press conference, Osaka Port Office explained to the media on 15 December that there had been “absolutely no” guidance provided to the contractors performing the assessment. Due to the lack of any business results in the past, each of the companies calculated it as a “large commercial facility complex” and three of the four companies calculated the monthly rent amount at JPY428 ($3.15) per square meter. This is twice the value as that of the surrounding light industrial zone.
Osaka city plans to lease 49 hectares of land on Yumeshima to the planned operator for a 35-year lease for the annual rental fee of JPY 2.5 billion ($18.4 million).
Mayor Matsui explained at the press conference: “This land was not for sale in the first place. The sale price was only calculated as a basis for setting the lease fees. The lease amount can’t be determined without knowing the value of the land. The IR operator requested that the IR plot be leased and not sold. They said they want the initial investment to be building, not land.”
In response to a question suggesting the lease price has been set much lower than that of the Universal Studio Japan (USJ) land prices in the Konoha Ward, the mayor responded, “When USJ was first pitched, the lease was cheap, and it has risen with USJ’s growth. Yumeshima’s land will not be sold but leased. I believe the price will increase with the market over the next 10 or 20 years.
“First, we will make the land appealing. It’s the same as what we did with USJ. The value of the land will increase as the location becomes a central gathering point. However, the initial foundation must be appraised by the appraisal office. This is still a location unaffected by market forces [as there is currently nothing there].”
Asia
INTEGRATED RESORTS FUEL ECONOMY, LOCAL TOURISM – PAGCOR
![integrated-resorts-fuel-economy,-local-tourism-–-pagcor](https://igamingradio.com/wp-content/uploads/2024/06/132475-integrated-resorts-fuel-economy-local-tourism-pagcor.jpg)
The country’s integrated resorts and casinos remain as one of the main growth drivers of local tourism, in the process creating a multiplier effect across various industries, according to the Philippine Amusement and Gaming Corporation.
This was emphasized by Ma. Vina Claudette Oca, PAGCOR Assistant Vice President for Gaming Licensing and Development Department, during a panel discussion at the 1st Philippine Tourism and Hotel Investment Summit held over the weekend.
Oca, one of the panelists on the topic, “Navigating Challenges and Opportunities for Casino Hotels in the Philippines”, said casinos are just a small component of the many attractions offered by integrated resorts in the country.
She said that this is because PAGCOR mandates all integrated resorts to offer more non-gaming attractions and resort facilities, including dining and shopping destinations.
“In fact, they are only allowed to allocate 7.5% of their facility’s total floor area to gaming,” she said. “The rest of the floor area is allocated for non-gaming facilities such as hotel rooms, retail areas, dining and other attractions.”
Ms. Oca added that currently, integrated casinos employ over 20,000 Filipinos, helping provide livelihood opportunities to locals.
Meanwhile, close to 80% of PAGCOR’s revenues from regulated gaming are remitted to the government to fund significant socio-civic projects, she said.
Tourism Secretary Christina Garcia Frasco also graced the 1st Philippine Tourism and Hotel Investment Summit as keynote speaker. The event was held at the New World Makati Hotel last June 21.
The event was co-presented by the Department of Tourism’s attached agency, Tourism Infrastructure and Enterprise Zone Authority along with PAGCOR and the Tourism Promotions Board as government agency sponsors.
The post INTEGRATED RESORTS FUEL ECONOMY, LOCAL TOURISM – PAGCOR appeared first on European Gaming Industry News.
Asia
Fintechs in Kazakhstan Raises Concerns Over Proposed Gambling Regulation
![fintechs-in-kazakhstan-raises-concerns-over-proposed-gambling-regulation](https://igamingradio.com/wp-content/uploads/2024/06/132397-fintechs-in-kazakhstan-raises-concerns-over-proposed-gambling-regulation.jpg)
Fintech companies in Kazakhstan are urging greater scrutiny of a proposed law intended to regulate betting transactions in the country.
The submitted legislation, currently in its final reading, would form a monopoly entity, the Unified Accounting System (UAS), the firms said in a joint press release. The UAS would be used to determine market participants, process payments, maintain a single “electronic wallet” and make settlements with clients. A critical concern is that it could charge up to 1.5% in commissions on all market transactions, within a market where regulated transactions exceed KZT1.2tn ($2.6bn) annually.
Irina Davidenko, a spokesperson for Kazakhstan’s payments industry, commented: “The proposed legislation would be a step backwards for Kazakhstan, harming competition in the country’s vital payments sector and signaling to the outside world that necessary business reform is being driven by shadowy interests, rather than what’s right for industries and consumers.”
The proposal, partly billed as a public health move against problem gambling, resembles a previous initiative, the Betting Accounting Centre (BAC). It was shelved in 2021 after a scandal involving a deputy minister who was dismissed for accepting bribes from BAC lobbyists, according to the press release.
The lack of transparency on the UAS structure and ownership as outlined in the legislation is another aspect of the change that is seen by critics as troubling.
The reintroduction of a UAS model occurred as late as the second reading of the legislation. If passed by parliament, it will become law without the comprehensive impact analysis and scrutiny typical for such significant regulatory change.
Observers argue the new regulation duplicates existing regulatory functions already managed by Kazakh state bodies and was proposed without the cooperation of the National Bank of Kazakhstan. The central bank has previously developed its own reform proposal that avoids introducing a monopolistic entity.
Opponents further contend that the regulation could cause “significant economic damage”. National Bank of Kazakhstan representatives and the payments industry have sounded alarm bells, but the issues have not been adequately addressed, the press release added.
The concerned fintech and payment companies want the legislation to be reconsidered. They are advocating for it to be sent back to the lower house of the legislature for a full regulatory impact analysis and thorough examination to ensure that it does not adversely affect industry or the economy.
Ilya Efimenko, commercial director of the payment organisation PayDala, said: “I appeal to the Senators, who need to know the true purpose of why the UAS has made a comeback in the bill.
“This is a re-emergence of the ‘Betting Accounting Center’ (BAC), a strikingly similar entity that was withdrawn before, and behind which, as the deputy from the Amanat party Elnur Beisenbayev said, are the powerful forces of ‘Old Kazakhstan.’
“Before our eyes, a monopolist, a private operator, is being created. The emergence of monopolies such as the UAS threatens the principles of a Fair Kazakhstan. Now everything is being done to break the financial system of Kazakhstan, recognized by experts as one of the best in Central Asia.”
The post Fintechs in Kazakhstan Raises Concerns Over Proposed Gambling Regulation appeared first on European Gaming Industry News.
Asia
Chinese Embassy Urges Philippines to Ban POGOs
![chinese-embassy-urges-philippines-to-ban-pogos](https://igamingradio.com/wp-content/uploads/2024/06/132307-chinese-embassy-urges-philippines-to-ban-pogos.jpg)
The Chinese Embassy in the Philippines has urged the Philippine government to ban its offshore gaming industry, claiming that the “vast majority” of Chinese citizens involved in their operations are victims.
In an official statement attributed to a spokesperson, the embassy also denied any involvement in the Philippine Offshore Gaming Operators (POGO) industry after uniforms of the Chinese People’s Liberation Army (PLA) and the Chinese People’s Armed Police Force were discovered during a raid on a POGO compound in Pampanga earlier this month.
“We appeal to the Philippines to ban POGO at an early date so as to root out this social ill. And we firmly oppose any baseless accusation and smearing against China in connection with POGO,” the statement said.
The statement went on to say, “Chinese law prohibits all forms of gambling. The Chinese government strictly cracks down on Chinese citizens engaging in gambling business abroad including POGO. Ample evidence shows that POGO breeds serious crimes such as kidnapping for ransom, human trafficking and murder. POGO is detrimental to both Philippine and Chinese interests and images as well as China-Philippines relations.
“In recent years, the Chinese and Philippine law enforcement agencies have maintained close communication and cooperation and conducted multiple joint operations to bring down cross-border gambling and telecom fraud. Since 2018, nearly 3000 Chinese citizens implicated in the cases have been repatriated with joint efforts of both sides. In the past year alone, China has assisted the Philippines in shutting down five POGO hubs and repatriated nearly 1000 Chinese citizens.
“The vast majority of the Chinese citizens involved in these cases are victims of the Philippine offshore gambling industry. The Chinese government is committed to protecting the legitimate rights and interests of Chinese citizens.”
The post Chinese Embassy Urges Philippines to Ban POGOs appeared first on European Gaming Industry News.
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