Jun 02, 2020 Newsdesk Japan, Latest News, Top of the deck  
Japanese entertainment conglomerate Sega Sammy Holdings Inc says that amid the Covid-19 pandemic it intends to exercise “sound cash management” regarding any involvement in a domestic casino resort complex or integrated resort (IR) as they are known in that country.
“It is believed that both the government and corporates are working to avoid the worst-case scenario in the spread of Covid-19, and we also intend to carry out sound cash management,” on any IR project said Sega Sammy.
The group’s management gave the commentary during a recent briefing for analysts and institutional investors on its results for fiscal year ending March 31. The firm has previously announced a line-up of partners in order to present an IR pitch to the city of Yokohama.
Those offering commentary during the briefing were the company’s president and group chief operating officer Haruki Satomi, and executive vice president and group chief financial officer Koichi Fukazawa.
For resort business, Sega Sammy had assumed a “worst-case scenario” involving the Covid-19 infection spreading via a “second wave” worldwide in the “winter of this year”, and “a third wave” next year.
Various overseas casino operators overseas had “suffered enormous damage,” business-wise from the pandemic, and there was the “possibility” that their efforts to get into the Japan IR market might be “suspended in the future,” the Sega Sammy management noted to analysts and investors.
United States-based casino firm Las Vegas Sands Corp (LVS) had announced last month that it would drop its pursuit of casino resort development in Japan. A number of commentators told us there were presently too many unknowns – including issues around licence security – to make feasible for Las Vegas Sands the scale of infrastructure expected by the host nation.
The impact of the Covid-19 pandemic has added to the timetable pressure faced by international casino operators interested in Japan, a number of Japan-based experts has remarked to GGRAsia. The capital cost of an IR is also likely to be high in that nation, casino operators and commentators have said.
Sega Sammy’s management noted in its briefing it would look at how to utilise “commitment lines…we currently have secured” in relation to resort business, and how to “expand” them as a “safety net in the future”. That was understood to a reference to funding routes. The group was also considering a review of “non-urgent assets” the firm added.
Sega Sammy already has a non-gaming resort in Japan, and is a partner in Paradise City, a foreigner-only casino resort near Incheon International Airport in South Korea. There a unit of Sega Sammy is working alongside South Korean foreigner-only casino operator Paradise Co.
Jun 01, 2023
May 23, 2023
Jun 02, 2023
Jun 02, 2023
Jun 02, 2023
Genting Singapore Ltd says Lam Yi Young has resigned from his role as deputy chief executive of Resorts World at Sentosa Pte Ltd. The latter firm is an indirect wholly owned subsidiary of Genting...Jun 01, 2023
Alfastreet, a manufacturer of electronic gaming machines,...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
US$8.1 billion
Macau’s casino gross gaming revenue in the five months to May 31