Asia round-up: Crown proposal approved; IR developments slated for Japan & more

“The implementation of the Scheme remains subject to a number of other conditions, including approval from Gaming Regulatory Authorities, Crown shareholder approval and Court approval, as outlined in the Scheme Implementation Deed.” 

Asia News Roundup Japan

Last month, following a handful of different offers from Blackstone, the board of Crown unanimously recommended that shareholders vote in favour of the AU$8.9bn (US$6.33bn) offer. 

The deal would see the US company acquire all of the shares in the operator by way of a scheme of arrangement at a price of AU$13.10 cash per share.  

The consideration represents an increase in the equity value of over AU$845m to the price of AU$11.85 cash per share initially offered by Blackstone in March 2021. 

Blackstone was one of two investment groups to show an interest in Crown, alongside Oaktree Capital Management. 

Osaka, Wakayama to submit development plan for IR with casino 

Osaka, the capital of a Japanese western prefecture, is slated to submit plans to develop an integrated resort featuring a casino.  

The plan will be submitted to Japan’s Central Government at some point in April, according to Jiji Press. 

The development of an integrated resort was supported by Osaka’s prefectural assembly and its city assembly. A government proposal represents the final stage before development commences.

Two of Osaka’s political parties have endorsed this move, including the regional party Osaka Ishin no Kai and a coalition partner of Osaka’s ruling Liberal Democratic Party, Komeito.  

“The implementation of the Scheme remains subject to a number of other conditions, including approval from Gaming Regulatory Authorities, Crown shareholder approval and Court approval"Crown Resorts, Statement

Osaka has taken the same path as the Wakayama prefecture, which earlier today noted its intention to build an integrated resort in the prefecture's regional development plan. 

The Wakayama region formulated its IR proposal following local opinions, gathered from local briefings and public hearings.  

Wakayama’s bid to develop an integrated resort in its city is supported by three majority shareholders; Clairvest Neem Ventures, Clairvest Group and Caesars Entertainment.  

They are joined by an additional nine minority parties, whose involvement will help strengthen Wakayama's bid, so say prefecture leaders. 

Wakayama plans to open its integrated resort, with a casino, no sooner than autumn 2027. The prefecture anticipates a rise in revenue from tourism consumption by 2030 should its bid to build an integrated resort in Wakayama Marina City be successful.  

Japan’s Central Government plans to select three locations to build integrated resorts across the country. Therefore, it could be that both Osaka and Wakayama are victorious in their bids to build respective resorts.  

Nagasaki is currently the only other Japanese prefecture to submit a bid to develop an integrated resort in one of its cities.  

And it remains unclear as and when the Japanese Government will announce the successful bidders for its three IR locations.   

14 members of illegal gambling group reportedly arrested in China 

Fourteen illegal website operators have been arrested in China, according to state broadcaster China Central Television (CCTV). 

The operators’ websites were marketed to the Philippines, according to police in the Anhui province. Police also estimated the illegal operators had taken nearly $1.75bn in total from Filipino gamers.  

Anhui’s public security bureau has noted that the operating location for the illegal sites is based in the Philippines, but that over 200,000 member patrons, or recruits, had been aggregated throughout mainland China.  

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