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Caesars lauds Japan’s casino regulation moves

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Caesars lauds Japan’s casino regulation movesReading Time: 2 minutes

Caesars Entertainment, a US-based casino company which is a prime candidate to obtain the license to run an integrated resort in Japan, has welcomed the Japanese government’s efforts to bring about gaming regulation. Caesars expects to obtain Japan’s casino licenses to be issued in 2020.

Jan Jones Blackhurst, the company’s EVP for public policy and corporate responsibility, told TotallyGaming: “Caesars has been working in Japan for 15 years and we are excited and appreciative that the government appears poised to pass IR regulation and legislation.

We appreciate the thoughtful process the government has undertaken to ensure the strongest regulatory environment and focus on creating resorts unique to Japanese culture.

Assuming the legislation passes the upper house, we think the first licences might be awarded in late 2020 with first resorts opening in 2025.

Jones Blackhurst, a former two-time mayor of Las Vegas, was reacting to news that the lower chamber of the Japanese government had approved the integrated resorts bill, despite opposition from the Constitutional Democratic Party of Japan.

The progressed bill proposes residents of Japan will be charged a ¥6,000 (US$54) entrance fee, while foreign visitors enter free of charge. The bill will also restrict Japanese residents to a maximum of three casino visits per week and 10 visits per month.

Concern was expressed that the proposed legislation contains only a proportional cap on floor area dedicated to gaming but no overall limit on resort floor area, meaning – in theory – that there would be no upper limit to the size of casino.

However, Jones Blackhurst suggested that Caesars is comfortable even if a limit is imposed. “Given the size of these large entertainment resorts, we are comfortable with the limited casino floor,” she said, adding: “Our primary focus is world-class entertainment.”

It is widely anticipated that the House of Councillors, the upper chamber of the Japanese Diet, will vote in favour of the IR bill – although it remains to be seen whether that will happen before the current legislative session runs out in mid-July.

 

Source: CasinoBeats


Source: Latest News on European Gaming Media Network

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Rank Group appoints Tang Hong Cheong as non-executive director

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Rank Group appoints Tang Hong Cheong as non-executive directorReading Time: 1 minute

 

The Malaysian executive, Tang Hong Cheong has been appointed as a non-executive director at UK gambling operator Rank Group Plc.

He served as President and CEO of Asian firm Guoco Group since 2016. Tang Hong Cheong has also worked as Chief Executive of Malaysian investment conglomerate Hong Leong Group. His expertise as a C-level executive includes corporate financing, risk management, transformation projects and strategic planning.

“I am pleased to welcome Hong Cheong to the Rank board. Hong Cheong has been working with the management of Rank since 2010 and has a broad understanding of the operational, financial and business aspects of the Company,” Rank Group Plc chairman Ian Burke said. He added: “With Hong Cheong joining the board, he will be able to further enhance the communication between Rank and its major shareholder and, with his extensive commercial experience, be able to bring valuable contributions to the Rank board.”

 


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Rank Group appoints Tang Hong Cheong as non-executive director

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Delaware continued it’s strong performance in December

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Delaware continued it's strong performance in DecemberReading Time: 1 minute

 

Delaware shows another strong performance on legalised sports betting in December. An increase in stakes on its online gaming market pushed annual revenue for the sector up 8 per cent year-on-year.

Net proceeds from legal sports betting amounted to $2.2m last month, up from $1.1m in November. This was mainly down to players winning less in December, with the $13.6m.

Delaware Park remains the main source of sports betting income for Delaware, with revenue in December amounting to $1.5m, from handle of $10.8m. Since launching legal sports betting on June 24, Delaware has generated revenue of $8.9m in total, with punters staking $87.0m.

There is good news for Delaware’s struggling online gaming market after a strong performance in December helped push full-year revenue to $2.6m, up by 8 per cent on $2.4m in 2017.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Delaware continued it’s strong performance in December

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Poland to fight against tax crimes

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A law has been prepared by the Ministry of Justice, which allows effective counteracting organised crime, especially tax crime, illegal circulation of alcohol, cigarettes and electronics or illegal gambling. This is done by the amendment of the Penal Code prepared in the Ministry of Justice.

The new law aimed at criminals who are cheating on taxes, duties or excises.

Revenues from VAT to the state budget in 2017 increased by PLN 30 billion, which is by almost a quarter compared to the previous year. This is more than all year spending on the “Rodzina 500+” programme.

The next action is far-reaching changes in the Penal Fiscal Code. They are necessary because the obsolete law (the Penal Fiscal Code Act has not undergone a deeper amendment for 10 years) means that huge amounts instead of, for example, social purposes go to the pockets of criminals who cheat on taxes, duties or excises.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Poland to fight against tax crimes

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