Inside Asian Gaming

April 2010 | INSIDE ASIAN GAMING The event organised by the World Wide Fund For Nature (WWF) covered 1,690 participating cities in 150 countries. The aim is to send a message to governments across the world on the need both for energy conservation and a reduction in energy consumption. Given the 24-hour nature of the gaming industry and its dependence on electrical power, any measures that improve energy efficiency have a high priority for managements as a way of boosting operators’ bottom lines. Japan considering foreigners-only casinos claims report Prefectures up and down Japan are investigating the feasibility of ending the country’s ban on casinos claims the London-based Times newspaper. The paper says the plan would involve foreigners-only venues in the manner of the South Korean casino industry. They would be aimed at Chinese tourists, it claims. Severalprefectures—includingKanagawa,whichincludesthecity of Yokohama, and Chiba, containingTokyo’s main Narita international airport, have reportedly established feasibility committees. Their aim is to investigate firstly whether existing laws could be modified to allow casinos and secondly whether it would be possible to run one without Japan’s ‘yakuza’ organised crime gangs getting involved. Universal Entertainment, a Japanese company that holds a stake inWynn Resorts, was quoted by The Times saying any casinos should have open access for Japanese players. 41 Briefs The move came after the financially troubled airline allegedly failed to offer help to passengers whose flights were cancelled. Those cancellations were reportedly caused by Viva Macau not paying its fuel bills. Macau’s Civil Aviation Authority ordered the city’s franchised airline, Air Macau, to terminate Viva Macau’s operating licence. Authorities said the move was to protect the public interest and the city’s image as a tourism hub. Air Macau technically has a monopoly franchise for civil aviation services out of the city, and other airlines based there operate as sub concessionaires of the flag carrier. IPO closer after MGM MIRAGE restructures debt MGMMIRAGE looks well placed for a quick flotation on the Hong Kong equities market of the Macau casino in which it has a 50% stake. It follows news of more restructuring work on its global debt. The company says it has been able to push back the date of the maturity terms on US$3.6 billion of its bank debt from October 2011 to February 2014. Crucially the package also allows the company to incur or issue debt, equity-linked and equity securities subject to certain limitations, and to refinance debt that matures before February 2014 but with some important conditions. The restated loan agreement also provides an immediate 100 basis point increase in interest rate for those of the lenders extending their loans and commitments to February 2014. The deal also retains the original maturity date in October 2011 for the approximately US$1.2 billion owed to lenders which have not agreed to extend their commitments. The agreement also continues the minimum EBITDA and maximum annual capital expenditure covenants previously agreed with creditors, but with periodic adjustments during the extension period. Lion sleeps for Earth Hour The spotlight came off MGM’s famous lion for an hour last month in Macau. MGM GRAND Macau switched off its exterior lights—including illumination of its brand image—in support of Earth Hour 2010. Power was also shut down on the‘MGMGRAND’signboard on the building, on the fountain at the main entrance, the exterior façade floodlights, and the LED screen at northeast entrance to the casino. At the property’s Six Senses Spa, all treatment rooms used candles for an hour instead of electric lighting. A Pachinko parlour in Osaka