Inside Asian Gaming

IAG APR 2020年4月 亞博匯 72 JAPAN SEGA SAMMY 世嘉颯美 Market cap US$3.5 billion 市場規模 35億美元 Base Tokyo, Japan 基地 日本東京 Key properties Paradise City, South Korea 主要物業 韓國百樂達斯城 Prospective location(s) Yokohama 潛在地點 橫濱 Key people • Hajime Satomi (Chairman and Group CEO) • Haruki Satomi (President and Group COO) 主要人物 • 里見治 (主席兼集團行政總 裁) • 里見治紀 (總裁兼集團首席 運營官) PROS • Only Japanese company leading an IR bid • Deep experience in Japan gaming market CONS • Primarily experienced in pachinko • Minimal experience operating large-scale IR To claim Sega Sammy is an IR operator is a stretch, with them being the smaller partner in the 45-55 partnership with Korea’s Paradise Co in Korean integrated resort Paradise City. Secondly, it is Paradise Co, not Sega Sammy, that is conducting day to day operations at Paradise City. It also doesn’t help that the property has endured a slow, albeit accelerating, ramp-up that has seen it only occasionally cross into profitability. But all those “cons” might be wiped out with one significant “pro”: Sega Sammy is a Japanese company. In fact, it is the only Japanese company that can lay any claim, stretch or not, to being an IR operator (we’re ignoring the exceptional case of Okada for the purposes of this discussion). At the Yokohama IR industry event in late January this year, Sega Sammy’s stand featured renowned local chefs, and created a buzz amongst Japanese attendees in a way their foreign counterparts could not replicate. 優 • 唯一競逐IR牌照的日本企業 • 在日本博彩市場具有豐富經驗 缺 • 大部分經驗來自彈珠機業務 • 對營運大型IR項目的經驗有限 若稱世嘉颯美為IR項目營運商或有點不 當，因該企僅與韓國百樂達斯合作營運韓國綜 合度假勝地百樂達斯城，而且只是聯營體入面 股權較小的一方，股權僅佔45%。另外，該項目 主要由百樂達斯負責日常運營，而不是世嘉颯 美。還有的是，該物業營運增速緩慢，雖然增速 正在加快，但仍只是偶有盈利。 然而，這些缺點或都不重要，因為世嘉颯 美有一大優點，就是其日本企業身份。事實上， 不論是否名大於實，世嘉颯美是唯一一家能自 稱為IR項目營運商的日本企業（本文暫不討論 岡田這特別例子）。 在今年1月舉行的日本IR博覽會橫濱站 上，世嘉颯美的展位請來本土名廚坐陣，在日 本觀眾間造成一陣哄動，就這一點海外營運商 是無可比擬的。