Inside Asian Gaming

IAG APR 2022年4月 亞博匯 14 MGM OSAKA AGREEMENT CONTAINS IR “ESCAPE” CLAUSE 美高梅大阪協議 包括「退出」條款 THE BASIC AGREEMENT signed in February between Osaka and its preferred operating partners – a consortium headed by MGM Resorts and ORIX Corp – for the development of an integrated resort contains an escape clause by which the operator can withdraw if market conditions are deemed unsatisfactory. The clause would apply should Japan’s central government certify Osaka’s bid to develop an IR. It gives the MGM-ORIX consortium the power to cancel the contract once 30 days have passed after certification. It also lists three conditions that must be fulfilled in order to ensure the escape clause can’t be triggered. They are: the reasonable expectation that Japan’s domestic and foreign tourism demand will fully recover from the COVID-19 pandemic; a guarantee that international competitiveness can be maintained based on the rules put in place by the Japan Casino Regulatory Commission; and a promise to take appropriate measures to address soil contamination concerns on the proposed development site of Yumeshima Island. The Basic Agreement says Osaka Prefecture will work with Osaka IR (SPC) – a Special Purpose Company jointly established by MGM and ORIX to operate an IR in Osaka – to make all reasonable efforts to determine whether the conditions will be fulfilled. However, it also specifies that the Basic Agreement can be terminated if the SPC, rather than Osaka city or prefecture, determine that the conditions cannot be met. Osaka officials must then be informed of the decision within 60 days of certification, at which point the operators will pay a fee of JPY650 million (US$5.6 million). 本月 ，大阪與其首席運營合作夥伴——美高梅國際酒店集團及 歐力士集團牽頭的財團簽署了開發綜合度假村的基本協議，其中 包含一項免責條款。根據該條款，如果市場條件被認為不令人滿 意，營運商可以退出。 一旦日本中央政府批准大阪發展IR，上述條款將適用。美高 梅 - 歐力士財團可在獲許可後的30日內撤銷合同。 該條款同時列出了三個必須滿足的條件，以確保不會觸發 「退出」條款，包括：日本國內外旅遊市場的需求從新冠疫情在 合理預期內完全恢復；根據日本賭場監管委員會制定的規則，保 證可以保持國際競爭力；承諾採取適當措施，解決在夢洲候選開 發地點的土壤污染問題。 根據該基本協議規定，大阪府將與由美高梅及歐力士共同成 立的特殊目的公司大阪IR(SPC)合作，盡一切合理努力確保上述 條件得到滿足。但是，協議同時規定，如果SPC公司（而非大阪 府/市）認為不能滿足條件，即可終止該基本協議。 條款同時規定大阪官員必須在獲許可後60天內被告知這一決 定，屆時營運商將支付 6.5億日元（560萬美元）的費用。