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GamblingCompliance

AsiaAwakens: TheGrowthOfCasinoTourism
GamblingComplianceResearchTeam

GamblingCompliance February 2009

Australasian Casino Association Research Project

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Contents

ExecutiveSummary........................................................................................................ 3 OverviewofCasinoCompetitioninAsia......................................................................... 5
Authors HarryAshtonandLaurieKorpi Designandgraphics: MartinDekkers Editing: TomO'Meara Moreinformation FormoreinformationonGamblingComplianceresearchreports,pleasecontact+44(0)207960 2801oremailinfo@gamblingcompliance.com. GamblingComplianceisanimpartialprovideroflegalandmarketanalysisfortheglobalgaming industry,consistingofarenownedteamoflawyersandjournalistswithexperienceacrossmultiple jurisdictions. GamblingComplianceLtd2008www.gamblingcompliance.com 91WaterlooRoad|SE18RT|London|Tel:+44(0)2079219980|Fax:+44(0)2079602885| Email:info@gamblingcompliance.com Whilsteveryefforthasbeenmadetoensurethatthisresearchhasbeenperformedtoahighlevel ofaccuracy,GamblingComplianceLtddoesnotguaranteenorprovideanywarrantythatthe informationisentirelyaccurate.

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Australasian Casino Association Research Project

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ExecutiveSummary
Gambling Compliance Ltd has been engaged by the Australasian Casino Association to provide a report into the state of the casino industry in South East Asia as part of its submission to the ProductivityCommissionsinquiryintoAustraliasgamblingindustries. ThereportexaminesthemostsignificantdevelopmentsincasinogamingintheAsiaPacificsince 1999, outlines the state of the market in the region today, and highlights significant future developmentswhichwillshapetheindustryintheregionintheyearsahead. ThegrowthofthecasinoindustryinSouthEastAsiawillprovidesubstantialcompetitionacrossthe regionfortheinternationalhighvalueplayer. MainPoints Themainpointstoemergefromthisreportare: 1. Casino Development as a Tourism Agenda in Asia. An important theme to emerge has been the integration of a casino development strategy into many Asian countries tourism agendas. The integrated casino resort is a very large entertainment development based around a casino the casino being a small componentbutactingastheprimaryeconomicenginewhichdrivesreturnsand facilitatesinvestmentinotherfacilitiesandamenities. SignificantGrowthinAsianCasinoIndustrySince1999.Thecasinoindustryin Asia has grown significantly across the Asia Pacific region since 1999. The growth of the casino market in Asia over the past 10 years and its continued expansion will have an impact on established casino markets in the region, including Australia. Malaysia and Macau have led the way with the developmentofintegratedcasinoresorts. SignificantGrowthinAsianTourismsince1999.Thesedevelopmentshavecome duringaperiodwhenbothAsianeconomiesandtheAsiantourismmarkethave grown significantly since 1999, with further growth in both expected into the future.Chinaespeciallyispoisedtogrowasasourceofoutboundtourismover thecomingyears. Policy Shift in Singapore. Having previously turned down proposals to open casinosonSentosaIslandin1985and2002,theSingaporeGovernmentshifted its policy in 2005 citing a declining regional market share in tourism as the primary reason for the change. In an attempt to capture the increase in outbound tourism primarily from China and India, Singapore adopted the concept of the Integrated resort to reinvigorate the city state as a tourist destination. Government Supported Tourism Initiatives in Macau. Tourism in Macau has been growing exponentially reaching 30m visitors by the end of 2008, and infrastructure projects such as the Hong KongZhuhaiMacau Bridge and the Macau Light Transit System are proposed to further facilitate tourism in the province. More Competitive Casino Market in Asia. This growth will lead to a more competitivemarketinSouthEastAsia.Someofthemajordevelopmentsareas follows:

2.

3.

4.

5.

6.

GamblingCompliance February 2009

Australasian Casino Association Research Project

a. SingaporewillsoonbeunveilingtwolargeintegratedresortsonMarina Bay and Sentosa Island with a combined value of approximately US$9bn. Macau has a number of multibillion dollar developments on the Cotai stripscheduledtoopeninthecomingyears. SouthKoreahasaUS$3.6bnintegratedresortbeingdevelopedonJeju island. Philippines,hasaUS$15.0bnintegratedresortprojectbeingdeveloped inManilaBa. Vietnam, has a number of integrated resort projects planned in Ho Tram,DanangandPhuQuoc.Eachoftheseinvolveinvestmentinexcess ofUS$4.5bn. Cambodia has a number of multimillion dollar projects planned including a US$2.0bn project on Koh Rong island and a US$0.5bn integratedresortatAngkorWat.

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b. c. d. e.

f.

7.

Australian Casinos Compete in Asian Market. As casino projects open in Asia over the medium to long term, the competitive regional environment in which Australian casinos operate in will become even more pronounced than today. The competition for international casino gaming tourists will increase. Jurisdictions such as Cambodia, Singapore, and the Philippines have and will fiercely compete for a slice of the international player / VIP market through attractingjunketoperatorstotheirrespectivejurisdictions. ThenonVIPinternationaltouristsegmentwillalsobeaffectedasaresultofthe consequences of regional competition across Asia. Statistics show that Asian touristsspendthemostandarethemostlikelytovisitacasinoduringtheirstay. AsmoreAsiancountriesintroduceintegratedcasinoresorts,attractingthesame or a higher level of Asian visitors to Australian casinos and the tourism dollars spentinthem,willlikelybecomeamoredifficulttask.

8. Gambling Industry No Longer Recession Resistant. The current global financial crisishasprovedthatthetraditionallyrecessionresistantgamblingindustryisno longer immune. During the current financial crisis strategic planning and regulatorystabilitywillhelpensuretheeconomiccontributionoftheAustralian casino industry will be sustained and meet the challenges brought about by increasedregionalcompetition.

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OverviewofCasinoCompetitioninAsia
Priortotheturnofthe21 century,jurisdictionsincludingMalaysia,SouthKorea,thePhilippines andMacauofferedcasinogamblingtoforeigners.Macauhasagaminghistorydatingbacktothe th 19 century and was a monopolybased jurisdiction with Stanley Hos company Sociedade de TurismoeDiversesdeMacau(STDM)holdingthesoleconcessionforcasinogamingfrom1962 through to 2002. The first casino opened in South Korea in 1967 and, after this, the market was dominatedformanyyearsbytheParadiseGroup.Malaysia,widelyperceivedtobethebenchmark fortheconceptoftheintegratedresortinAsia,openeditsGentingHighlandscasinoin1971.The Philippines created a regulatory framework for casinos under President Marcos in 1976 despite havingagreycasinomarketsincethe1930s. Around the time of the last Productivity Commission gaming industries report in 1999, Asias largestcasinomarket,Macau,experiencedadeclineingamingrevenuesby18percent,finishing the year at US$2bn. This was on the back of the Asian economic crisis and the uncertainty shroudingitsreturntoChinafromPortugueserule.TheSTDMmonopolylicencewasduetoexpire in2001and,exceptforSouthKorea,allcountriesintheregionwithcasinosrecordedadeclinein tourism receipts. From a tourism perspective, Malaysia was the worst hit by the financial crisis, 1 withadeclineintourismreceiptsof40percentin1997. Whilst Asia was always earmarked as a potential area for casino growth, few could predict the rapidityofthegrowththatwouldbeexperiencedoverthenext10years: Macau became the largest casino market in the world, growing from US$2bn 1999 to US$14bnbyend2008. The sole casino operator in Malaysia, Resorts World, grew revenues from A$1bn to in 2 excessofA$2bnby2007. Philippines casino monopoly, Philippine Amusement and Gaming Corporation (PAGCOR) 3 grewrevenuesfromA$400mtonearly$A1bnby2007. 4 SouthKoreancasinorevenuesrosefromUS$256m in1994toUS$1.15bnby2007. AfloatingcasinoonthebanksoftheTonleSapRiverinPhnomPenhbecamealandbased casino that generated in excess of $US200m and has grown at a rate of 22 percent per yearsince2003.
st

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ANewAgeMalaysiaandMacau Despite a casino gambling presence existing in Asia for many years, the new century saw a significant shift in approach. At the forefront of this shift were Malaysia and perhaps more importantlyMacau. 5 In Malaysia, the concept of the integrated resort emerged in the early 1990s, when Resorts World,facingincreasingoppositionfromanincreasinglyconservativeMuslimpopulationdecided to diversify its resort beyond gaming activities, adding three new hotels, as well as theme parks and other amenities to Genting Highlands site. The intention was to open up the resort to the touristandfamilyentertainmentmarket,aconceptarguablydevelopedbyJaySarnointhe1960s 6 inLasVegas,withthethemedfamilycasinoresortsofCaesarsPalace,followedbyCircusCircus . This theme was continued early in the new century with Resorts World further developing the attractions at Genting Highlands resort. This strategy ensured Resorts World had 15 years of uninterruptedprofits. Upuntil2002,MacauhadagamingmonopolyheadedbySTDM.After2002,alimitednumberof concessions and subconcessions were granted to foreign casino giants such as Las Vegas Sands, WynnandMGM.TheysawtheopportunitytoaccessthelargelyuntappedChinesemarket,where casinogamblingwasandstillisillegal.Therewasaperiodofrapiddevelopmentinthefollowing yearsthankstoreadilyavailablecredit,arelaxationinthevisarestrictionsforChinesetouristsand ariseindisposableincomeintheneighbouringprovinceofGuandongChinasrichestprovince. Thenextsevenyearssawgamingrevenuesgrowatayearlyaverageof30percent.Macaunowhas thehighestrevenuesofanyglobalconglomeratedgamingmarket,includingLasVegas. The emergence of a competitive gambling market and the sums which the concessionaires have been contractually obliged to invest has resulted in the emergence of a new wave of integrated resortconstructioninMacau.Theseintegratedresortshavesimilaritieswiththeresortpioneered by Genting in Malaysia, with meetings, incentives conventions and exhibitions (MICE) facilities, restaurants and entertainment venues, sitting alongside gambling facilities. However, the sheer sizeandnumberoftheseresortshaveeclipsedthoseinmostotherpartsoftheworld.

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LasVegasSandsbecamethefirstWesterncompanytoopenacasinoinMacau,backin2004.The companyrecoupeditsUS$240mSandsMacauconstructionbudgetwithinayearoftheopening. Macauhasexperiencedanunprecedentedlevelofeconomicsuccesssincetheendofitsgambling monopoly.Ithascreatedanenvironmentwherecasinodriventouristinvestmentprojectsattract industryleaders,whiletourist,hotelguestnumbersandrevenueshavegrownwiththeopeningof new integrated resorts. Macaus location, next to a rising and booming Chinese economy, credit availabilityandrelaxedvisitorrequirements,haveallplayedtheirpartincreatingthissuccess. Thissuccesshasnotgoneunnoticedbyitsneighbours.Macauisthejurisdictionwhichmostother Asiancountriesareseekingtoemulate.Theconceptofcasinodriventouristinvestmentprojects arenowonmanycountriespolicyagendas Singapore Asiangovernmentswereoncevehementlyanticasino,butashiftintheregionalconsensusmeans Macaustyle projects are now a key policy objective and tourism tool for most emerging Asian jurisdictions. Perhaps the most notable jurisdiction that illustrates this shift is Singapore. Traditionally conservative,inApril2005itmadethedecisiontoattempttoemulatethesuccessofMacau,albeit throughamorestringentregulatorystructure.CasinogamingwasillegalinSingaporeatthetime of the last Productivity Commission gambling industries report in 1999, with the government rejectingproposalstoopenacasinoonSentosaIslandin1985and2002. However,inlate2004,theSingaporegovernmentchangeditspolicystanceinamoveinspiredby theincrediblegrowthofMacau,thecontinuedsuccessofGentingHighlandsandthephenomenal riseoftourisminAsia.InaspeechdeliveredonApril18,2005,PrimeMinisterLeeHsiennotedthe 7 circumstanceswhichledtoSingaporeintroducingintegratedresorts. Wearelosinggroundintourism.TourisminAsiaisgrowingphenomenally,especiallythetraffic from China and India. Singapores tourist numbers are up too, but we see warning signs of problemsahead.Wearelosingourattractivenessasatouristdestination. Regardingintegratedresorts,Singaporesprimeministerobservedthatwhilethemediafocuswas onwhetherornotthegovernmentwillapprovecasinos,thismissedthepoint. ThishasgiventhewrongimpressionthattheIR[integratedresort]projectisonlyaboutbuilding casinoshere.Wethinkofagamingroomwithslotmachinesandgametables,perhapswithahotel and some basic facilities. We think of Macau as it used to be, with a sleazy reputation and triad gangsrulingthestreets,orLasVegasinthemovies,withorganisedcrimeandmoneylaundering. Butthatisnotwhatwearelookingfor.IRsarequitedifferent.Infact,theyshouldbecalledleisure, entertainmentandbusinesszones. WhilstitwasadesiretoemulatethesuccessofitsAsianpeers,SingaporelookedoutsideofAsia forguidanceoncasinoregulation.Afterextensiveresearchintomulticasinojurisdictionssuchas NevadaandNewJerseyandsinglecasinojurisdictionssuchasNewSouthWalesandVictoria,the CasinoControlActwaspassed,whichwillseetwomultibilliondollarintegratedresortsproviding casinogamingcomeintooperationin2010. The desire to make the Singapore casinos objects of economic tourism is illustrated by the evaluation process for the concessions in which there were four main criteria in the cession making process. The projects tourism appeal and economic contribution was the most heavily weightedfactor,accountingfor40percentofthedecisioningrantingconcessions.

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The first concession was granted to Las Vegas Sands for the Marina Bay site in May 2006. Projectionsatthetimeestimatedthattheresortwouldstartoperatingbythefirstquarterof2010 andwouldcostUS$5bn. The design consists of three large shells containing conference halls and other business venues, three large hotel towers linked by a sweeping sky garden across their top floors, and a museum whichjutsoutontothebay.TheDeputyPrimeMinisterProfSJayakumarsaid: Sands submitted the best overall proposal that meets our economic tourism objective. In particular, the proposal will significantly strengthen Singapores position as a leading MICE destinationandtheproposalalsopossessesuniquedesignelementsthatwillprovideamemorable 8 imageforMarinaBay. ThesecondconcessionwasgrantedtoMalaysianconsortiumGentingInternational,whichatthe time held a 75 percent stake in the project, and Star Cruises, which owned the remaining stake. The49hectareintegratedresortslandcostS$600m(A$600m,andS$1.6bn(A$1.6bn)wasspent onaUniversalStudiosthemeparkcalledUniversalStudiosSingapore.Overallcostprojectionsare S$6.6bn(A$6.6bn)andtheprojectisexpectedtocompleteinearly2010.Whengivinghisreasons forgrantingtheconcession,thedeputyprimeministersaid: Genting International & Star Cruises submitted the most compelling proposal overall that best meets our economic and tourism objectives. In particular, the proposal reflects our vision for the SentosaIRasalargescale,familyresortwithitshostofworldclassfamilyleisureattractionsand other strong offerings. We believe that the attractions will position Sentosa as a premier island resortforfamiliesanddrawsignificantnumbersofbothnewandrepeatvisitorstoSingapore. It is estimated that each casino will have at least 2,000 slot machines and a set of technical standardsandrulesforlicensingofmachinetestingfacilitieswererecentlypublished. Othercountries The Philippines is a little behind Singapore, but has its own plans. Bagong Nayong Pilipino Entertainment City is an ambitious US$15bn integrated casino project, which is planned for Manila.Thusfar,MalaysiangiantGenting,throughitssubsidiaryStarCruisesandAruzeCorp,have partneredwithlocalentitiestoinvestintheprojectwhichisduetocompletewithinfiveyears. JejuFreeInternationalCityDevelopmentCentreisdevelopingaUS$3.6bnprojectonJejuIsland,a semiautonomous Korean holiday destination. This is being bankrolled by Malaysian sports toto giant, Berjaya Land. The island, which already has eight casinos, is a popular destination for Japanese,ChineseandKoreantouristsandhasnovisarestrictions. Vietnam,hasalsocommittedtoanumberofintegratedresortprojects.TheseincludeaUS$5bn projectinDanangfundedbyOaktreeCapital,aUS$4.2bnventureontheHoTramstripbetween AsianCoastDevelopmentandMGMGrand;andaUS$4.5bnprojectontheislandPhuQuoc. ThelandbasedNagaWorldcasinoinPhnomPenhandanumberofcasinosborderingVietnamand Thailand have existed in Cambodia since 2003. But there are clear intentions to develop the industryfurtherforjunketoperationsandhighrollingVIPs.Recently,IntercityGroupreceivedan official investment certificate for a US$470m project near the worldheritagelisted Angkor Wat site.Theprojectwillincludethreehotelsandawaterpark,alongsidea1,000slotmachinecasino. ItisexpectedtobeofficiallyunveiledataceremonyattendedbyCambodiasPrimeMinisterHun SeninSiemReapinMarch2009.

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ExpansionPostMacau Withthenewcenturyseeingahighlevelofregionalcasinodevelopment,itiswidelyexpectedthat morejurisdictionswillconsiderresortstylecasinodevelopmentforthefirsttimetodrivetourism revenues. Perhaps the most significant of these jurisdictions is Taiwan, which recently passed a draft amendment on January 12, 2009 legalising gambling on the countrys outlying islands, provided that a local referendum approves the development. AMZ Holdings has a large parcel of land on PenghuIslandwhereareferendumissettotakeplaceinAprilorMay2009.AMZiscurrentlyin discussions with a number of large international gaming companies seeking partnerships to developtheproject. InThailand,theformerPrimeMinisterSamakSundarvejreportedlysaidheplannedtobuildfive casinos,whichwouldbeopentobothforeigntouristsandThainationals.Hesaidcasinoswouldbe located in the tourist hubs of Phuket, Pattaya, Khon Kaen, Hat Yai and Chiang Mai. Political uncertaintyhasslowedthispushforliberalisation.Howevertheissuemaysoonreemergeonthe political agenda, leading some observers to suggest it is only a matter of time before casino gamingisinitiated. Despite a history of political volatility, until recently there was consensus between the majority parties for the development of casinos in Japan. However, political uncertainty and the global financial crisis have stifled this consensus. Despite the hurdles, sources close to the government suggestonecasinoineachofthe10regionsisapossibility.9 EventheMuslimnationofIndonesiahasentertainedtheideaoftheMalaysiangroup,Landmark developingcasinosonBintanIslandforforeigntourists.However,asyet,thedevelopmenthasnot gainedapprovalfromtheIndonesianparliament. ThediagrambelowshowstherecentdevelopmentsandfutureprospectsofcasinogaminginAsia, amarketthatisexpectedtogrowtoinexcessofUS$34.4bnby2012.10Importantly,itshowsthe increaseintourismbasedcasinoprojectsandintegratedresortsfollowingtheleadofMacauand Malaysia.

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ImpactOntheAustralianCasinoindustry The growth of the casino market in Asia over the past 10 years and its continued expansion will haveanimpactonestablishedcasinomarketsintheregion,includingAustralia.Whatwasoncea region having only a few casino gambling jurisdictions is transforming. As the two charts below illustrate, the number of casinos in the Asian countries covered in this report have more than doubledsincethelastProductivityCommissiongamblingindustriesreport.

CasinoNumbers1999

Macau;10 Australia;13

Vietnam;1 Malaysia;1 Cambodia;1

Philippines;11

Korea;13

Totalcasinosinthesejurisdicsons:50

CasinoNumbers2009

Vietnam;5 Malaysia;1

Australia;13 Macau;31

Cambodia,30 (approx) Korea;17 Philippines; 13 Totalcasinosinthesejurisdicsons:110(approx)

Source:GamblingCompliance

Theoutcomeofthecasinoexpansionoutlinedinthisoverviewwillbeincreasedcompetition.As more jurisdictions introduce policies aimed at creating casino destination resorts to attract international tourists, there will be an increase in competition for these international tourists to visit integrated casino resorts in the countries of the region. There will also be an increase in competitiontoattractinternationallysourced/VIPplayerstocometotheregionscasinos. ThecompetitiveimpactonAustraliascasinoindustryposedbycasinoexpansioninAsiaisborne out in the two charts above. Australian casinos have a shrinking share of casino numbers.

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Althoughthechartsdonotrelatetomarketshareintheregion,thechartsareusefulinillustrating both the increase in casino gambling opportunities across Asia since 1999 and the increased competitiveenvironmentAustraliancasinosarenowoperatingin. Furthermore, as casino projects open in Asia over the medium to long term, introducing even morecasinogamblingopportunitiesintheAsianregion,thecompetitiveregionalenvironmentin whichAustraliancasinosoperateinwillbecomeevenmorepronouncedthantoday. The international sourced player / VIP player segment of Australias casino industry is the most significantsegmentaffectedbyincreasedcompetitionascasinoliberalisationandexpansiontake groundacrossAsia.Internationalplayersarequitesmallintermsofnumbersandasmorecasino gambling opportunities emerge the competition amongst casinos to source them will likely increase. Jurisdictions such as Cambodia, Singapore, and the Philippines have and will fiercely competeforasliceoftheinternationalplayer/VIPmarketthroughattractingjunketoperatorsto theirrespectivejurisdictions. ThenonVIPinternationaltouristsegmentofAustraliancasinoswillalsobeaffectedasaresultof the consequences of regional competition across Asia. According to a 2008 report by the 11 AustralasianGamingCouncil : Asiancountriesholdthetopnineplacesintermsofaverageexpenditureongamblingper triptoAustraliabyaparticularnationality; Asian countries hold the top six places in terms of international tourists by nationality whovisitedcasinosduringtheirtriptoAustralia. AsmoreAsiancountriesintroduceintegratedcasinoresorts,attractingthesameorahigherlevel ofAsianvisitorstoAustraliancasinosandthetourismdollarsspentinthem,willlikelybecomea moredifficulttask.Forexample,atouristfromSingaporeonholidayinAustraliamayforgoavisit to an Australian casino once the multibillion dollar integrated resorts open in Singapore, on account of their being new found casino gambling opportunities back home in Singapore, with stateoftheartservicesandfacilities. ThereisalsoanemergingextraregionalcompetitionforpotentialpatronsfromtheAsianregion, which will provide increased competition for Australias casino industry. This emerging competitionisillustratedbyNevada,whichhasenteredintoagreementswithanumberofChinas provinces,toenableNevadatopositivelypositionitselfintheChineseoutboundtourismmarket. Moreover, in December 2007, the US Commerce Department signed a memorandum of understanding with the Chinese government that, among other things, allows the promotion in China of travel to the United States. Promoting specific US cities where gambling is legal (Las 12 Vegas,AtlanticCity)isallowedunderthisagreement . The current global financial crisis has proved that the traditionally recessionresistant gambling industryisnolongerimmune.Duringthecurrentfinancialcrisis,strategicknowledge,planningand regulatory stability will help ensure the economic contribution of the Australian casino industry willbesustainedandmeetthechallengesbroughtaboutbyincreasedregionalcompetition. ThisreportisanoverviewofamoreextensivereportpreparedfortheAustralasianCasino Association.

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SKKangandCHsu,AsiaPacificRimCasinoIndustryOutlookinthe21 Century,(July2000) HwangDBSVickersResearch,3September2008,(AccessedFebruary14,2009) <https://einvest.hdbs.com.my/ArchiveResearch/2008/200809%20SEP/20080903%20Research.pdf> 3 PAGCORwebsite(AccessedFebruary12,2009)<http://www.PAGCOR.ph/index.php> 4 st SKKangandCHsu,AsiaPacificRimCasinoIndustryOutlookinthe21 Century,(July2000)

st

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AMacDonaldandBEadington,TheCaseforIntegratedResorts,InsideAsiaGaming,November12,2008. AnIntegratedResortisreallyaeuphemismforaverylargescaleentertainmentdevelopmentbasedarounda casino.Thecasinocomponent,whilephysicallysmall,muststillactastheprimaryeconomicenginewhich drivesoverallreturnsandfacilitatesinvestmentinotherfacilitiesandamenities.Thusthecasinoelementmust beofsuchmagnitudeandimportancethatitcangenerateoverhalfofthedevelopmentsannualcashflow. 6 AMacDonaldandBEadington,TheCaseforIntegratedResorts,InsideAsiaGaming,November12,2008. 7 LHsien,StatementByThePrimeMinisterLeeHsienLoongOnIntegratedResort(April18,2005), www.app.mti.gov.sg,(AccessedFebruary12,2009) <http://app.mti.gov.sg/data/pages/606/doc/Ministerial%20Statement%20%20PM%2018apr05.pdf> 8 SingaporeTourismBoard,GovernmentAwardsIntegratedResortatMarinaBayProjecttoLasVegasSands Corporation'(May26,2006),http://www.stb.gov.sg,(AccessedFebruary18,2009) <http://app.stb.gov.sg/asp/new/new03a.asp?id=5163> 9 TMihara,ContemplatedCasinoStructureinJapan:KeyLegalStructures&Issues(2007) 10 PriceWaterhouseCoopers,GlobalEntertainmentandMediaOutlook:20082012(2008)page626 11 AustralasianGamingCouncil,FactSheet:Tourism(November2008),www.austgamingcouncil.org.au, (AccessedMarch10,2009)<www.austgamingcouncil.org.au/images/pdf/Fact_Sheets/agc_fs15tourism.pdf> 12 GamblingCompliance,ChinaARegulatoryOverview(February5,2009),www.gamblingcompliance.com, (AccessedMarch10,2009)<http://www.gamblingcompliance.com/regprofiles/219>

GamblingCompliance February 2009

Australasian Casino Association Research Project