Prolonged Business Launch Due to IR Legislation and Development Progress
First written in FY2016. 7 of 17 entries say "Mitigated", first in FY2017-Q3. Latest entry: FY2022-Q3.
The whole theme swung hardest in 2020: 1 of 6 companies on the "Worse" side.
2 other companies' latest entry also says "Mitigated".
- FY2022-Q3MitigatedAnnual report
「Regarding IR businesses in Japan, the application period for certification of specified integrated resort district development plans runs until 28 April of this year, and local governments seeking to attract such facilities are preparing their applications.」
The application deadline for IR district development plans was set as 28 April 2022, and local governments seeking to attract such facilities have begun preparing applications, making progress in the institutional framework and business launch more concrete. - FY2022-Q2MaterialisedAnnual report
「The Company formed a consortium and applied in June 2021 for Yokohama City's solicitation for a prospective operator of a specified integrated resort facility. However, after Yokohama City decided to cancel the solicitation in September 2021, the Company was forced to discontinue its participation in the integrated resort business in Yokohama.」
The risk concerning progress in launching the IR business materialized through Yokohama City's cancellation of its solicitation and the decision not to participate in the same area. - FY2022-Q1MitigatedAnnual report
「As announced on 11 June 2021, the Company formed a consortium with Genting Singapore Limited and four other companies, and submitted a proposal in response to Yokohama City's solicitation for a prospective operator of a specified integrated resort facility. The proposal was accepted.」
The Yokohama IR project progressed to the submission and acceptance of a proposal, reducing uncertainty regarding the institutional framework and launch progress of the IR business. - FY2021-Q3MitigatedAnnual report
「Ordinances for enforcement and other regulations relating to the Specified Integrated Resort Districts Development Act have been enacted sequentially since April 2019. In addition, the Casino Regulatory Commission was established in January 2020, the government published its draft basic policy in October 2020, and the application period for certification of IR district development plans was revised. In January 2021, some local governments began issuing RFPs (Requests for Proposal) for IR operators.」
In addition to the enactment of IR-related legislation, the establishment of the Casino Regulatory Commission and publication of the government's draft basic policy, local governments have progressed to launching RFPs, further reducing uncertainty regarding the institutional framework and development progress. - FY2021-Q2MitigatedAnnual report
「The enforcement orders and other regulations related to the Act on Development of Specified Integrated Resort Districts came into force sequentially from April 2019. The Casino Regulatory Commission was established in January 2020, the government published a draft basic policy in October 2020, and the application period for certification of integrated resort district development plans was revised.」
The publication of the draft government's basic policy and the revision of the application period for certification indicate progress in the institutional framework for IR, which had previously remained undecided. - FY2021-Q1WorsenedAnnual report
「Because it became necessary to incorporate COVID-19 countermeasures into the government's basic policy, the timing of its announcement remains undecided.」
Although the legal framework for entering Japan's domestic IR market is progressing, COVID-19 countermeasures must be incorporated, leaving the timing of the government's announcement of its basic policy undecided. - FY2020-Q3RestatedAnnual report
「In addition, ordinances for enforcement and other regulations relating to the Specified Integrated Resort Districts Development Act have been enacted sequentially since April 2019.」
The company has reconfirmed that ordinances for enforcement and other regulations relating to IR legislation are being enacted sequentially. - FY2020-Q2RestatedAnnual report
「In addition, ordinances for enforcement and other regulations relating to the Specified Integrated Resort Districts Development Act have been enacted sequentially since April 2019.」
IR-related legislation is at the stage where ordinances for enforcement and other regulations are being enacted sequentially, and the company has reconfirmed the legal situation. - FY2019MitigatedAnnual report
「In addition, ordinances for enforcement and other regulations relating to the Specified Integrated Resort Districts Development Act have been enacted sequentially since April 2019.」
IR-related legislation has progressed from the Diet's passage of the act to the sequential enactment of ordinances for enforcement and other regulations, further reducing legal uncertainty. - FY2019-Q3RestatedAnnual report
「In connection with efforts to establish Japan as a tourism-oriented nation, the Specified Integrated Resort Districts Development Act was passed by the Diet.」
The company continues to state that the IR-related legislation has been passed by the Diet. - FY2019-Q2RestatedAnnual report
「In connection with efforts to establish Japan as a tourism-oriented nation, the Specified Integrated Resort Districts Development Act was passed by the Diet.」
The company continues to state that the IR-related legislation has been passed by the Diet. - FY2019-Q1MitigatedAnnual report
「In connection with efforts to establish Japan as a tourism-oriented nation, the Specified Integrated Resort Districts Development Act was passed by the Diet.」
Regarding legal uncertainty concerning the IR Promotion Bill, it is noted that the Specified Integrated Resort Districts Development Act was passed by the Diet. - FY2018RestatedAnnual report
「In connection with efforts to establish Japan as a tourism-oriented nation, the Bill on Promotion of Development of Specified Integrated Resort Districts (IR Promotion Bill) was passed by the Diet, promulgated and enacted.」
The company has reconfirmed that the IR legislation has been passed, promulgated and enacted. - FY2018-Q3RestatedAnnual report
「In connection with efforts to establish Japan as a tourism-oriented nation, the Bill on Promotion of Development of Specified Integrated Resort Districts (IR Promotion Bill) was passed by the Diet, promulgated and enacted.」
The company continues to state that the IR Promotion Bill has been passed, promulgated and enacted. - FY2018-Q2RestatedAnnual report
「In connection with efforts to establish Japan as a tourism-oriented nation, the Bill on Promotion of Development of Specified Integrated Resort Districts (IR Promotion Bill) was passed by the Diet, promulgated and enacted.」
The company continues to state that the IR Promotion Bill has been passed, promulgated and enacted, reconfirming that legal uncertainty has diminished. - FY2017-Q3MitigatedAnnual report
「In connection with efforts to establish Japan as a tourism-oriented nation, the Bill on Promotion of Development of Specified Integrated Resort Districts (IR Promotion Bill) was passed by the Diet, promulgated and enacted.」
Regarding the uncertainty surrounding Diet deliberations on and passage of the IR Promotion Bill, it is noted that the bill was passed, promulgated and enacted. - FY2016First statedAnnual report
「In addition to development progress, legal regulations beyond the Group's control and changes in market conditions, the progress of deliberations on the bill in Japan known as the Bill on Promotion of Development of Specified Integrated Resort Districts (IR Promotion Bill) could affect the Group's financial results through a prolonged full-scale business launch or other factors.」
The deliberations on the IR Promotion Bill, legal regulations, market conditions and development progress are identified as the principal risks to the resort business.