hile Mr. Sato did not name the property to open in September, Dynam said previously that it belongs to Macau Legend Development. The group’s Prague Harbourview hotel in Fisherman’s Wharf is their only property slated to commence operations in the third quarter of this year.
Mr. Sato said, however, that should his company not gain approval from the Macau Government, he would “halt” the plan. Dynam last month entered into a six-month extension agreement of its memorandum of understanding with I Got Games (IGG) Singapore.
According to a company filing with the Hong Kong Stock Exchange, the MOU amendment and extension expires November 25, 2014. In the filing, Dynam Japan declares it has finished making a prototype of the next generation pachinko machines.
“The company is now in discussions with, and is undergoing preparation for making an application for the approval of the Gaming Inspection and Coordination Bureau of Macau [DICJ] and other competent authorities,” the filing reads.
Last October, Dynam Japan announced it would invest US$15 million in the Singapore-based online games provider IGG to help it develop software for ‘next generation pachinko machines’ to be operated in Macau.
Last week, Japan’s lower house said it will not be discussing a bill to legalise casino gambling in Japan this month, leading analysts to believe that the bill will not be discussed at all this year. However, Mr. Sato previously had said he expected the bill to have an 80 percent chance of passing in June, after which Dynam would consider investing in developing casinos in its home country.
Mr. Sato added that even if the bill could not be passed this month, there is still a chance that a special meeting on the issue could be held in August, when the chance to get the bill passed could be 100 percent. He also said he expects Japan to issue as many as 10 casino licences for the country.
According to Hong Kong media, Mr. Sato “noted that his company would like to gain the licence to operate casinos on its own,” and he “does not see” a large chance of cooperating with Macau Legend in developing casinos in Japan.
Dynam’s preferred site for casinos would be away from Tokyo and Osaka due to it being an earthquake area and where investment capital could be as much as US$5 billion. Places like Yamaguchi prefecture are preferred, Mr. Sato said, because investment needed to establish a casino there ranges between US$1.5 billion and US$2 billion. This prefecture is also served by the nearby airports of Hiroshima and Fukuoka prefectures.
The company would need another round of equity financing to support the plan to build a casino if it can gain the license to operate one, Mr. Sato added.