Asia Awakens

GamblingCompliance February 2009 Australasian Casino Association Research Project

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GamblingCompliance

AsiaAwakens:TheGrowthOfCasinoTourismGamblingComplianceResearchTeam


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Contents

ExecutiveSummary........................................................................................................ 3

OverviewofCasinoCompetitioninAsia......................................................................... 5

Authors

HarryAshtonandLaurieKorpi

Designandgraphics:

MartinDekkers

Editing:

TomO'Meara

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ExecutiveSummaryGamblingComplianceLtdhasbeenengagedby theAustralasianCasinoAssociation toprovideareport into the state of the casino industry in South East Asia as part of its submission to theProductivityCommission’sinquiryintoAustralia’sgamblingindustries.

ThereportexaminesthemostsignificantdevelopmentsincasinogamingintheAsiaPacificsince1999, outlines the state of the market in the region today, and highlights significant futuredevelopmentswhichwillshapetheindustryintheregionintheyearsahead.

ThegrowthofthecasinoindustryinSouthEastAsiawillprovidesubstantialcompetitionacrosstheregionfortheinternationalhighvalueplayer.

MainPoints

Themainpointstoemergefromthisreportare:

1. Casino Development as a Tourism Agenda in Asia. An important theme toemerge has been the integration of a casino development strategy intomanyAsiancountries’ tourismagendas. The integratedcasino resort is “avery largeentertainmentdevelopmentbasedarounda casino…” the casinobeing a smallcomponentbutactingastheprimaryeconomicengine“whichdrivesreturnsandfacilitatesinvestmentinotherfacilitiesandamenities”.

2. SignificantGrowthinAsianCasinoIndustrySince1999.ThecasinoindustryinAsia has grown significantly across the Asia Pacific region since 1999. Thegrowthof the casinomarket inAsiaover thepast10 years and its continuedexpansion will have an impact on established casino markets in the region,including Australia. Malaysia and Macau have led the way with thedevelopmentofintegratedcasinoresorts.

3. SignificantGrowthinAsianTourismsince1999.ThesedevelopmentshavecomeduringaperiodwhenbothAsianeconomiesandtheAsiantourismmarkethavegrown significantly since 1999, with further growth in both expected into thefuture.Chinaespecially ispoisedtogrowasasourceofoutboundtourismoverthecomingyears.

4. Policy Shift in Singapore. Having previously turned down proposals to open

casinosonSentosa Island in1985and2002, theSingaporeGovernmentshiftedits policy in 2005 citing a declining regional market share in tourism as theprimary reason for the change. In an attempt to capture the increase inoutbound tourism primarily from China and India, Singapore adopted theconcept of the Integrated resort to reinvigorate the city state as a touristdestination.

5. Government Supported Tourism Initiatives in Macau. Tourism in Macau hasbeen growing exponentially reaching 30m visitors by the end of 2008, andinfrastructure projects such as the Hong Kong‐Zhuhai‐Macau Bridge and theMacau Light Transit System are proposed to further facilitate tourism in theprovince.

6. More Competitive Casino Market in Asia. This growth will lead to a more

competitivemarket inSouthEastAsia.Someofthemajordevelopmentsareasfollows:


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a. SingaporewillsoonbeunveilingtwolargeintegratedresortsonMarinaBay and Sentosa Island with a combined value of approximately

US$9bn.b. Macauhas a number ofmultibillion dollar developments on the Cotai

stripscheduledtoopeninthecomingyears.c. SouthKoreahasaUS$3.6bnintegratedresortbeingdevelopedonJeju

island.d. Philippines,hasaUS$15.0bnintegratedresortprojectbeingdeveloped

inManilaBa.e. Vietnam, has a number of integrated resort projects planned in Ho

Tram,DanangandPhuQuoc.EachoftheseinvolveinvestmentinexcessofUS$4.5bn.

f. Cambodia has a number of multimillion dollar projects plannedincluding a US$2.0bn project on Koh Rong island and a US$0.5bn

integratedresortatAngkorWat.

7. Australian Casinos Compete in AsianMarket.As casino projects open in Asiaover themedium to long term, the competitive regionalenvironment inwhichAustralian casinos operate in will become evenmore pronounced than today.The competition for international casino gaming tourists will increase.Jurisdictions such as Cambodia, Singapore, and the Philippines have and willfiercely compete for a slice of the international player / VIP market throughattractingjunketoperatorstotheirrespectivejurisdictions.

Thenon‐VIPinternationaltouristsegmentwillalsobeaffectedasaresultoftheconsequences of regional competition across Asia. Statistics show that Asiantouristsspendthemostandarethemostlikelytovisitacasinoduringtheirstay.AsmoreAsiancountriesintroduceintegratedcasinoresorts,attractingthesameor a higher level ofAsian visitors toAustralian casinos and the tourismdollarsspentinthem,willlikelybecomeamoredifficulttask.

8. Gambling IndustryNoLongerRecessionResistant. Thecurrentglobal financial

crisishasprovedthatthetraditionallyrecession‐resistantgamblingindustryisnolonger immune. During the current financial crisis strategic planning andregulatorystabilitywillhelpensuretheeconomiccontributionoftheAustraliancasino industry will be sustained and meet the challenges brought about byincreasedregionalcompetition.


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OverviewofCasinoCompetitioninAsiaPriortotheturnofthe21stcentury,jurisdictionsincludingMalaysia,SouthKorea,thePhilippinesandMacauofferedcasinogamblingtoforeigners.Macauhasagaminghistorydatingbacktothe19th century and was a monopoly‐based jurisdiction with Stanley Ho’s company Sociedade deTurismoeDiversõesdeMacau(STDM)holdingthesoleconcession forcasinogaming from1962throughto2002.The firstcasinoopened inSouthKorea in1967and,after this, themarketwasdominatedformanyyearsbytheParadiseGroup.Malaysia,widelyperceivedtobethebenchmarkfortheconceptoftheintegratedresortinAsia,openeditsGentingHighlandscasinoin1971.ThePhilippines created a regulatory framework for casinos under PresidentMarcos in 1976 despitehavingagreycasinomarketsincethe1930s.Around the time of the last Productivity Commission gaming industries report in 1999, Asia’slargestcasinomarket,Macau,experiencedadecline ingamingrevenuesby18percent, finishingthe year at US$2bn. This was on the back of the Asian economic crisis and the uncertaintyshroudingitsreturntoChinafromPortugueserule.TheSTDMmonopolylicencewasduetoexpirein2001and,exceptforSouthKorea,allcountriesintheregionwithcasinosrecordedadeclineintourism receipts. Froma tourismperspective,Malaysiawas theworst hit by the financial crisis,withadeclineintourismreceiptsof40percentin1997.1Whilst Asiawas always earmarked as a potential area for casino growth, few could predict therapidityofthegrowththatwouldbeexperiencedoverthenext10years:

• Macau became the largest casinomarket in the world, growing from US$2bn 1999 toUS$14bnbyend‐2008.

• The sole casino operator inMalaysia, ResortsWorld, grew revenues from A$1bn to inexcessofA$2bnby2007.2

• Philippines casinomonopoly,PhilippineAmusementandGamingCorporation (PAGCOR)grewrevenuesfromA$400mtonearly$A1bnby2007.3

• SouthKoreancasinorevenuesrosefromUS$256m4in1994toUS$1.15bnby2007.• AfloatingcasinoonthebanksoftheTonleSapRiverinPhnomPenhbecamealand‐based

casino thatgenerated inexcessof$US200mandhasgrownata rateof22percentperyearsince2003.


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ANewAge‐MalaysiaandMacau

Despite a casino gambling presence existing in Asia for many years, the new century saw asignificant shift in approach. At the forefront of this shift were Malaysia and perhaps moreimportantlyMacau.In Malaysia, the concept of the ‘integrated resort’5 emerged in the early 1990s, when ResortsWorld,facingincreasingoppositionfromanincreasinglyconservativeMuslimpopulationdecidedtodiversify its resortbeyondgamingactivities,adding threenewhotels, aswell as themeparksand other amenities to Genting Highlands site. The intentionwas to open up the resort to thetouristandfamilyentertainmentmarket,aconceptarguablydevelopedbyJaySarnointhe1960sinLasVegas,withthethemedfamilycasinoresortsofCaesarsPalace,followedbyCircusCircus6.This themewas continued early in the new centurywith ResortsWorld further developing theattractions at Genting Highlands resort. This strategy ensured Resorts World had 15 years ofuninterruptedprofits.Upuntil2002,MacauhadagamingmonopolyheadedbySTDM.After2002,alimitednumberofconcessionsandsub‐concessionsweregranted to foreigncasinogiantssuchasLasVegasSands,WynnandMGM.TheysawtheopportunitytoaccessthelargelyuntappedChinesemarket,wherecasinogamblingwasandstill is illegal.Therewasaperiodofrapiddevelopment inthefollowingyearsthankstoreadilyavailablecredit,arelaxationinthevisarestrictionsforChinesetouristsandariseindisposableincomeintheneighbouringprovinceofGuandong–China’srichestprovince.Thenextsevenyearssawgamingrevenuesgrowatayearlyaverageof30percent.Macaunowhasthehighestrevenuesofanyglobalconglomeratedgamingmarket,includingLasVegas.Theemergenceofacompetitivegamblingmarketand thesumswhich theconcessionaireshavebeencontractuallyobliged to investhas resulted in theemergenceofanewwaveof integratedresortconstructioninMacau.Theseintegratedresortshavesimilaritieswiththeresortpioneeredby Genting inMalaysia, with meetings, incentives conventions and exhibitions (MICE) facilities,restaurants and entertainment venues, sitting alongside gambling facilities. However, the sheersizeandnumberoftheseresortshaveeclipsedthoseinmostotherpartsoftheworld.


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LasVegasSandsbecamethefirstWesterncompanytoopenacasinoinMacau,backin2004.ThecompanyrecoupeditsUS$240mSandsMacauconstructionbudgetwithinayearoftheopening.Macauhasexperiencedanunprecedentedlevelofeconomicsuccesssincetheendofitsgamblingmonopoly.Ithascreatedanenvironmentwherecasino‐driventouristinvestmentprojectsattractindustryleaders,whiletourist,hotelguestnumbersandrevenueshavegrownwiththeopeningofnew integrated resorts.Macau’s location,next toa risingandboomingChineseeconomy,creditavailabilityandrelaxedvisitorrequirements,haveallplayedtheirpartincreatingthissuccess.Thissuccesshasnotgoneunnoticedbyitsneighbours.MacauisthejurisdictionwhichmostotherAsiancountriesareseekingtoemulate.Theconceptofcasino‐driventourist investmentprojectsarenowonmanycountries’policyagendas

Singapore

Asiangovernmentswereoncevehementlyanti‐casino,butashiftintheregionalconsensusmeansMacau‐style projects are now a key policy objective and tourism tool formost emerging Asianjurisdictions.Perhaps the most notable jurisdiction that illustrates this shift is Singapore. Traditionallyconservative,inApril2005itmadethedecisiontoattempttoemulatethesuccessofMacau,albeitthroughamorestringentregulatorystructure.CasinogamingwasillegalinSingaporeatthetimeof the last Productivity Commission gambling industries report in 1999, with the governmentrejectingproposalstoopenacasinoonSentosaIslandin1985and2002.However,inlate‐2004,theSingaporegovernmentchangeditspolicystanceinamoveinspiredbytheincrediblegrowthofMacau,thecontinuedsuccessofGentingHighlandsandthephenomenalriseoftourisminAsia.InaspeechdeliveredonApril18,2005,PrimeMinisterLeeHsiennotedthecircumstanceswhichledtoSingaporeintroducingintegratedresorts.7“Weare losingground intourism.TourisminAsia isgrowingphenomenally,especiallythetrafficfrom China and India. Singapore’s tourist numbers are up too, but we see warning signs ofproblemsahead.Wearelosingourattractivenessasatouristdestination.”Regardingintegratedresorts,Singapore’sprimeministerobservedthatwhilethemediafocuswason“whetherornotthegovernmentwillapprovecasinos”,thismissedthepoint.“ThishasgiventhewrongimpressionthattheIR[integratedresort]projectisonlyaboutbuildingcasinoshere.Wethinkofagamingroomwithslotmachinesandgametables,perhapswithahotelandsomebasic facilities.WethinkofMacauas itused tobe,withasleazy reputationand triadgangsrulingthestreets,orLasVegasinthemovies,withorganisedcrimeandmoneylaundering.Butthatisnotwhatwearelookingfor.IRsarequitedifferent.Infact,theyshouldbecalledleisure,entertainmentandbusinesszones.”WhilstitwasadesiretoemulatethesuccessofitsAsianpeers,SingaporelookedoutsideofAsiaforguidanceoncasinoregulation.Afterextensiveresearchintomulti‐casinojurisdictionssuchasNevadaandNewJerseyandsinglecasinojurisdictionssuchasNewSouthWalesandVictoria,theCasinoControlActwaspassed,whichwillseetwomulti‐billion‐dollarintegratedresortsprovidingcasinogamingcomeintooperationin2010.The desire to make the Singapore casinos objects of economic tourism is illustrated by theevaluation process for the concessions in which there were four main criteria in the cession‐making process. The project’s tourism appeal and economic contribution was themost heavilyweightedfactor,accountingfor40percentofthedecisioningrantingconcessions.


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The first concession was granted to Las Vegas Sands for the Marina Bay site in May 2006.Projectionsatthetimeestimatedthattheresortwouldstartoperatingbythefirstquarterof2010andwouldcostUS$5bn.Thedesign consists of three large shells containing conferencehalls andother business venues,three largehotel towers linkedbyasweepingskygardenacross their top floors,andamuseumwhichjutsoutontothebay.TheDeputyPrimeMinisterProfSJayakumarsaid:“Sands submitted the best overall proposal that meets our economic tourism objective. Inparticular, the proposal will significantly strengthen Singapore’s position as a leading MICEdestinationandtheproposalalsopossessesuniquedesignelementsthatwillprovideamemorableimageforMarinaBay.8”ThesecondconcessionwasgrantedtoMalaysianconsortiumGentingInternational,whichatthetimehelda75percentstake in theproject,andStarCruises,whichownedtheremainingstake.The49‐hectareintegratedresort’s landcostS$600m(A$600m,andS$1.6bn(A$1.6bn)wasspentonaUniversalStudiosthemeparkcalledUniversalStudiosSingapore.OverallcostprojectionsareS$6.6bn(A$6.6bn)andtheprojectisexpectedtocompleteinearly2010.Whengivinghisreasonsforgrantingtheconcession,thedeputyprimeministersaid:“Genting International& Star Cruises submitted themost compelling proposal overall that bestmeetsoureconomicand tourismobjectives. Inparticular, theproposal reflectsourvision for theSentosaIRasalarge‐scale,familyresortwithitshostofworld‐classfamilyleisureattractionsandother strong offerings.We believe that the attractionswill position Sentosa as a premier islandresortforfamiliesanddrawsignificantnumbersofbothnewandrepeatvisitorstoSingapore.”It is estimated that each casino will have at least 2,000 slot machines and a set of technicalstandardsandrulesforlicensingofmachinetestingfacilitieswererecentlypublished.

Othercountries

The Philippines is a little behind Singapore, but has its own plans. Bagong Nayong PilipinoEntertainment City is an ambitious US$15bn integrated casino project, which is planned forManila.Thusfar,MalaysiangiantGenting,throughitssubsidiaryStarCruisesandAruzeCorp,havepartneredwithlocalentitiestoinvestintheprojectwhichisduetocompletewithinfiveyears.JejuFreeInternationalCityDevelopmentCentreisdevelopingaUS$3.6bnprojectonJejuIsland,asemi‐autonomous Korean holiday destination. This is being bankrolled byMalaysian sports totogiant, Berjaya Land. The island, which already has eight casinos, is a popular destination forJapanese,ChineseandKoreantouristsandhasnovisarestrictions.Vietnam,hasalsocommittedtoanumberof integratedresortprojects.These includeaUS$5bnproject inDanangfundedbyOaktreeCapital,aUS$4.2bnventureontheHoTramstripbetweenAsianCoastDevelopmentandMGMGrand;andaUS$4.5bnprojectontheislandPhuQuoc.Theland‐basedNagaWorldcasinoinPhnomPenhandanumberofcasinosborderingVietnamandThailand have existed in Cambodia since 2003. But there are clear intentions to develop theindustryfurtherforjunketoperationsandhigh‐rollingVIPs.Recently, IntercityGroupreceivedanofficial investment certificate for a US$470m project near theworld‐heritage‐listed AngkorWatsite.Theprojectwillincludethreehotelsandawaterpark,alongsidea1,000‐slotmachinecasino.ItisexpectedtobeofficiallyunveiledataceremonyattendedbyCambodia’sPrimeMinisterHunSeninSiemReapinMarch2009.


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ExpansionPost‐Macau

Withthenewcenturyseeingahighlevelofregionalcasinodevelopment,itiswidelyexpectedthatmorejurisdictionswillconsiderresort‐stylecasinodevelopmentforthefirsttimetodrivetourismrevenues.Perhaps the most significant of these jurisdictions is Taiwan, which recently passed a draftamendment on January 12, 2009 legalising gambling on the country’s outlying islands, providedthat a local referendumapproves thedevelopment.AMZHoldingshas a largeparcel of landonPenghu Islandwhereareferendumissettotakeplace inAprilorMay2009.AMZ iscurrently indiscussions with a number of large international gaming companies seeking partnerships todeveloptheproject.InThailand, theformerPrimeMinisterSamakSundarvej reportedlysaidheplannedtobuild fivecasinos,whichwouldbeopentobothforeigntouristsandThainationals.Hesaidcasinoswouldbelocated in the tourist hubs of Phuket, Pattaya, Khon Kaen, Hat Yai and Chiang Mai. Politicaluncertaintyhasslowedthispushforliberalisation.Howevertheissuemaysoonre‐emergeonthepolitical agenda, leading some observers to suggest it is only a matter of time before casinogamingisinitiated.Despite a history of political volatility, until recently therewas consensus between themajorityparties for the development of casinos in Japan. However, political uncertainty and the globalfinancial crisishave stifled this consensus.Despite thehurdles, sources close to thegovernmentsuggestonecasinoineachofthe10regionsisapossibility.9EventheMuslimnationof IndonesiahasentertainedtheideaoftheMalaysiangroup,LandmarkdevelopingcasinosonBintanIslandforforeigntourists.However,asyet,thedevelopmenthasnotgainedapprovalfromtheIndonesianparliament.ThediagrambelowshowstherecentdevelopmentsandfutureprospectsofcasinogaminginAsia,amarketthatisexpectedtogrowtoinexcessofUS$34.4bnby2012.10Importantly,itshowstheincreaseintourism‐basedcasinoprojectsandintegratedresortsfollowingtheleadofMacauandMalaysia.


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ImpactOntheAustralianCasinoindustry

Thegrowthof thecasinomarket inAsiaover thepast10yearsand itscontinuedexpansionwillhaveanimpactonestablishedcasinomarketsintheregion,includingAustralia.Whatwasoncearegion having only a few casino gambling jurisdictions is transforming. As the two charts belowillustrate, the number of casinos in the Asian countries covered in this report havemore thandoubledsincethelastProductivityCommissiongamblingindustriesreport.

Source:GamblingComplianceTheoutcomeofthecasinoexpansionoutlined inthisoverviewwillbe increasedcompetition.Asmore jurisdictions introduce policies aimed at creating casino destination resorts to attractinternational tourists, therewillbean increase in competition for these international tourists tovisit integrated casino resorts in the countries of the region. There will also be an increase incompetitiontoattractinternationallysourced/VIPplayerstocometotheregion’scasinos.Thecompetitive impactonAustralia’scasinoindustryposedbycasinoexpansioninAsia isborneout in the two charts above. Australian casinos have a shrinking share of casino numbers.

Macau;10

Korea;13

Philippines;11

Cambodia;1

Malaysia;1

Vietnam;1

Australia;13

CasinoNumbers1999

Totalcasinosinthesejurisdicsons:50

Macau;31

Korea;17

Philippines;13

Cambodia,30(approx)

Malaysia;1

Vietnam;5 Australia;13

CasinoNumbers2009

Totalcasinosinthesejurisdicsons:110(approx)


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Althoughthechartsdonotrelatetomarketshareintheregion,thechartsareusefulinillustratingboth the increase in casino gambling opportunities across Asia since 1999 and the increasedcompetitiveenvironmentAustraliancasinosarenowoperatingin.Furthermore, as casino projects open in Asia over the medium to long term, introducing evenmorecasinogamblingopportunitiesintheAsianregion,thecompetitiveregionalenvironmentinwhichAustraliancasinosoperateinwillbecomeevenmorepronouncedthantoday.The international sourced player / VIP player segment of Australia’s casino industry is themostsignificantsegmentaffectedbyincreasedcompetitionascasinoliberalisationandexpansiontakegroundacrossAsia.Internationalplayersarequitesmallintermsofnumbersandasmorecasinogambling opportunities emerge the competition amongst casinos to source them will likelyincrease. Jurisdictions such as Cambodia, Singapore, and the Philippines have and will fiercelycompeteforasliceoftheinternationalplayer/VIPmarketthroughattractingjunketoperatorstotheirrespectivejurisdictions.Thenon‐VIPinternationaltouristsegmentofAustraliancasinoswillalsobeaffectedasaresultofthe consequences of regional competition across Asia. According to a 2008 report by theAustralasianGamingCouncil11:

• AsiancountriesholdthetopnineplacesintermsofaverageexpenditureongamblingpertriptoAustraliabyaparticularnationality;

• Asian countries hold the top six places in terms of international tourists by nationalitywhovisitedcasinosduringtheirtriptoAustralia.

AsmoreAsiancountriesintroduceintegratedcasinoresorts,attractingthesameorahigherlevelofAsianvisitorstoAustraliancasinosandthetourismdollarsspent inthem,will likelybecomeamoredifficulttask.Forexample,atouristfromSingaporeonholidayinAustraliamayforgoavisitto an Australian casino once the multi‐billion dollar integrated resorts open in Singapore, onaccount of their being new found casino gambling opportunities back home in Singapore, withstate‐of‐the‐artservicesandfacilities.Thereisalsoanemergingextra‐regionalcompetitionforpotentialpatronsfromtheAsianregion,which will provide increased competition for Australia’s casino industry. This emergingcompetitionisillustratedbyNevada,whichhasenteredintoagreementswithanumberofChina’sprovinces,toenableNevadatopositivelypositionitselfintheChineseoutboundtourismmarket.Moreover, in December 2007, the US Commerce Department signed a memorandum ofunderstandingwith the Chinese government that, among other things, allows the promotion inChina of travel to the United States. Promoting specific US cities where gambling is legal (LasVegas,AtlanticCity)isallowedunderthisagreement12.The current global financial crisis has proved that the traditionally recession‐resistant gamblingindustryisnolongerimmune.Duringthecurrentfinancialcrisis,strategicknowledge,planningandregulatory stabilitywill help ensure the economic contribution of the Australian casino industrywillbesustainedandmeetthechallengesbroughtaboutbyincreasedregionalcompetition.

ThisreportisanoverviewofamoreextensivereportpreparedfortheAustralasianCasinoAssociation.

1SKKangandCHsu,AsiaPacificRimCasinoIndustryOutlookinthe21stCentury,(July2000)2HwangDBSVickersResearch,3September2008,(AccessedFebruary14,2009)<https://einvest.hdbs.com.my/Archive‐Research/2008/200809%20SEP/20080903%20Research.pdf>3PAGCORwebsite(AccessedFebruary12,2009)<http://www.PAGCOR.ph/index.php>4SKKangandCHsu,AsiaPacificRimCasinoIndustryOutlookinthe21stCentury,(July2000)


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5AMacDonaldandBEadington,‘TheCaseforIntegratedResorts’,InsideAsiaGaming,November12,2008.“AnIntegratedResortisreallyaeuphemismforaverylargescaleentertainmentdevelopmentbasedaroundacasino.Thecasinocomponent,whilephysicallysmall,muststillactastheprimaryeconomicenginewhichdrivesoverallreturnsandfacilitatesinvestmentinotherfacilitiesandamenities.Thusthecasinoelementmustbeofsuchmagnitudeandimportancethatitcangenerateoverhalfofthedevelopment’sannualcashflow.”6AMacDonaldandBEadington,‘TheCaseforIntegratedResorts’,InsideAsiaGaming,November12,2008.7LHsien,‘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>8SingaporeTourismBoard,‘GovernmentAwardsIntegratedResortatMarinaBayProjecttoLasVegasSandsCorporation'(May26,2006),http://www.stb.gov.sg,(AccessedFebruary18,2009)<http://app.stb.gov.sg/asp/new/new03a.asp?id=5163>9TMihara,‘ContemplatedCasinoStructureinJapan:KeyLegalStructures&Issues’(2007)10PriceWaterhouseCoopers,‘GlobalEntertainmentandMediaOutlook:2008‐2012’(2008)page62611AustralasianGamingCouncil,‘FactSheet:Tourism’(November2008),www.austgamingcouncil.org.au,(AccessedMarch10,2009)<www.austgamingcouncil.org.au/images/pdf/Fact_Sheets/agc_fs15tourism.pdf>12GamblingCompliance,‘China–ARegulatoryOverview’(February5,2009),www.gamblingcompliance.com,(AccessedMarch10,2009)<http://www.gamblingcompliance.com/regprofiles/219>

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