Penalty Duel

How to play Penalty Duel

The factor that led some operators to drop out of the licensing race could be the “uncertainty” created by regulations that “didn’t seem set in stone”, says Leckert.

“Some of them [investors] that were looking at Japan were looking at a big IR licence or nothing. With Tokyo and Yokohama being out of the mix, maybe some weren’t as interested anymore and decided to sit back, and wait and see how regulation and licensing shake out.”

One concern for operators is “the short duration of licences and renewal of licences”, notes Leckert. For operators, the casino business licence is renewable every three years, while the IR development-plan authorisation runs for 10 years, in contrast to the 18-year IR licence term in the Philippines, for instance.

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“Having spent more than two decades in key operating and financial leadership roles at Bally’s, George has been instrumental in developing our business model, asset portfolio and growth strategy,” Reeves said.

“He steps into the interim role supported by an experienced finance organisation and I am confident that our reporting, controls and capital markets work will continue without disruption.”

Bally’s shares plunged 26% on 17 August despite a solid Q2 in which group revenue rose by 20% year-on-year to €792.2 million.

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“We have made progress, such as increasing the direct tax to 15% and including the activity in the Selective Tax. Those benefiting from social programmes and those who joined the Desenrola programme were also prohibited from betting.”

He also pointed to the self-exclusion mechanism adopted by the government.

“The debate about prohibition will remain open in the country for the next few years,” he said. “It will be an institutional debate between the Supreme Court, Congress and the executive branch.