MEGA

About MEGA

“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.

Limiting the duration of licence validity “puts the entire capital investment at risk”, says Klebanow. Further regulations, including limiting residents to 10 visits per month and requiring them to present a ‘My Number Card’ when gambling, further erodes project viability. “Ultimately, casino developers individually concluded that developing an IR was too risky, and they took their billions of dollars in potential capital investment and walked away,” observes Klebanow.

What is MEGA?

The drafting of the text is reportedly in the hands of the Civil House, with some believing that it serves an electoral purpose, meaning Lula potentially riding the wave of criticism against the sector.

The Brazil betting industry has faced increasing scrutiny of late over claims that families are falling into debt because of gambling.

The president is not seeking to introduce the measures through a full bill, as the legislative process in Congress could reduce their immediate political impact ahead of the elections.

What is MEGA?

Manchester United vs. Real Sociedad (Agg 4-0) (8pm GMT kick-off)

AC Milan vs. Red Star Belgrade (Agg 2-2) (8pm GMT kick-off)

PSV Eindhoven vs. Olympiakos (Agg 2-4) (8pm GMT kick-off)