Summary:
The Hong Kong-based private asset management firm PAG will buy the majority stake in the amusement park from the current shareholder for 66.66 billion. The announcement made no mention of the casino resort proposal, which involves Casinos Austria International as a private-sector partner.
PAG, a Hong Kong-based private asset management firm, is to take over control of the theme park next to the Nagasaki land for a casino resort.
According to the Tuesday statement, the present controller of Japan is to sell its stake in Huis Ten Bosch for JPY 66.66 billion.
The adjacent land casino resort project, which includes Casinos Austria International as a private partner and was submitted to Japan’s national government in late April for a decision later this year, was not included in the statement.
According to the Tuesday release by HIS, the suitor PAG believed that the consumer appeal of the park and an expected recovery of international tourism to Japan meant business growth potential.
The Nagasaki casino scheme is expected to open at the earliest in the financial year of 2027, according to its promoter.
The casino at the IR is expected to bring in an annual gross gaming revenue of JPY 150 billion. Out of that, 15 percent should go to the prefecture.
According to the Tuesday statement from HIS, before September 30, they are going to convert the minority shareholders’ holdings into treasury shares, which will give PAG 100 percent control.
PAG has valued the operator’s total equity at over 100 billion dollars. Japanese media reported in July that the Hong Kong firm was involved in a deal.
The current minority shareholders of Huis Ten Bosch are: Kyushu Electric Power Co Inc, Saibu Gas Co, Kyudenko Corp, Kyushu Railway Co, and Nishi-Nippon Railroad Co.
The Huis Ten Bosch operation could potentially be floated on the stock market. According to GGRAsia’s Japan correspondent, it has separately had previous talks about the site’s disposal.
According to Hideo Sawada, the corporate value of the theme park operator could be 1.5 times or double if a casino came to Huis Ten Bosch.
The operator of the Huis Ten Bosch amusement park and the governments of Nagasaki Prefecture and Sasebo City have agreed to designate a portion of the park as a candidate site for an IR.