{"id":207503,"date":"2022-03-31T10:47:24","date_gmt":"2022-03-31T17:47:24","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=207503"},"modified":"2022-03-31T11:59:33","modified_gmt":"2022-03-31T18:59:33","slug":"ballys-chairman-kim-illuminates-company-position-on-japan","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ballys-chairman-kim-illuminates-company-position-on-japan\/","title":{"rendered":"Bally\u2019s Chairman Soo Kim Spells Out Japan Casino Plans"},"content":{"rendered":"

Bally\u2019s (NYSE:BALY) Chairman Soo Kim is shedding some light on the company\u2019s potential Japan ambitions, saying the operator isn\u2019t planning to immediately throw its hat in the ring to win a gaming license in the country.<\/p>\n

\"Bally's
Bally’s Chairman Soo Kim at the SBC Summit last December. He’s clarifying the company’s position on a Japanese casino. (Image: YouTube)<\/figcaption><\/figure>\n

Kim\u2019s effort to shed light on Bally\u2019s interest in a Japan integrated resort emerged immediately after reports surfaced Wednesday.<\/a> Those indicated that the company is considering the city of Fukuoka as home to a gaming venue. They added that the operator is optimistic that Japanese policymakers will consider additional bids following the April 28 national deadline for submitting casino-resort proposals.<\/p>\n

In an interview with Inside Asian Gaming<\/em>, Kim expressed surprise local media interpreted the company\u2019s visit to Fukuoka as a sign Bally\u2019s is imminently planning to bid for a gaming venue there.<\/p>\n

This was the first time we were in Fukuoka [and it was] purely to understand where the process stands,\u201d Kim told IAG<\/em>. \u201cThere is no commitment around what we think, what project we would ultimately support, or even what our involvement in that project would be.\u201d<\/p><\/blockquote>\n

Previously, Fukuoka \u2014 Japan\u2019s sixth-largest city \u2014 had not been mentioned as a potential site for a gaming venue. Last month, mayor Soichiro Takashima said he was not interested in such a venture. The city isn\u2019t far from Nagasaki, bidding for one of Japan\u2019s initial three casino permits.<\/p>\n

Bally\u2019s Has Japan Interest<\/h2>\n

It\u2019s believed Rhode Island-based Bally\u2019s would spend $3.94 billion on a Japanese integrated resort, meaning that if the company moved forward with the project at the price point or close to it, it\u2019d be by far the operator\u2019s priciest endeavor to date.<\/p>\n

\n

Due to that price tag and the fact that it\u2019s more than double Bally\u2019s current market capitalization<\/a>, Bally\u2019s would likely need a partner in Japan to defray some costs \u2013 a strategy being employed there by rivals such as Caesars Entertainment and MGM Resorts International. Kim said as much to IAG<\/em>.<\/p>\n<\/div>\n

\u201cWe think it is an interesting situation where, if you find the right Japanese partner and bring in international expertise from a brand like Bally\u2019s, it has a lot of potential,\u201d he said.<\/p>\n

Over the near term, the big issue Bally\u2019s is considering is a recent takeover offer from hedge fund Standard General, which is run by Kim. In January, the investment firm filed an acquisition bid valuing the gaming company at $38 a share<\/a>, or just over $2 billion.<\/p>\n

Where Bally\u2019s Could Fit In Over Near-Term<\/h2>\n

Kim left some wiggle room for Bally\u2019s to rapidly change course if national policymakers rejected the Nagasaki proposal and immediately sought a replacement effort.<\/p>\n

In acknowledging IAG<\/em> that his company is interested in Japan, he added, \u201cIt\u2019s a possibility\u201d Bally\u2019s could get involved over the near term if the Nagasaki pitch is rejected and the bidding process is reopened.<\/strong><\/p>\n

While cost estimates for a Nagasaki casino resort are soaring<\/a>, that doesn\u2019t mean the bid is weak or that officials will reject the proposal.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bally\u2019s (NYSE:BALY) Chairman Soo Kim is shedding some light on the company\u2019s potential Japan ambitions, saying the operator isn\u2019t planning to immediately throw its hat in the ring to win a gaming license in the country. Kim\u2019s effort to shed light on Bally\u2019s interest in a Japan integrated resort emerged immediately after reports surfaced Wednesday. […]<\/p>\n","protected":false},"author":46,"featured_media":207505,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,62],"tags":[],"acf":[],"yoast_head":"\nBally's Chairman Kim Illuminates Company Position On Japan<\/title>\n<meta name=\"description\" content=\"Bally's Chairman Kim says company is interested in Japan, but that effort might not be as imminent as previously thought.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/ballys-chairman-kim-illuminates-company-position-on-japan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bally's Chairman Kim Illuminates Company Position On Japan\" \/>\n<meta property=\"og:description\" content=\"Bally's Chairman Kim says company is interested in Japan, but that effort might not be as imminent as previously thought.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/ballys-chairman-kim-illuminates-company-position-on-japan\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-31T17:47:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-31T18:59:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/kim.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-chairman-kim-illuminates-company-position-on-japan\/\",\"url\":\"https:\/\/www.casino.org\/news\/ballys-chairman-kim-illuminates-company-position-on-japan\/\",\"name\":\"Bally's Chairman Kim Illuminates Company Position On Japan\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-chairman-kim-illuminates-company-position-on-japan\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-chairman-kim-illuminates-company-position-on-japan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/kim.jpg\",\"datePublished\":\"2022-03-31T17:47:24+00:00\",\"dateModified\":\"2022-03-31T18:59:33+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Bally's Chairman Kim says company is interested in Japan, but that effort might not be as imminent as previously thought.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-chairman-kim-illuminates-company-position-on-japan\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/ballys-chairman-kim-illuminates-company-position-on-japan\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-chairman-kim-illuminates-company-position-on-japan\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/kim.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/03\/kim.jpg\",\"width\":1280,\"height\":720,\"caption\":\"Bally's Chairman Soo Kim at the SBC Summit last December. 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