Nathan's Feed
May 12, 2014

Taxing times for pachinko as Japan considers casino gamble

OSAKA/TOKYO (Reuters) – Moves towards legalizing casinos in Japan have reignited a debate over the legal status of pachinko, with a potential new tax mooted for a $200 billion gaming industry that has existed for decades on the fringes of the law.

Pachinko, a slot-cum-pinball form of gambling, is a national obsession, with one in six Japanese playing the game, though that number is declining as younger generations prefer to play games on their mobile phones.

May 11, 2014

U.S. casino billionaires place bets in Japan’s tale of two cities

OSAKA/TOKYO, May 11 (Reuters) – Two U.S. billionaires are
betting on rival cities, Tokyo and Osaka, to be the first in
Japan to open casino resorts – once the government gives the
go-ahead to legalise gambling.

Japan is one of the world’s last untapped gaming markets and
could become the third largest gambling destination after Macau
and the United States, with annual revenue of over $40 billion,
according to broker CLSA.

Apr 15, 2014

Osaka set to designate site for Japan’s first proposed casino

OSAKA, Japan, April 15 (Reuters) – The Japanese city of
Osaka plans to invite operators to build a casino on a plot of
reclaimed land on Osaka Bay, its governor told Reuters, pipping
Tokyo in the race to attract global gaming firms to set up the
country’s first gambling resort.

Yumeshima, with about 170 hectares (420 acres) of land
available for development, is likely to be designated as the
preferred site for a casino when Osaka officials meet on April
22 to discuss the issue, Governor Ichiro Matsui said in an
interview.

Apr 15, 2014

Osaka set to designate site for Japan’s first proposed casino

OSAKA, Japan, April 15 (Reuters) – The Japanese city of
Osaka plans to invite operators to build a casino on a plot of
reclaimed land on Osaka Bay, its governor told Reuters, pipping
Tokyo in the race to attract global gaming firms to set up the
country’s first gambling resort.

Yumeshima, with about 170 hectares (420 acres) of land
available for development, is likely to be designated as the
preferred site for a casino when Osaka officials meet on April
22 to discuss the issue, Governor Ichiro Matsui said in an
interview.

Apr 11, 2014

Investor group offers to take over, revive Mt. Gox

TOKYO (Reuters) – A group of investors have offered to take over the assets of Mt. Gox and revive the bankrupt bitcoin exchange with the help of experts including the investigative firm of a former FBI director, according to a court filing in Japan.

The offer, filed with the Tokyo District Court last month, marks the first time that anyone has submitted a proposal to sponsor the rehabilitation of Mt. Gox since it sought bankruptcy protection from creditors on February 28.

Apr 8, 2014

Pachinko operator Dynam planning Japan casino with Asian partner

TOKYO, April 8 (Reuters) – Pachinko hall operator Dynam
Japan Holdings Co is in talks with several Asian
casino operators to build a casino in Japan as the country’s
parliament prepares to debate a bill that would legalise casino
gambling for the first time.

Yoji Sato, Dynam’s chairman and one of Japan’s wealthiest
businessmen, said the company wants to announce a partnership
with an Asian operator once an initial bill that will start the
process of legalizing gambling is passed in what could become
the world’s third biggest gambling market.

Apr 1, 2014

Japanese lawyer group to rate 3rd-party probes, fight cozy corporate ties

TOKYO, April 1 (Reuters) – A group of Japanese lawyers is
setting up a rating service to evaluate investigations on
corporate scandals amid criticism that third-party panels hired
for things like bribery cases often lack objectivity and help to
whitewash misdeeds.

While the ratings will not carry any legal weight, the group
hopes they will encourage more thorough and independent
investigations.

Mar 30, 2014

Exclusive: Mt. Gox faced questions on handling client cash long before crisis

TOKYO (Reuters) – Two years before Mt. Gox filed for bankruptcy, a half dozen employees at the Tokyo-based bitcoin exchange challenged CEO Mark Karpeles over whether client money was being used to cover costs, according to three people who participated in the discussion.

The question of how Mt. Gox handled other people’s money – the issue raised by staff in the showdown with Karpeles in early 2012 – remains crucial to unraveling a multi-million dollar mystery under examination by authorities in Japan.

Mar 30, 2014

Mt. Gox faced questions on handling client cash long before crisis

TOKYO, March 30 (Reuters) – Two years before Mt. Gox filed
for bankruptcy, a half dozen employees at the Tokyo-based
bitcoin exchange challenged CEO Mark Karpeles over whether
client money was being used to cover costs, according to three
people who participated in the discussion.

The question of how Mt. Gox handled other people’s money -
the issue raised by staff in the showdown with Karpeles in early
2012 – remains crucial to unravelling a multi-million dollar
mystery under examination by authorities in Japan.

Feb 28, 2014

Bitcoin true believers unfazed by losses in Mt. Gox collapse

TOKYO, Feb 28 (Reuters) – Like other bitcoin evangelists,
Ken Shishido is ready to write off the money he lost in the
bankruptcy of Tokyo-based virtual currency exchange Mt. Gox as
the price of revolutionising global finance.

“In the early days of the automobile, there were traffic
accidents because you didn’t have traffic lights or pedestrian
crossings,” he said hours after Mt. Gox said on Friday it had
lost up to half a billion dollars of investor funds, including
some of his own. “But we didn’t ban automobiles.”