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MGM May Become “Sole Operator” in Japan Casino Market

Posted on February 9, 2023 by Xordac Prime

Akihabara News (Tokyo) — Executives at MGM Resorts International have publicly hinted that their casino resort planned for construction on the manmade island of Yumeshima in Osaka Bay may become the only one licensed in the Japanese market of over 125 million people.

In an investor earnings call conducted this week, MGM President and CEO Bill Hornbuckle dropped the hint two times.

In his opening presentation, he stated, “we’re extremely excited for the [return on investment] opportunity in a market in which we may be the sole operator for some time in the future.”

Later, during the question and answer session, he added, “I’m excited to think that we may be the only player. And so, instead of a market of 19 million people, we’re talking about a much larger market.”

The 19 million people is clearly reference to the Kansai region; the “much larger market” is, presumably, all of Japan.

Given the context, two points stand out.

First, given that the central government, in Hornbuckle’s words, “is going through and consistently asking us questions about the project, about the contract with the government of Osaka, etc.,” this strongly suggests that MGM fully anticipates that its Integrated Resort (IR) is on track for approval.

It also suggests MGM believes that the Casinos Austria International casino resort project in Nagasaki Prefecture will not be approved. If it were, then Hornbuckle would not be talking about becoming “the sole operator” in the Japanese market, but rather he would be emphasizing its likely status as the largest operator.

However, Hornbuckle also made clear that MGM feels no confidence about exactly when the central government will make its licensing decision public, and that the continuing delays are probably pushing the opening of the MGM-Orix IR into the early 2030s.

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Okada Manila Hit by Fresh Lawsuit

Posted on February 8, 2023 by Xordac Prime

Akihabara News (Tokyo) — In the Game of Thrones-like saga that management of the Okada Manila casino resort has become, there is yet another twist; a potential partner has filed a lawsuit over alleged broken promises.

This particular dispute traces back to October 2021 when it was announced that Tokyo-based Universal Entertainment Corporation–the ultimate owner of Okada Manila–had reached a merger agreement with Miami-based 26 Capital Acquisition Corporation, a special purpose acquisition company, which would see the casino resort listed on the Nasdaq stock market in New York.

The original transaction set an enterprise value for Okada Manila at US$2.6 billion, and involved a cash injection of US$275 million.

26 Capital Acquisition Chairman and CEO Jason Ader explained at the time: “Okada Manila is the future of the gaming market in Asia and poised for tremendous growth. With its beautiful new facility, a desirable location in one of the fastest-growing gaming markets in the world, and potential for industry-leading margins and cash flow conversion, I believe the Okada Manila is an extremely compelling investment.”

The initial press release noted that “the transaction is expected to close in the first half of 2022.”

The merger plans derailed, however, when the Supreme Court of the Philippines issued its shocking order in April 2022 that the former owner, billionaire Kazuo Okada, should be restored to the role which he had played before being removed in 2017. Okada followed this up a month later by having armed agents storm the casino resort and take physical control of the facility by force.

During this turbulent period, Ader publicly and repeatedly backed the position of Universal Entertainment’s management in Tokyo, telling the media that Okada’s takeover had been “totally illegal.” He added that “we think that Universal will be back in control of the property very soon.”

Indeed, three months later, in early September, Universal Entertainment, backed by the Philippine National Police, seized back control of the casino resort. It has retained authority in a stable fashion since that time.

The latest twist is that 26 Capital Acquisition filed a lawsuit in the US state of Delaware against Universal Entertainment, its prospective partner, alleging that the Tokyo firm is now unreasonably dragging its feet on consummating the planned merger. Universal Entertainment has been back in control for about five months, and apparently their American partners figure that it is past due time to complete the agreed transaction, which is already more than seven months overdue in relation to the original announcement.

Notice of the new lawsuit so far has come only from Universal Entertainment’s side. In its statement issued this week, the Japanese firm offered only a short message regarding its outlook: “The company will scrutinize the lawsuit and properly deal with it. The company will promptly announce progress that should be disclosed.”

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Militarization of Japan Aviation Industry

Posted on February 6, 2023 by Xordac Prime

Akihabara News (Tokyo) — Conflicting reports over the fate of the Mitsubishi Heavy Industries SpaceJet program has again highlighted the cloudy outlook for Japan’s passenger jet industry, and the firm may be looking toward militarization as its escape hatch to profitability.

SpaceJet was launched fifteen years ago with high hopes. Mitsubishi Heavy Industries has reportedly spent about ¥1 trillion (US$7.5 billion) to create a passenger jet model which would seat about eighty people. But the project has faced serial delays and disappointments.

The company suspended the project in October 2020 and, according to a Kyodo News report released this week, the plug is about to be pulled completely.

However, Mitsubishi Heavy Industries balked at that report, issuing a short press release which reads:

There were multiple reports that the development of the SpaceJet project had been discontinued, but this was not announced by our company or our subsidiary, Mitsubishi Aircraft Corporation.
It is true that we are considering various possibilities, but we will promptly announce any matters that should be disclosed in the future if they are decided.

While this is not exactly a denial, it does indicate that the firm is still grappling with its policy direction.

Sources agree that a key problem for Mitsubishi Heavy Industries is that pushing forward with the SpaceJet project doesn’t make sense economically. Although it has hundreds of orders for its jet, the US Federal Aviation Administration may not grant it a type certificate–a matter which would cripple its commercial prospects.

However, there is a third option for Mitsubishi Heavy Industries aside from moving forward with SpaceJet or cancelling it altogether; that is to shift from commercial aviation to military aviation.

It was reported last December that the company would be involved in a Japan-UK-Italy project to develop a sixth-generation fighter aircraft by 2035. Moreover, Defense Minister Yasukazu Hamada announced that profit margins for private companies with military contracts are being revised upwards to 15%. He even describes the strengthening of Japan’s military-industrial complex as “an urgent task” for the government.

It may thus be that Mitsubishi Heavy Industries is about to pivot toward a return to its prewar history, when it designed and produced Yamato-class battleships and the Mitsubishi A6M Zero fighter aircraft. The firm may be about to become once again a premier weapons manufacturer and exporter, in line with the Kishida administration’s decision to massively boost the nation’s military budget.

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Aerwins Listed on Nasdaq

Posted on February 5, 2023 by Xordac Prime

Akihabara News (Tokyo) — Aerwins Technologies has become the first Japan-origin eVTOL firm to be listed on the Nasdaq Stock Market in New York.

This listing was done via a merger with the special purpose acquisition company Pono Capital, a Hawaii-based firm.

Trading on the Nasdaq Global Market under the ticker symbol AWIN is expected to begin today.

Aerwins Chairman and CEO Shuhei Komatsu commented, “Japan was a manufacturing country for so many years. Precision is rooted and based in Japanese culture. We will continue to pursue the possibility of new mobility with the Japanese culture-centric mindset on our path to becoming a global company. I understand it is a big responsibility to talk about these ideals; I recognize that it is necessary to have the ability to deliver, so I will devote myself to this vision every day.”

Daisuke Katano, who is CEO of Aerwins’ subsidiary in Japan, A.L.I. Technologies, added, “My dream in life is to create a company that will take the world by storm with the power of technology originating in Japan. With this listing in the United States, I believe that we have finally reached the starting point of our global expansion.”

The company’s most prominent product is the XTurismo Special Edition hoverbike, which is already being sold and delivered to customers.

It’s lower profile offering is its air mobility platform C.O.S.M.O.S. (Centralized Operating System for Managing Open Sky).

After listing, the value of the company is expected to be put at about US$600 million.

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Reorganization at Aruze America

Posted on February 2, 2023 by Xordac Prime

Akihabara News (Tokyo) — Japan-based slot machine and gaming table manufacturer Aruze has announced the reorganization of its unit in the United States.

There have been two major announcements this week. The first of these was the departure of its US branch president Robert Ziems, which will occur at the beginning of next month.

While no reasons were provided for parting ways with Ziems, given that no replacement has been lined up, we can surmise that it developed rather suddenly. Global CEO of Aruze Gaming Group Yugo Kinoshita will be stepping in to take over day-to-day operations while the recruitment process for a new head of the US branch is conducted.

In even more dramatic news, the firm announced that Aruze Gaming America is filing for bankruptcy.

Kinoshita commented: “This filing was a critical business strategy we were forced to make due to external factors outside our control. We fully understand the implications associated with this action, but we believe this is the best way for Aruze to maintain the overall health of our business. This restructuring has no reflection on the health of Aruze.”

Without providing details, the company’s statement did make clear that the bankruptcy filing was triggered by “a recent garnishment judgment against Aruze resulting from a separate judgment against Aruze’s shareholder.”

According to Aruze, what is occurring is a “financial restructuring” rather than a collapse of the company, and that it “intends to continue operating normally.”

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Laser Communication in Space

Posted on January 30, 2023 by Xordac Prime

Akihabara News (Tokyo) — Tsukuba-based startup WarpSpace has selected its laser supplier for the communications network which it will soon establish in outer space.

WarpSpace was founded in August 2016 based on personnel who mainly have associations with the University of Tsukuba and the Japan Aerospace Exploration Agency (JAXA).

The primary challenge the firm aims to solve relates to the fact that there are many operators of low Earth orbit satellites which are having growing difficulty transmitting high volumes of information from their satellites (routinely engaged in Earth observation missions) to their ground stations. This is because a sort of bottleneck has developed when it comes to gaining permission to use specific radio frequencies. Moreover, the number of radio frequency bands available is in any case limited.

The solution soon to be offered by WarpSpace is its WarpHub InterSat system. This will involve putting its own satellites into medium Earth orbit, where they can collect customer satellite data via laser communication and then relay it, again by laser, to the ground stations in an uninterrupted and near realtime fashion.

This service will be made available to customers–low Earth orbit satellite operators–on a commercial basis.

WarpSpace expects that its WarpHub InterSat system will be launched into space and made operational in stages over the course next few years.

In the latest news, it was announced last week that WarpSpace has selected Munich-based Mynaric as its supplier for its communications lasers, in particular Mynaric’s Condor Mk 3 terminals.

Mynaric executive Tina Ghataore commented, “We are grateful for WarpSpace to entrust us with the laser communication capabilities needed for their optical data relay satellite network.”

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Toyota Transformation Doubtful

Posted on January 29, 2023 by Xordac Prime

Akihabara News (Tokyo) — The leadership shuffle at the top of Toyota Motor Corporation came as a surprise, at least in terms of its timing, but there’s yet little reason to expect any dramatic transformation in the giant Japanese automaker, which is in increasing danger of becoming roadkill in the shift toward zero-carbon transportation.

President and CEO Akio Toyoda will be stepping away from the day-to-day management of the firm in April and handing the reins to 53-year-old Koji Sato, who is currently in charge of the Lexus brand.

However, Toyoda isn’t going very far. He will become chairman of the board and possibly has his eye on becoming chairman of the Japan Business Federation (Keidanren) as well. That reality, plus the fact that many of Toyoda’s older henchmen will still be senior executives in the company, suggests that Sato’s scope for making any major changes will be extremely limited.

At least for the time being, he won’t be his own man, and he might have been selected precisely because his is not interested in any major alteration of direction.

While Toyota Motor’s resources remain enormous at this juncture, Akio Toyoda’s enduring skepticism that electric vehicles (EVs) are the primary technology of the future may have put the company on the path to obsolescence. Tesla, rising Chinese automakers, and even some of the traditional Western automakers have embraced EV technology and are already poised to offer low-cost models to the market that Toyota may be hard-pressed to compete with.

Additionally, it’s not clear that the Japanese automaker has fully grasped the degree to which software will be integral to future transportation systems.

Certainly, Toyota’s first mass-market EV, the bZ4X stumbled out of the gates last year, subject to a recall and stop-sale order. While sales have now resumed, the firm is only planning to try to sell 10,000 units in the US market this year, and its global sales network very much prioritizes older hybrid technologies.

Specifically in the US market, Toyota is also grappling with the fact that under the Biden administration’s Inflation Reduction Act, buyers of EVs will not receive the US$7,500 federal tax credit if they purchase one of the Toyota models.

This bearish picture stands in sharp contrast to Tesla, which even now earns roughly seven times as much profit per vehicle as Toyota does.

Indeed, in last week’s earnings call for the final quarter of last year, Tesla CEO Elon Musk made clear that he doesn’t even consider Toyota to be a serious competitor in the EV market. Rather, he stated, “the Chinese market is the most competitive. They work the hardest and they work the smartest. So a lot of respect for the China car companies that we are competing against. And so, if I were to guess, there is probably some company out of China as is most likely to be second to Tesla.”

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Hyogo Bids to Become eVTOL Base

Posted on January 26, 2023 by Xordac Prime

Akihabara News (Tokyo) — The Hyogo Prefectural Government is becoming increasingly proactive in its effort to emerge as a base for Japan’s eVTOL industry, in part to take advantage of the 2025 World Expo in neighboring Osaka Prefecture.

In its latest moves, the prefecture is scoping out potential vertiport sites, preparing subsidies and promotional events, and has signed a cooperation agreement with eVTOL-maker SkyDrive.

Hyogo Governor Motohiko Saito announced this week that his administration wants to identify about three potential vertiport sites, and he suggested that one of these might be the planned Phoenix Business Site, currently a landfill along the coastline of Amagasaki city. This site has the advantage of being only about 2.5 kilometers from the manmade island of Yumeshima, where the 2025 Expo will be held.

After personally inspecting the area, Governor Saito declared that it has “great potential,” adding that “we would like to support test flights and the dissemination of information to the residents of the prefecture.”

The prefectural government is asking private companies to consider commercial operations of eVTOL, and is promising to be supportive of route surveys and test flights within the prefecture. In FY2023, the prefecture is offering up to ¥10 million (US$77,000) in subsidies for each project that aims to establish eVTOL-related businesses within the prefecture.

The prefecture is also planning to host a “Next-Generation Air Mobility Conference” (provisional name) to discuss ways to disseminate information and increase public awareness about the potential of eVTOLs. This will likely be held by March next year.

Overall, the prefectural government has budgeted a total of about ¥50 million (US$385,000) for eVTOL industry promotion in the April 2023-March 2024 period.

As an early step, the prefecture signed a cooperation agreement this week with Japan’s leading eVTOL-maker, SkyDrive. While it is not clear exactly what this partnership will entail, the announcement speaks of “development and social implementation of flying cars through the promotion of industrialization, achieving disaster prevention and mitigation, and building momentum for the 2025 Osaka-Kansai Expo.”

Last year, it should be recalled, the prefectural government also created the Hyogo Advanced Air Mobility (HAAM) lab, a virtual laboratory aiming to promote the eVTOL industry, foster social acceptance, support the efforts of student researchers, and to develop human resources necessary for the industry to prosper.

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SkyDrive Nests in South Carolina

Posted on January 25, 2023 by Xordac Prime

Akihabara News (Tokyo) — Japan eVTOL-maker SkyDrive has decided to make South Carolina its base for entry into the US market, following up on an initial invitation it received last July.

Last year, the Japan External Trade Organization (JETRO) introduced SkyDrive executives to an office hub program based in Beaufort (along South Carolina’s Atlantic coastline between Charleston and Savannah, Georgia) called the Landing Pad. The Japanese firm was provided–for a period of ninety days–free office space and assistance from local agencies and businesses in order to accustom itself to local conditions.

While SkyDrive was not obligated to stay in Beaufort after the program ended, it was the objective of the local authorities to encourage the company to nest within the local area, and this goal has now been achieved.

SkyDrive CEO Tomohiro Fukuzawa explained that “the decision to make South Carolina our home base and our window into the US market was an easy one considering that it is a significant player in both the commercial and military aviation industries, and it is home to more than four hundred aerospace and aviation companies, including Boeing and Lockheed Martin. I sincerely believe that the vast number of resources available in South Carolina will provide SkyDrive with a substantial platform that enables us to achieve our goals.”

Harry M. Lightsey III, Secretary of Commerce at State of South Carolina Department of Commerce, celebrated the decision: “The future of advanced manufacturing, aerospace, and vehicle industries is here, and South Carolina is proud to welcome SkyDrive, an industry innovator, to our rapidly growing aerospace cluster. SkyDrive’s advanced electric propulsion technology and sustainable transportation implications are the perfect fit for South Carolina’s business roster and the state’s growing business development goals. South Carolina extends a warm welcome to SkyDrive and we look forward to supporting the company on its journey to continued growth and success.”

In addition to locating its US offices in South Carolina, SkyDrive has also announced that it is studying “practical use cases” for the SD-05 eVTOL in cooperation with two local airports. First is the Columbia Metropolitan Airport, which hosts more than 25 daily flights and is served by American Airlines, Delta Air Lines, and United Airlines, as well as major cargo firms. The other is the Greenville Downtown Airport, which is home to various flight schools and the Military History Center Museum, among other things.

James D. Stephens, Airport Director at Greenville Downtown Airport, commented: “Greenville Downtown Airport is partnered with SkyDrive to assist with the modeling of an Federal Aviation Administration-compliant advanced air mobility ecosystem that will serve our local region and state. We’ve done so because the airport needs to know what the infrastructure developmental needs will be in the future. We believe that the impact of advanced air mobility in Greenville will create a new form of transportation that eventually becomes part of the normal transportation processes within our community and around the world.”

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Okada Manila Projects a New Normal

Posted on January 23, 2023 by Xordac Prime

Akihabara News (Tokyo) — After the dramatic battle for control witnessed last year, the Okada Manila casino resort in the Philippines, now firmly back in the grasp of Tokyo-based Universal Entertainment, is presented as having entered a “new normal.”

The resort’s new Tower Villas have been promoted in the Philippine Star, its new Spanish restaurant Las Flores has opened its doors, and events such as beauty pageants and its Grand Fireworks Display have drawn public attention.

Meanwhile, billionaire Kazuo Okada, who made his bold challenge to reassume control of the resort last year, is now on the defensive, facing a charge of “Grave Coercion” filed by the the Philippines Department of Justice. In a December communication to the media, Okada complained of betrayal and vowed to recover his lost businesses “from the hands of the criminals” who took them from him.

For its part, Universal Entertainment, in the hands of those alleged criminals, also speaks of illicit behavior, declaring the period when Okada’s agents took control of Okada Manila as an “illegal occupation.” In their quarterly report to shareholders issued last month, they wrote:

The performance of this business was impacted by the illegal occupation of this property from May 31 to September 2, 2022, by a group acting under the instructions of Kazuo Okada. Despite the negative effects of this occupation, Okada Manila is performing well… the number of guests has recovered to near the pre-pandemic level.

While the financial results for the July-September quarter came in at a loss of ¥1.6 billion (US$12.3 million), the company clearly expects better performance in 2023.

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Drone Flight Spacial Information System for Japanese Cities

Posted on January 22, 2023 by Xordac Prime

Akihabara News (Tokyo) — Kobe-based Swift Xi and its partners have signed an agreement with the government’s New Energy and Industrial Technology Development Organization (NEDO) to develop a 3D spacial information system, which is intended to safely guide drones–and ultimately eVTOLs–through Japan’s urban landscapes.

Swift Xi is a Japan joint venture between Swift Engineering, headquartered in San Clemente, California, and the Kobe Institute of Computing. The firm provides data and IT services, logistics, and full-service operations of autonomous and robotic technologies.

Alex Echeverria, President of Swift Tactical Systems, another group company, explains that “this project, with its goal of creating a 3D spatial information infrastructure, will establish safe flight paths for unmanned aerial vehicles and urban air mobility corridors in urban areas… driving the development of new infrastructure that will enable the safe and efficient operation of autonomous unmanned aerial vehicles and create new value using spatial identification.”

Hiro Matsushita, chairman and CEO at Swift Group, added, “We would like to be the very first team in the world to establish a safe 3D spatial information infrastructure system.”

Four other firms are involved in the project:

Kitakyushu-based map publisher Zenrin will develop a flight risk management system prototype, which will make flight plans using algorithms designed to maintain flight safety.

Tokyo-based Space Service Innovation Laboratory (SSIL) will design specifications and build the 3D spatial information infrastructure.

Tokyo-based LocationMind will provide dynamic data on the flow of people, etc., to decrease flight risks and test the usefulness of its spoofing protection system.

Finally, Osaka-based Intelligent Style will create the database architecture.

Through this collaboration, NEDO aims to render spatial identification into a standard index, making it easier to search, integrate, and utilize in a machine-readable format.

Aside from drones and eVTOLs, the system is expected to have applications for self-driving cars and automatic delivery robots as well.

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Marubeni Puts Cash Down for Vertical eVTOL

Posted on January 20, 2023 by Xordac Prime

Akihabara News (Tokyo) — Marubeni Corporation has put its money where its mouth is, making a pre-delivery payment for 25 eVTOLs produced by UK-based Vertical Aerospace.

Back in September 2021 the two firms announced their alliance within the Japan market, with Marubeni making a conditional preorder for up to two hundred VX4 eVTOLs, which Vertical is in the process of developing and licensing.

It was suggested at the time that this partnership might make possible flights between Tokyo Station and Narita Airport with only fourteen minutes of flight time.

More recently, however, their attention seems to be focusing more on Osaka, where the local government is actively promoting the future air taxi industry, and is aiming to lead the rest of the nation in regard to this new form of transportation.

In this connection, Marubeni has been conducting proof-of-concept demonstration trials in preparation for the 2025 World Expo in Osaka. This has involved helicopter flights between Osaka and Wakayama in order to test market conditions and to prepare the public for future eVTOL services in the Kansai region.

As for the payment which Marubeni has just made, senior executive Satoshi Takechi explained: “I am confident that our continued joint efforts with Vertical Aerospace, such as evaluating the requirements for eVTOL operations… will accelerate the development of the advanced air mobility market in Japan.”

Stephen Fitzpatrick, Vertical Aerospace Founder and CEO, added, “We are delighted to have reached the next milestone in our partnership with Marubeni. Japan is a wonderful country which is embracing the promise of eVTOL, as it will connect cities and regions like never before. We look forward to our joint efforts to build the ecosystem for zero-emissions travel in Japan.”

For Vertical, this was the first time that a customer in Asia made a pre-delivery payment.

The VX4 is a relatively large fixed-wing eVTOL which has the capacity to carry a pilot and four passengers. Its flight range is expected to be about 160 kilometers.

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