Taking a long-term view brings into focus a slightly different target profile for the Group. If the casino business becomes established in Japan, it promises to have a major beneficial effect on the overall economy; creating employment and enhancing Japan's competitiveness as a tourism destination. This prospect is fueling lively debate in Japan about casinos in the context of growth strategy. If creating a casino business becomes feasible, we intend to exploit our expertise as a comprehensive entertainment company to enter this business area proactively. Furthermore, we will curb risk by collaborating and sharing expertise with overseas partners that have strong track records in casino management. Looking ahead to Japan's legalization of integrated resorts including casinos in the near future, the Group is steadily laying foundations.

One example of these preparations is our resort complex operations based on the Phoenix Seagaia Resort, which is under the management of subsidiary Phoenix Resort Co., Ltd. We are building the company's corporate value by bringing our expertise in entertainment to bear. We are conducting low-cost maintenance to heighten the resort complex's drawing power for families. Then, if we deem it necessary in light of rigorous analysis, we will make additional investments in the facilities. A further aim of managing this resort complex is to acquire expertise that we can use to realize our goal of developing and managing integrated resorts including casinos.

Moreover, we have decided to participate in another project that will enable us to acquire expertise in casino-related management while curbing risk, in this case by working with a partner with a proven track record in the casino business. In July 2012, with the Paradise Group we established a joint venture tasked with planning, developing, and operating an integrated resort that includes casinos near Incheon International Airport in South Korea. The location's excellent access provided an additional reason for participating in this joint venture, in which we hold a 45% stake.

Furthermore, we participated in a development project in Centum City, a multi-project urban development area in Busan, South Korea, in January 2013. SEGA SAMMY HOLDINGS has a 75% interest and Phoenix Resort has a 25% interest in the project. In Busan's most prestigious location, we will develop a resort complex that will comprise a hotel, entertainment facilities, and commercial facilities.

As we develop these resort projects in Japan and overseas, we will decide on initial and additional investments based on thorough analysis of return, keep risk within certain limits by working with partners,and avoid creating a bloated balance sheet.

In the future, once we have bedded down these projects, and if we can establish a casino business, our business portfolio and earnings structure will change dramatically.