Casino market’s worth predicted to be around $20 billion annually
Japan’s legalisation of casino gambling in the country has paved the way for Las Vegas Sands Corp. and MGM Resorts International the chance to extend their business in the country. Tokyo is expected to announce its candidacy for entering the Integrated Resorts (IR) soon that will surely remodel the bidding strategies for casino operators, analysts say.
Osaka plans to have the casino resort operations running by 2025 World Expo and the President of MGM Resorts Japan, Jason Hyland, expressed “We would like to meet Osaka’s expectations. We’ll certainly do everything we can do to be as responsive as possible.” In line with this, MGM Resorts Japan is one of the most favored candidate for winning the rights to the Osaka IR.
Management consultancy firm A.T. Kearney ranked Tokyo No. 4 on its Global Cities Report list of the world’s most influential cities after Paris, London, and New York. Putting Tokyo, the top horse of the interested casino operators.
Las Vegas Sands, the casino giant, says it’s targeting Tokyo and Yokohama. Nevertheless, Japan’s National Diet main purpose for legalising the three commercial casino is to improve the economy of the troubled areas aside from boosting its tourism – which Tokyo is not having problems with.
Osaka and Yokohama have formally presented their intentions to win casino privileges along with Nagasaki and Wakayama that have also announced its plan to bid.
Macau casino operators such as Melco Resorts, Wynn Resorts, Galaxy Entertainment, and SJM Holdings prepare to bid as well. Additional companies mulling IR bids for Japan include Hard Rock International, Genting Group, and Bloomberry Resorts.
Osaka hopes to make a final decision on which bidder will win the project in June, said on Nikkei newspaper.
Some analysts predicted the casino market’s worth to be around $20 billion annually or more, due to the country’s affluent population and the proximity to Asia’s wealthy gamblers.
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