Japan is finally on its way to offering an integrated casino resort. The country has long been considered an area that would do well with casino gaming, possibly becoming the second-largest casino market in the world. Several companies have shown interest in building casino resorts in Japan, including Las Vegas Sands.
A recent investor conference in Tokyo involving Las Vegas Sands Chairman Sheldon Adelson revealed that his company is ready to invest a minimum of $10 billion in the new market. The Las Vegas Sands already has successful casino operations in Singapore, with the Marina Bay Sands, which cost $6 billion to create.
According to the information provided by Adelson during the conference, the $10 billion would include not only the actual resort but the land where the resort is located. The Las Vegas Sands company has a long history of developing integrated resorts with multi-purpose aspects, including gambling, accommodations, retail space, convention space, dining and entertainment in design plans.
The bill to legalize casinos in Japan took some time as lawmakers spent over three years discussing the latest rendition. A vote took place late last year to approve gaming and several international gambling operators have since began to show interest in obtaining licensing to operate in the country. It is considerably too early for approval but reports have shown that as much as $10 billion in annual revenues could be generated if two integrated casino resorts are allowed to be constructed in the country. As more casinos are allowed, the country would see even more annual revenues created.
Adelson used the term ‘the holy grail’ when describing an investment in Japan and other companies such as MGM Resorts International, Hard Rock International and Genting Group seem to agree. All major gaming companies have shown that they are interested in obtaining licensing and constructing an integrated casino resort in the country.
Lawmakers will now have to draft and enforce another measure that will create regulations for the operation of such gaming venues. This process is estimated to be complete by the end of the year. This would mean that construction on casinos could begin as early as 2019. The locations of the resorts would also be determined with the separate bill.