In hopes of securing one of the three integrated casino resort licenses that will soon be up for grabs in Japan, operator, Tiger Resort Leisure and Entertainment Incorporated, has announced that it will be establishing an office in the Asian nation.
Operator following rivals:
According to a report from GGRAsia, the revelation came via a filing (pdf) from Tiger Resort Leisure and Entertainment Incorporated’s Tokyo-listed parent, Universal Entertainment Corporation, and follows similar moves by other casino operators including the likes of MGM Resorts International, Genting Singapore Limited and Hard Rock International.
Branch to be registered tomorrow:
The Hong Kong-headquartered company is already responsible for the giant Okada Manila integrated casino resort in the Philippines and detailed that it intends to register its new Japanese office tomorrow under the stewardship of Toji Takeuchi.
Enterprise to ‘study the potential’ of Japan:
The filing from Universal Entertainment additionally explained that its subordinate’s new Tokyo office will ‘study the potential of a casino resort business in Japan’ following July’s passage of the Integrated Resort Implementation Bill with the aim of ‘becoming a future business contact’ with determined ‘customer solicitation and marketing activities.’
GGRAsia reported that the earlier ratification of the Integrated Resort Implementation Bill could now result in Japan hosting a trio of Las Vegas-style integrated casino resorts complete with hotels, shops and conference facilities by 2025. However, the legislation requires all potential operators to partner with a local authority before entering the race for one of the licenses by presenting its development plans to the central government.
Market could be worth up to $20 billion a year:
American financial services giant, Morgan Stanley, stated in a July note that the casino market in Japan ‘could peg at a range of $11 billion and $20 billion gaming revenues’ annually. Alongside establishing the procedures for obtaining a casino license, the Integrated Resort Implementation Bill instituted a 30% tax rate on gross gaming revenues as well as a $53 individual entry fee for all Japanese nationals and residents wishing to gamble.