In Japan and the city of Yokohama has reportedly announced that it will be lodging a formal bid in hopes of securing one of the three casino licenses being made available following last year’s ratification of the Integrated Resort Implementation Bill.
According to a report from the Reuters news service published by KFGO.com, the city of some 3.7 million inhabitants is hoping that its close proximity to Tokyo will make it an attractive candidate to host one of the coming integrated casino resorts and give it an advantage over other already declared runners such as Sasebo, Osaka and Chiba City.
Reuters reported that Yokohama was initially reluctant to bid for one of the coming licenses owing to crime and gambling addiction concerns although Mayor Fumiko Hayashi used a press conference earlier today to declare that such a facility will enable his city to attract more tourists and foreign investment.
Hayashi reportedly stated…
“We must look to Yokohama’s future, the 20 to 30 years ahead. I’ve come to the conclusion that in order to achieve growth and development, we need an integrated [casino] resort.”
Giant American casino operator, Las Vegas Sands Corporation, immediately reacted to the revelation by detailing that it has now abandoned Osaka in favor of Yokohama. Sheldon Adelson, Chief Executive Officer for the Las Vegas-headquartered firm, used a subsequent statement to proclaim that ‘an investment in Tokyo or Yokohama gives us the best opportunity’ and that his firm will now be seeking partners to help it bring an integrated casino resort to the Kanagawa Prefecture capital city.
Alongside LV Sands Corp, American casino behemoths such as MGM Resorts International, Wynn Resorts Limited and Caesars Entertainment Corporation are eyeing up the prospect of opening a casino in Japan. The news service detailed that the three-venue market could eventually be worth up to $20 billion a year and help the nation of some 128 million people to maintain tourism and investment following the conclusion of the 2020 Summer Olympics, which are to be held in Tokyo from late July.