In Wake Of Olympics 2020 Selection For Tokyo, Casino Developers Optimistic About Japan: ReportSome Think Legalization Could Occur As Early As This Fall |
|
On Monday, it was announced that Tokyo won the bid to host the 2020 summer Olympics. The decision was widely celebrated in Japan and even has some casino firms lining up their chips for likely development there, according to reporting from Bloomberg.
The Olympics coming to Tokyo reportedly has increased confidence that legislative authorization of full-scale, Las Vegas-style casino-resorts will eventually come to fruition. Some in Japan have tried before to legalize such gambling, but efforts failed.
The idea is to have casinos up and running to capitalize on the massive boom in tourism and spending that will hit the country when the Olympics arrive.
Some of the top casino firms in the world, such as Caesars Entertainment Corp. and MGM Resorts International, have been monitoring the situation in the country for awhile now.
“We are starting to think through designs and master plans and partners we think would be most appropriate and really starting to invest more heavily in this effort,” Steven Tight, president for international development for Caesars, told Bloomberg in an e-mail.
“There’s a growing consensus [in Japan] that gaming will be expanded, and we plan to participate in that process. I think our operating and development expertise as well as our ability to be good partners are great advantages for us,” MGM CEO Jim Murren said about a month ago in a second quarter earnings call, according to HotelNewsNow.com.
A couple of casino industry analysts reportedly pegged casino legalization for this fall. It would of course take a handful of years to complete the licensing and construction phases.
Some expect Japan to exceed Nevada in terms of gambling revenue (the Silver State brings in around $11 billion annually) once the industry is fully developed (post-Olympics).
Macau brought in $38 billion last year. Japan could be second best in the world.
Tokyo beat Madrid and Istanbul to host the 2020 Summer Games.
Japan’s possible casino-resort legalization comes as other countries in the region at large — such as Vietnam, Taiwan and Russia — look to increase their respective gambling industries. Everyone has noticed what full-fledged casino legalization has done for Macau.
Japan has around 128 million people and is the world’s third-largest economy. Betting currently exists in Japan on Pachinko, a popular pinball-like slot machine that awards prizes.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
