Wednesday, December 14, 2016 12:40:17 PM
The law gives Prime Minister Shinzo Abe's government a year to develop specific plans on issues such as licensing operators and preventing gambling addicts from using casinos. The law doesn't by itself legalize casinos, but proponents say they hope to pass further legislation in coming years that would enable the first casino to open in the early 2020s.
For more than a decade, global casino companies including MGM Resorts International(MGM), Caesars Entertainment Corp.(CZR), Las Vegas Sands Corp.(LVS) and Wynn Resorts Ltd.(WYNN) have been working hard to make the case in Tokyo that resorts featuring casinos could boost the economy. They have hosted seminars, hired lobbyists and teamed up with Japan's major advertising agencies.
"We have been very active in Japan, meeting with key leaders in business and the government to understand the local needs and desires for integrated resorts," said Michael Weaver, senior vice president of marketing at Wynn.
A Caesar's representative said Japan was one of the company's top international priorities. "Las Vegas Sands(LVS) is prepared to make an unmatched investment in Japan," Sheldon G. Adelson, chairman of Las Vegas Sands Corp.(LVS) said. MGM Resorts(MGM) also said it hopes to "create a coalition of Japanese business partners" in bringing casino resorts to the nation.
Until Mr. Abe, Japanese leaders held back because the casino plan is unpopular. Polls have steadily shown that around three in five Japanese oppose the idea, fearing the gambling facilities would introduce crime and foster gambling addiction.
"This won't generate any added value whatsoever. Where is the growth strategy in this?" said opposition leader Renho, who goes by one name, in parliamentary debate last week. She said casinos would damage the "dignity of the nation."
Prime Minister Abe says casino resorts would boost economic growth through tourism, shopping and entertainment.
"Casinos would be a good tool to keep Japan's tourism growing even after the Tokyo Olympic Games in 2020," said Takayuki Miyajima, a senior economist at Mizuho Research Institute.
Defenders of casinos also observe that Japan already has plenty of gambling. In addition to publicly run lotteries and betting facilities for horse, motorboat and bicycle races, millions of people play pachinko, a Japanese version of pinball, at privately run parlors.
The pachinko industry earned more than $200 billion in revenue last year, according to the Japan Productivity Center. U.S. casino gaming revenue for the same period was $40 billion, according to the University of Nevada, Las Vegas, while Macau had $29 billion, said the Gaming Inspection and Coordination Bureau of Macao.
U.S. companies figure they'll hit the jackpot if they can move a fraction of Japan's gamblers to casinos while luring visitors from elsewhere in Asia.
Still, not every casino operator will likely get a license in Japan. Mr. Abe hopes to model Japan's system after Singapore, where a few casinos anchor resort areas.
Lawmakers advocating the casino resort plan say they expect U.S. companies would team up with local players such as entertainment companies, contractors and real-estate firms.
"We hope foreign companies work hand-in-hand with Japanese companies in bringing casinos," said Takashi Toyama, an executive at Panasonic Corp., which supplies surveillance systems to many of the world's major casinos.
Still uncertain is where the casinos will be located. While many regional leaders have expressed interest, Tokyo is seen as the most attractive prospect because of its convenience and big population.
"Tokyo is the only real crown-jewel opportunity in Japan," said a lobbyist for one U.S. casino company. "We all want it."
Recent WYNN News
- Form 8-K - Current report • Edgar (US Regulatory) • 09/20/2024 08:31:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/18/2024 12:07:39 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/16/2024 09:20:11 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 09/16/2024 08:24:12 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/14/2024 12:00:16 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/10/2024 08:06:08 PM
- Wynn Resorts Announces Pricing of Private Offering of $800 Million Aggregate Principal Amount of Wynn Resorts Finance 6.250% Senior Notes due 2033 • Business Wire • 09/10/2024 08:02:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/10/2024 12:05:50 PM
- Wynn Resorts Announces Private Offering of $800 Million of Wynn Resorts Finance Senior Notes Due 2033 • Business Wire • 09/10/2024 11:53:00 AM
- Dell, Palantir, and Erie Will Be Added to the S&P 500; Boeing Avoids Strike; Apple Event Takes Place Today • IH Market News • 09/09/2024 10:05:35 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/06/2024 09:25:26 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/03/2024 08:06:23 PM
- Big Lots Falls 27%, Considers Bankruptcy; DraftKings Acquires Simplebet, Berkshire Hits $1 Trillion • IH Market News • 08/29/2024 10:06:50 AM
- RELATED COMPANIES AND WYNN RESORTS UNVEIL NEW DETAILS ON THE NEXT PHASE OF HUDSON YARDS • PR Newswire (US) • 08/28/2024 04:32:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/14/2024 12:07:59 AM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 08/12/2024 08:31:01 PM
- Novo Nordisk Adjusts Outlook, Airbnb Drops 16% on Declining U.S. Demand, Lumen Technologies Surges 48% in Premarket • IH Market News • 08/07/2024 09:42:51 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/06/2024 08:51:29 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/06/2024 08:03:46 PM
- Wynn Resorts, Limited Reports Second Quarter 2024 Results • Business Wire • 08/06/2024 08:02:00 PM
- US Index Futures Rise After Market Sell-off, Oil Prices Trim Losses • IH Market News • 08/06/2024 09:49:06 AM
- Wynn Las Vegas to Host Four Sixes Ranch Steakhouse Pop-up This Fall • PR Newswire (US) • 08/05/2024 05:00:00 PM
- US Index Futures Up Ahead of Fed Decision; Oil Prices Surge Amid Middle East Tensions • IH Market News • 07/31/2024 10:01:30 AM
- Wynn Resorts Announces Second Quarter Earnings Release Date • Business Wire • 07/30/2024 08:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/29/2024 01:05:02 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM