In a bold and expensive move, Las Vegas Sands Corp, the casino empire owned by Sheldon Adelson, could spend up to $10 billion building a new casino resort in Japan. After the undeniable success in Macau, experts are pointing to Japan as the next casino market with the ability to boom, and Adelson is making sure his company gets in under the gun.
“It would be at least what we paid in Singapore, $6 billion including the land, but it could be as much as $10 billion,” Adelson said at a conference in Tokyo.
It has only been a few months since Japan legalized casinos and the government has until the end of this year to draft industry-regulated rules. They then have to pick operators and choose the locations of what legislation calls “integrated resorts” – complexes that include a casino, hotel and shopping. MGM Resorts, Wynn Resorts Ltd, Galaxy Entertainment Corp Ltd, and Melco Crown Entertainment Ltd (based in Hong Kong) are all in the running for the first license.
“We believe the opportunity exists to drive significant growth in sustainable travel and tourism — particularly from international segments — along with the creation of thousands of jobs and long-term economic benefit,” MGM Resorts said in a statement when Japanese gambling was legalized.
Reuters reported that Japan is likely to pick operators and locations by 2019 and hope to have casinos operating by 2023.
Featured photo credit: Wikimedia Commons.
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