If bill is passed Japan could become massive casino market.
Some of the world’s biggest casino owners are talking business with the local government of Osaka, Japan’s second-largest city. Major firms Caesars Entertainment Corp., Genting Singapore Plc, and MGM Resorts International have expressed interest in developing a $4.8 billion casino resort in Osaka.
Of course, it all hinges on discussed changes to Japanese gambling laws. As it stands, casino gambling is illegal in the country. But national lawmakers are debating a bill which would change that, and Osaka is meeting with casino owners on the expectation that legalization is just a matter of time.
Potential Pacific gambling hub?
Given the exorbitant figures being thrown around, casino owners: #1 expect legalization soon and #2 view Japan as an excellent potential market. Given its wealthy population and distance from other gambling hubs like Macau and Las Vegas, there is reason to think that the industry would do extremely well there. In addition, online casinos in Japan are still illegal, meaning that local gamblers may be more likely to visit land-based establishments.
Investors are excited by Osaka for a variety of reasons, not least of which being the affordability of land in comparison to Tokyo. A recent study predicted that a casino resort in the city could gross $5 billion annually, double what Atlantic City’s 12 casinos pull in together.