Japan is expected to announce in 2023 the location of its first casino resort
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The long wait for legalized gaming in Japan could extend even further with the Ministry of Land, Infrastructure, Transport, and Tourism not confident it will be able to reach a final decision by the end of 2022 on proposals from the Osaka and Nagasaki prefectures for the location of the first integrated resort in the nation.
The Osaka proposal is backed by a consortium between MGM Resorts International (NYSE:MGM) and ORIX Corp. (IX), while Casinos Austria International is working on the Nagasaki proposal.
Of note, Osaka Governor Hirofumi Yoshimura said on Monday that the MGM-ORIX resort could be viable even without Chinese players flooding in. Meanwhile, Casinos Austria International has addressed questions on its funding plans and is moving forward. Notably, Las Vegas Sands (LVS) pulled its bid for an integrated resort in Japan back in 2020.
Despite the slow development track for casinos in Japan after the legalization bill was first passed in 2018, analysts are still watching the gaming pursuit in Japan with as many as three integrated resorts eventually expected to be ultimately approved. The timing for the resorts could be attractive amid the uncertainty in Macau with local rules on casino diversification and the COVID recovery only inching along.
The long wait for legalized gaming in Japan could extend even further with the Ministry of Land, Infrastructure, Transport, and Tourism not confident it will be able to reach a final decision by the end of the year to rule on proposals for the Osaka and Nagasaki prefectures for the first integrated resort in the nation.
The Osaka proposal is backed by a consortium between MGM Resorts International (MGM) and ORIX Corp. (IX), while Casinos Austria International is working on the Nagasaki proposal.
Of note, Osaka Governor Hirofumi Yoshimura said on Monday that the MGM-ORIX resort could be viable even without Chinese players flooding in. Meanwhile, Casinos Austria International has addressed questions on its funding plans and is moving forward. Las Vegas Sands (LVS) pulled its bid for an integrated resort in Japan in 2020.
Despite the slow development track for casinos in Japan after the legalization bill was passed in 2018, analysts are still watching the gaming pursuit in Japan with as many as three integrated resorts eventually expected to be approved. The timing for the resorts could be attractive amid the uncertainty in Macau with local rules on casino diversification and the COVID recovery only inching along.
