IAG JANUARY 2017 WEB - page 10

inside
asiangaming
January2017
10
Cover Story
expects “the devil will be in the details” and doesn’t expect “full
clarity” on regulations until 2018, withno opening before 2023.
Whatever the timing, each issue represents a key decision point
that will set the trajectory of Japan’s casino industry.
“Without knowing the tax rate, sizes of casinos allowed and any
stipulations that could potentially be placed on locals gambling, it
is not possible to put forth a credible estimate” of the initial market
size,MrGallaway contends.
Start with the number of IRs and their locations. The general
Handicapping
theField
Japan is the holy grail for casino gambling in Asia –
assumingMacau is as close as casinoswill come tomainlandChina
– andnearly everyonehas joined thehunt.
The Japan opportunity comes as a US$20 billion capital
investment cycle in Macau winds down, with few other appealing
Asian options at a scale and projected return to entice major
players. IRs in Japan’smajor metropolitan areas could cost US$10
billion, whileUS$100millionmight build regional IRs. Here is how
multiple sources, under condition of anonymity, assess the leading
Japan IR contenders.
By
MuhammadCohen
Bloomberry
is
considereda leading
contender for a license
inbothOkinawaand
Hokkaido thanks to the
business connections
ofChairmanandCEO
EnriqueRazon
“RequiringJapaneseownership
inan IR could changehow
international operatorsapproach
bidding, andamandate for
Japanesemajorityownership
would substantiallyreshape the
fieldofapplicants.”
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