Legalizing casinos promised a golden era of tourism in Japan. However, it seems like Japan casino plans are going nowhere. Las Vegas Sands surprised everyone by announcing they don’t want to take part in any casino project in the country.
There were already doubts about the casino projects after a bribery scandal. With Las Vegas Sands’ pull out, other casino firms would be more conservative with their plans. Companies would reduce the scale of their investment in Japanese integrated resorts after LVS’ move.
Las Vegas Sands’ withdrawal means that they see the profitability of the casinos to be too low. As a result, other companies would reduce their bidding prices. According to Las Vegas Sands CEO and Chairman Sheldon Adelson, they would spend $10 billion to construct an integrated resort in Japan. However, that was before the company changed its mind.
Japan Casino Plans
Adelson told sportsbook pay per head news sites that their development plan for an IR made its goals in Japan unreachable. They want to focus their energy on other opportunities. Las Vegas Sands was one of the frontrunners for an integrated resort contract in Yokohama. Other candidates include Galaxy Entertainment, Wynn Resorts, and Melco Resorts and Entertainment.
Wynn declined to comment on what its plans are for the IR projects in Japan. Based on the best bookie software reports, MGM Resorts International is the only casino firm bidding on an IR in Osaka.
Casino firms are feeling immense financial pressure from the coronavirus pandemic that led to closures. Although the coronavirus played a part in LVS’ decision, it is the complex rules for the casino development that did it for the company.
Based on pay per head sportsbook sources, Adelson said that Japan needs to make the rules less complicated. Japan plans to give out three licenses for integrated resorts. Also, it hopes to open the IRs in 2026.