Published on : Feb 24, 2014
The world\'s largest gambling company according to market value-Las Vegas Sands Corp-has recently said that it is ready to invest up to USD 10 billion in Japan. The latter is projected to be the second-largest market for casinos in Japan.
The word comes from Las Vegas Sands billionaire CEO and Chairman Sheldon Adelson who said that the company will spend whatever it takes to set up a world-glass casino in Japan to harness the abundant business opportunities that exist here. He was speaking at a media briefing session at Tokyo, Japan. He said that though his company was even willing to pay all cash for the project, they would likely adopt the mortgage route based on a mortgage-to-value concept.
Adelson said that Sands is already hiring in Japan and is in the process of opening offices in the country already. And though he did not specifically name any firms, Adelson said that the company was open to partnering with local firms that would not just make a financial contribution, but would also help the growth of the casino in other ways.
In Japan, betting on bicycle races, boat races and horse races is currently allowed. However, casinos are currently not legal in the country. However, Sands feels that the company holds great potential as a gambling destination and is hoping to make the best of this untapped market by trying to gain a first mover advantage.
This aspect has only been enhanced by the fact that Tokyo has been selected to host the 2020 Olympic Games. With this, leading brands are confident that Japan may soon pass a law that legalizes casinos.
According to estimates by the Union Gaming Group, the casino market in Japan could potentially generate up to USD 10 billion by way of revenues per year, coming a close second to Macau in China.