Las Vegas Sands Is Planning to Reenter the Japanese Market

Las Vegas Sands Is Planning to Reenter the Japanese Market

The up and coming commercial gaming industry in Japan received a big blow from Las Vegas Sands in May when it announced that it is not interested in getting one of the three integrated resort (IR) licenses in the country. Las Vegas Sands is considered one of the most prominent casino operators in the world.

Re-entry is possible

Managing director of Bay City Ventures, Joji Kokuryo said that Sands could be reentering the bidding race. However, the Japanese government will have to issue more favorable regulations to make the local market attractive for the gaming giant. In May, the company’s founder, chairman, and CEO Sheldon Adelson said that the country’s regulatory framework around integrated resorts has made the company’s goals unreachable in the market.

Las Vegas Sands Is Planning to Reenter the Japanese Market

Kokuryo believes that Adelson may change his views if the government brings out favorable regulation. He said,

“Every IR operator has their own plans, with unique financial formulas and different levels of pure optimism. If any were to leave Japan, it would be due to their own accumulative business outlook and evaluation of the market.”

Kokuryo is an advisor to the Gaming Standards of Japan. He has also worked in other leading IR markets in Asia, like Macau and the Entertainment City in Manila, Philippines. He said that if the business sounds sensible, Sands will be back. It hasn’t left Japan forever.

Pushbacks because of COVID-19

The Japanese gaming industry has been gravely affected because of the coronavirus pandemic. It has affected every casino’s ability to create local consortiums in the targeted city and prefecture. Once travel came to a halt, international firms started to depend on remote business dealings. Yokohama, Wakayama, and Osaka have already extended their timelines for choosing a casino project. This decision will help casino consortiums in getting extra time to formalize their applications.

Osaka has extended the deadline on request for approval (RFP) by six months. Now they are planning to work their bids through early 2021. Wakayama will be accepting submissions for RFPs till October 19, 2020. Yokohama is yet to announce the deadline. It will only be done after the federal government finalized its IR Basic Policy.

About sherlock

Sherlock Gomes loves to write and express his views on anything related to Gaming, Gambling, & Casino. He has been covering Gaming for more than two years now.