Yokohama Open To Having An Integrated Casino Resort
The Japanese government is eager to get its casino industry up and running but knows that it cannot rush the process if it wants to do it right. The current objective is to shortlist the cities that will be responsible for hosting multi-billion dollar casino resorts.
The front runners are Wakayama, Osaka, and Nagasaki but they are getting another competitor in Yokohama. The city wants to get a chance to stimulate its local economy and tourism industry. Yokohama has thrown its hat into the ring and is eager to get the rights to host an integrated resort.
Las Vegas Sands Corp was quick to take advantage of the announcement. The biggest casino operator in the world announced that it wished to pursue development of an integrated resort either in Yokohama or in the capital city of Tokyo. Though Osaka has been campaigning heavily to be one of the main cities to host an integrated resort, most casino operators including Sands Corp have decided to overlook Osaka.
Global casino operators are eager to secure a gaming license to the lucrative Japanese market which is set to become one of the top three richest casino markets in the world. It also helps that it is close to China, where some of Asia’s wealthiest gamblers are. Japan has plans to license three casino resorts and the competition for which city gets to host these resorts is very fierce.
Las Vegas Sands is not the only operator that expressed interest in opening a casino in Japan. Other big names like MGM Resorts, Wynn Resorts and Caesars Entertainment have also shown interest. Sands Corp and MGM have committed to investing over $10 billion to develop an integrated resort.
Yokohama Identifies Potential Site
Yokohama’s bid for getting an integrated resort was slowed down by worries about crime and gambling addiction that many think will follow these casinos. However, Mayor Fumiko Hayashi says that the city is looking towards the future when it comes to developing an integrated casino resort as a multi-billion dollar casino resorts will bring many benefits.
Yokohama has already set aside a 47 hectare site for the potential casino resort. It is located on city’s waterfront but the mayor has acknowledged that this is not final. Furthermore, the plan is to get $2.4 million of public funds to help in construction. With the potential of earning $7 billion to $8 billion a year, this could be a good investment for the city.