The Japan Gaming Congress in Tokyo last month celebrated the country’s ascent to full-fledged casino legalization. It’s a momentous achievement decades in the making, one that carries nearly limitless possibilities. Research firm CLSA projects Japan’s initial three licensed integrated resorts will generate US$11 billion in revenue, more than double the revenue of Singapore, and in the 2030s, an additional seven IRs will bring the total to US$20 billion, more than the combined total of Asia’s four top markets ex-Macau, and firmly third in the global pecking order behind the U.S. and Macau. But we’re not there yet, and the delay in declaring the government’s fundamental policy on IRs and establishing Casino Administration Committee underscores how far there is to go and the pitfalls remaining.
At JgC, Morgan Stanley managing director in Hong Kong Praveen Choudhary boldly declared, ”Osaka will not open by 2025,” the date officials set to coincide with World Expo to run at an adjacent site on Yumesima island, off the city’s south shore in Osaka Bay. Subsequent delays to fundamental plan and casino commission suggest Choudhary will be proven right.