Japan – Two years until Japan law would be ‘perfect’ for CrownBy Phil - 19 August 2013
Crown’s owner James Packer believes that Japan would be the second biggest casino market in the world if it was to legalise Integrated Casino Resorts, adding that if legislation was formalised in two years the timing would ‘perfect’ for the Australian and Macau operator.
Crown already operates or part operates casinos in Melbourne, Perth and Macau and is planning venues in Manila, Sydney and Sri Lanka .
Mr. Packer said: “If Japan comes on it will be the second-biggest gaming market in the world. It has 100 million people who are all mad gamblers but they are all doing it through horse racing and pachinko. Japan is looking at the Singapore story. Done wrong, gambling can be parasitic. But done right it can be hugely additive. With integrated resorts done well, the good outweighs the bad. Singapore is proof of that.”
“Japan is two to three years before it all gets serious, which is perfect for us because we will have Macau Studio City open and the Philippines open. Crown Perth will be finished and Crown Sydney should be well under way, approvals pending. It is just going through the political process at the moment in Japan.”
A bill is expected to be passed to the Diet by the end of 2013.
Brokerage firm CLSA believes that two ICRs in Tokyo and another in Osaka would bring in revenues of $10bn each year.