Operator News
Japan – Wynn closes door on its Yokohama office but says Japan is still an interest
By Phil - 4 August 2020
Wynn Resorts has shut its Yokohama office due to the process to award Japanese casino licenses being delayed although it said it was still interested in the project.
Wynn stated: “The pandemic is having an unprecedented negative impact on integrated resort development, and resort companies such as Wynn are considering how we evolve our operations to align with a post-pandemic market. Long term, we remain interested in the Japan integrated resort market and will monitor the situation closely.”
Caesars Entertainment pulled out of the race for a Japanese casino last year, to focus on its buy out from Eldorado Resorts. Las Vegas Sands exited in May saying taxes were too high and the licences weren’t for long enough.
MGM Resorts International is the only remaining bidder for a casino in Osaka.
MGM President and CEO Bill Hornbuckle said: “We will only make this investment if we think it’s going to be prudent, if we think it’s going to pay the kind of returns that we need to meet our expectations. There is a long way to go. We love where we’re sitting, we love the opportunity in Osaka, we love our partner in ORIX. We also like that we are not fully ‘all-in’ on this investment and we like the fact that there is probably going to be a delay and a reopening of some of the conversations that will hopefully make this a better investment for anyone that is interested in it, most notably us.”
