Caesars pulls out of race for Japan casino resort
Caesars Entertainment Corp has pulled out of the running for a lucrative license for a casino in Japan.
Caesars will instead concentrate on its current restructuring strategy as it moves forward with a merger with Eldorado Resorts Inc.
That deal is expected to complete later this year.
Japan is the hottest new market with all the world’s major players vying for one of three licenses to operate an integrated casino resort.
The market is expected to become the second largest in Asia after Macau but building costs for each resort could be as high as $10 billion.
"As Caesars has pursued a license to operate in Japan over many years, we have been treated with respect and goodwill by the Japanese government, business and community leaders," said Caesars chairman Jim Hunt.
However competition is still fierce.
MGM Resorts International, Las Vegas Sands Corp, Galaxy Entertainment Group and Wynn Resorts have all signalled interest for one of the first phase resorts, which include Osaka and Yokohama.
In Osaka alone, there are seven operators competing for the license.
The exact locations will be chosen next year.
It is expected that gaming revenue could exceed $20 billion a year.
A law finally passed last year officially legalizing gaming in integrated resorts with various restrictions.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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