Sheldon Adelson Makes a Visit to Japan for Getting Casino Updates

Sheldon AdelsonThe Chairman and Founder of Global Casino Operator Las Vegas Sands Corp (LVS) Sheldon Adelson have recently paid a short visit to Japan.

This octogenarian billionaire made visits to Osaka and Tokyo last week for getting updates on the latest situation regarding the casino legalisation process in Japan.

Ron Reese who is the Senior Vice President of Las Vegas Sand in Public Relations department made the following statement:

Mr. Adelson was in Japan (Tokyo and Osaka) to get an update on the situation there and offer LVS’s support in any fashion that might be helpful to the process overall, especially given his well-documented leadership in the MICE industry.

MICE is the abbreviated form of meetings, incentives, conferences and events segment which is regarded as a critical focus for the casino company in Singapore and Macau markets. In December last year, gambling was legalised in Japan, but another legalisation that contains detailed regulations for the casino industry is still under development. The second bill is named IR Implementation Bill that comprises of critical regulatory provisions like taxation rate, locations and a total number of casino licenses that are going to be issued in the first round.

According to Morningstar Report, Las Vegas Sands is regarded as the number one contender for the license, mostly because of its unbeaten track record in operation and development of gaming properties across the globe. MGM Resorts International is also a terrible contender in the race.

The trip was taken by Sheldon Adelson to Japan, and his meeting with the top executives shows how much Las Vegas Sands is willing to set up their casino operations in Japan market. The economy of Japan would be boosted by the casino industry, and it would also enhance the tourism industry.

As per the details that have been revealed so far, a bidding process would be held to determine who would get the casino license in Japan.

The Global Market Advisors LLC in a report stated that 1st round of proposal requests would be held for three integrated resorts. It would be followed by the 2nd round of proposal that would feature the shortlisted firms. Few media reports have stated that only two local and two urban licenses would be issued. The local governments are in line with the casino operators for developing proposals that would be submitted to Japan’s central government for the bidding process to take place.

As far as the casino locations are concerned, the analysts have predicted that the city of Tokyo would be stricken off because of nonavailability of clear commitments from the local government. The other reasons include finding an ideal location and the Summer Olympics 2020.

Jay Stevens

Jay Stevens

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