Las Vegas Sands will “spend whatever it takes” to set up a casino project in Japan, according to CEO Sheldon Adelson.
Japan is one of the largest untapped markets in the world and should the country regulate casino gaming in the next few years, Las Vegas Sands is considered a strong candidate to win a licence.
“Would I put in $10bn? Yes,” said Adelson at a news media briefing in Tokyo. “Would I rather do it at seven [billion]? Yes.”
Las Vegas Sands has already invested in the Asian gaming market with Singapore and especially Macau contributing to record net revenues of $13.77bn in 2013.
Brokerage firm CLSA has estimated that the Japanese market could generate $40bn in gaming revenue yearly, assuming two large integrated resorts are set up in Tokyo and Osaka, and 10 smaller sites open in places such as Hokkaido and Okinawa.
That would make Japan the second-largest gaming market in the world, trailing only behind Macau, which CLSA claims is set to bring in revenues of $51bn in 2014.
Asked whether he would work with Japanese companies, Adelson said he would be “willing to embrace Japanese partners” if they contribute fairly and adopt a risk-taking mentality.
Japanese lawmakers submitted an initial promotional bill to parliament in December to legalise gambling, which is expected to be debated in May. If passed, it will go into a second bill with concrete regulations, which have the potential to be passed in 2016.
If the legislation process is smooth, casino backers hope the first resort could be opened in time for the Tokyo Olympics in 2020.
