02-06-2014, 10:46 PM
Crown’s hopes rise as Abe signals end to casino ban
THE AUSTRALIAN JUNE 03, 2014 12:00AM
Rowan Callick
Asia Pacific Editor
Melbourne
JAPAN’S Prime Minister Shinzo Abe has for the first time acknowledged the economic value of casinos following visits to two venues in Singapore, reinforcing the likelihood that legislation to permit their establishment will be introduced by the end of July.
The $40 billion-a-year potential of the Japanese gaming market makes it the top priority internationally for the Melco Crown business partners James Packer and Lawrence Ho. Mr Packer visited Tokyo in April with the business delegation accompanying Prime Minister Tony Abbott.
Last Friday, Crown resorts chief executive Rowen Craigie told Australia in China’s Century conference in Melbourne that “with Lawrence, we’re looking at the possibility that the Japanese government might introduce legislation to permit integrated resorts.
“Melco Crown Entertainment would be very interested if that opportunity arose.”
Mr Abe, in Singapore to present his controversial keynote address to the Shangri-La security conference, said after visiting the US-owned Marina Bay Sands and the Malaysian-owned Resorts World: “I think integrated resorts will be a key part of Japan’s economic growth strategy.”
Following a decade of discussion in Japan about allowing casinos, winning the 2020 Olympic Games for Tokyo proved a catalyst for the introduction of legislation that is now expected to be passed in the northern autumn.
Mr Abe said he would like MPs “to deliberate with a perspective of what needs to be done to bolster Japan’s attractiveness, and how to get people to visit”.
Last week Genting told Singapore Exchange that it had already established eight subsidiaries in Japan, and American billionaire Sheldon Adelson vowed to spend $11bn on developing a casino resort. Wynn and MGM Resorts said last month they planned initial public offerings for Japanese resorts, with local equity partners.
Japanese parliamentarians favour integrated resorts with restaurants, broader entertainment options and conference facilities as well as gaming. Betting on horse, boat and bicycle races is permitted in Japan.
Todd Nisbet, the Crown executive leading the Japan casino bid, has said: “We think a local partner is a key ingredient. There have been meetings with various companies in Japan.”
The chief Asia-Pacific economist at IHS Global Insight, Rajiv Biswas, has estimated that the construction phase of two massive casino resorts, if licences are granted, could add 0.2 per cent to Japan’s GDP growth.
THE AUSTRALIAN JUNE 03, 2014 12:00AM
Rowan Callick
Asia Pacific Editor
Melbourne
JAPAN’S Prime Minister Shinzo Abe has for the first time acknowledged the economic value of casinos following visits to two venues in Singapore, reinforcing the likelihood that legislation to permit their establishment will be introduced by the end of July.
The $40 billion-a-year potential of the Japanese gaming market makes it the top priority internationally for the Melco Crown business partners James Packer and Lawrence Ho. Mr Packer visited Tokyo in April with the business delegation accompanying Prime Minister Tony Abbott.
Last Friday, Crown resorts chief executive Rowen Craigie told Australia in China’s Century conference in Melbourne that “with Lawrence, we’re looking at the possibility that the Japanese government might introduce legislation to permit integrated resorts.
“Melco Crown Entertainment would be very interested if that opportunity arose.”
Mr Abe, in Singapore to present his controversial keynote address to the Shangri-La security conference, said after visiting the US-owned Marina Bay Sands and the Malaysian-owned Resorts World: “I think integrated resorts will be a key part of Japan’s economic growth strategy.”
Following a decade of discussion in Japan about allowing casinos, winning the 2020 Olympic Games for Tokyo proved a catalyst for the introduction of legislation that is now expected to be passed in the northern autumn.
Mr Abe said he would like MPs “to deliberate with a perspective of what needs to be done to bolster Japan’s attractiveness, and how to get people to visit”.
Last week Genting told Singapore Exchange that it had already established eight subsidiaries in Japan, and American billionaire Sheldon Adelson vowed to spend $11bn on developing a casino resort. Wynn and MGM Resorts said last month they planned initial public offerings for Japanese resorts, with local equity partners.
Japanese parliamentarians favour integrated resorts with restaurants, broader entertainment options and conference facilities as well as gaming. Betting on horse, boat and bicycle races is permitted in Japan.
Todd Nisbet, the Crown executive leading the Japan casino bid, has said: “We think a local partner is a key ingredient. There have been meetings with various companies in Japan.”
The chief Asia-Pacific economist at IHS Global Insight, Rajiv Biswas, has estimated that the construction phase of two massive casino resorts, if licences are granted, could add 0.2 per cent to Japan’s GDP growth.