We’ve been hearing about the U.S. casino companies that want to build megaresorts in Japan, as that company gears up for the 2020 Olympic Games. That’s all well and good. But major forces in Japanese industry are putting some elbow grease into the effort. Convenience store chain Lawson and brewer Suntory have lent their support. “The group will work closely with lawmakers in support of the bill, make policy recommendations in collaboration with local governments and companies, and advocate for legalization to the public, [former Japan Tourism Agency director Toshiro] Mizohata said.” Suntory executive veep Shingo Torii and Lawsons CEO Takeshi Niinami will be among the pro-casino voices.
U.S. casino companies find themselves in the unaccustomed position of being supporting players, but don’t count them out … especially with a potentially $15 billion market at stake.“Foreign investment is viewed as essential to success in the two major cities, and hence we suspect they will see majority foreign [i.e. Japanese] ownership,” wrote one analyst. Caesars Entertainment continues to court Osaka. As many as four megaresorts could be permitted, in which case Las Vegas Sands is thought to have a lock on one of them, probably Tokyo, with Genting Group not far behind. That leaves MGM Resorts International and Wynn Resorts fighting not to get left out in the cold. Mind you, we’re probably 16 months from final legislative approval, an eternity in the casino industry.
Racinos in Pennsylvania are mandated to maintain live racing. Harrah’s Philadelphia isn’t able to do that, due to the condition of the track. “According to the Associated Press, state racing regulators said Harrah’s Philadelphia has repeatedly failed to tell them how they plan to address problems with the track.” One accident has already occurred and the stonewalling is just what we’ve come to expect from Caesars, sadly. But the continued operation of the casino is contingent upon the ponies, so I’m sure they mean it when they say the “issue will be resolved.”
It’s been quite a run of bad luck for Harrah’s Philadelphia. It’s been fined 20 grand for underage gambling and another $70K for regulatory violations involving currency handling. Seems like they’ve gotten a little sloppy there.
