In an uncharacteristic flurry of activity, the normally tortoise-powered Shinzo Abe got casino enabling legislation through both houses of the 
Japanese Diet prior to adjournment. “To us the opportunity is thoroughly Japanese and thoroughly delicious,” said a lip-smacking Steve Wynn. Due to several complicating factors, including the need to write gaming regulations, we’re a long way from “Let the games begin!” However, Wall Street analysts are busy counting the money already. “On an overnight basis, we would expect Japan to exceed the [gross gaming revenue] of the Las Vegas Strip,” opined Union Gaming Group‘s Grant Govertsen.
How big of an opportunity? A Morgan Stanley analysis values the Tokyo/Yokohama area at $4 billion a year and Osaka at $2 billion. Despite widespread public opposition to casinos, a problem-gambling prevalence of 5% (exponentially greater pro capita than the United States) suggests the populace doth protest too much. However, what Abe gains in economic stimulus, he loses in political capital, as his favorability ratings have fallen during the casino push.
“After decades of study, it is clear that the the expansion of our industry in Japan will produce many of the same results it has in the United States,” wrote American Gaming Association President Geoff 
Freeman, “growth in jobs, tax revenues for community services, increased travel and tourism from foreign and domestic visitors — and vast economic expansion.” Not all of that expansion will flow to the American companies that are perceived as the frontrunners: Press reports indicate that overseas ownership could be held to as low as 40%, even 25%. Can you imagine Sheldon Adelson acceding to that? Sheldon doesn’t play well with others, as history has demonstrated.
* Speaking of which, Adelson may find himself on the outside looking 
in at Las Vegas‘ planned NFL stadium. [your city here] Raiders owner Mark Davis plans to move to Sin City with or without Adelson, reports Mike Florio. At present, the question of from whence Davis will replace Adelson’s $650 million piece of the action (and pledge to cover all cost overruns) is simply begged. Relocating to Vegas means moving to a much, much smaller media market but Florio reckons that NFL owners are going to allow it.
* Chalk up another loss for Florida Gov. Rick Scott (R). The latter demanded that Judge Robert Hinkle reverse his recent ruling that granted the Seminole Tribe blackjack for another 14 years. Unimpressed by the governor’s might, Hinkle wrote that his original ruling “correctly analyzes the issues.” In the meantime, the Seminoles continue to act in good faith, putting the state’s share of blackjack revenue in escrow, against that day when an accord is reached.
