- MGM Resorts International to expand offices in Tokyo within 30 days
- Plan to enter ‘potentially’ world’s second-largest casino market
- Las Vegas Sands and Melco Crown Entertainment also to increase presence
MGM Resorts International and a number of other huge players within the Las Vegas Casino market are making moves to boost their profile in Japan, it has emerged.
According to Reuters, James Murren, Chairman and Chief Executive of MGM Resorts International told a Tokyo investors conference that “We are going to have larger offices here in Tokyo”.
The plans for MGM Resorts to get a foothold in the Japanese casino industry came well before casino gambling was made legal by lawmakers on December 14. The company had already put itself forward as a candidate for a Japanese gaming license a few months prior to this.
Murren has said that “$10 billion dollars is a good number at this point”, when asked how much of an investment MGM Resorts will need to make when opening its ‘planned’ resort in Japan. One that will look like many of those that line the Las Vegas strip, but surely one with its own futuristic Tokyo twist.
This figure was echoed by Sheldon Adelson, the Chairman and CEO of Las Vegas Sands – one of MGM Resorts’ biggest American rivals, when he estimated between “$6 billion and $10 billion”.
World’s second largest gambling market
However, Lawrence Ho Lau Yung, Chairman and CEO of Melco Crown Entertainment ltd, told the same conference that “there was no predetermined cap on our intended investment in Japan”.
With billions of dollars of casino investment to be injected into Tokyo, it has the potential to become the second largest gambling market in the world.
It is unclear when development will start, as MGM is currently at the market research phase, following the recent hiring of 15 new staff members who will work in Japan with nine of those being based in Tokyo itself.
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