Wynn Resorts Targets Integrated Resort in Japan

Japan is ready for a new casino resort and operators can begin preparing proposals. Before making an official announcement, the country must compile a basic policy for candidates. The policy should represent a general framework on required conditions for future bids. According to the press release, the Japan Tourism Agency has just completed basic policy and operators are impatient to read its content.

Details

Basic Policy was released this past Wednesday by the Japan Tourism Agency. The instructions include several parts like designations of future IR districts, financial conditions for potential operators and interaction between casino operators and the local community. It further focuses on the question of possible resort impact on local tourism and economy. The rules also state how to curb crime related to gambling.

The basic policy fails to include an expected timeframe for the launch of the project. The start of the bidding procedure has originally been planned for this year. However, it becomes apparent that the entire process is going to be postponed for 2020. The basic policy draft is open for public comments until October 3, after which the comments will be checked and further discussed. The final version will be ready for July next year and bidding will commence around the same period.

Wynn Plans

Meanwhile, we can see Wynn Resorts as a potential candidate for a Japanese integrated resort. Commenting on the company's plans, Wynn Resorts Development President for Japan, Chis Gordon said:

“We are ready to pull out all stops to build a venue that apparently could be seen with the naked eye from the stratosphere. The government has set goals for the next 20 years to raise tourism to a very high level. We like that. It’s also a society that has had an interest in gaming. They certainly have gaming now, with pachinko, horses, and motorboats.”

He added:

“In Osaka, it would be in between 2 (million) and 3 million sq. feet (186,000 to 280,000 sq. meters) for a MICE [meetings, incentives, conferences, exhibitions] facility. That’s probably eight times the size of (Encore Boston Harbor). This would be much larger than the investment in Cotai. But the reason we didn’t put an exact number on it is it’s very early, we still have a lot of design to do, a lot to learn.”

Source:

“Wynn wants world's largest resort in Japan as draft IR rules are published“, Erik Gibbs, calvinayre.com, September 5, 2019.