Las Vegas-based MGM Resorts International (MGM.N) could plow almost $10 billion into a Japanese casino via a publicly traded real estate investment trust, its chief executive said on Monday, as Tokyo inches closer to legalizing the industry.
Casinos are currently banned in Japan, but the odds of their legalization have improved sharply thanks to political shifts that could open the world’s next great frontier for high-roller gambling.
Chief Executive Officer James Murren said MGM would spend between 500 billion yen and one trillion yen ($4.8 billion-$9.5 billion) on an “integrated resort” – a large-scale project combining casinos with hotels, shopping and conference space – in Tokyo, Yokohama or Osaka.
Source: MGM Resorts ready to bet up to $10 billion on Japan casino, possibly via REIT | Reuters
Macau is rebounding, but it’s a whole new crowd.The worst may be over for global gambling capital Macau, yet not every casino is in line to win big.
The number of Chinese visitors to the gambling hub rose 7% from a year ago during the just completed weeklong holiday celebrating China’s National Day. Gross gambling revenue in the first 10 days this month is 18% higher than last year, says Bernstein. Partly, the strong growth was due to the low base last year affected by a typhoon. For the whole of October, analysts expect a 5% to 8% year-over-year increase, the third straight month of growth.
This is a relief after a long stretch of shrinking revenues. But the glory days are far behindas the type of bettors visiting Macau has changed.
Source: Who Wins Big When Macau Gamblers Return – WSJ