With the whole country of Japan gripped with Olympic fever, ever since it was announced as the host nation for the 2020 Olympics, rumors of change have circulated throughout the country.
Japan has stringent laws when it comes to gambling – outlawing such activities under a banning order referred to as the Criminal Code, Chapter 23. There are however, some exceptions, which include locals being allowed to bet on horse racing and some forms of motor sports.
But for the foremost Japanese residents have been without the ability to gamble for hundreds of years, looking at their Asian counterparts with envy as world-renowned magnificent structures like the Venetian in Macao sprout up for the rest of the world to gaze at in awe.
This could be set to change though as Japan looks to “loosen” its laws on gambling in time for the Summer Olympics in 2020 in a huge bid to maximize its profits for 2020 event. If the gaming bill gets passed, global brand MGM Resorts International looks to pounce and take full advantage.
In September MGM unveiled plans at the Mizuho Investment Conference via President Bill Hornbuckle who hopes to build a casino in Tokyo ready for the 2020 Olympics. Hornbuckle told Japan Times that the propose casino was a “landmark destination attraction … uniquely Japanese, not a copy of an integrated resort from Las Vegas or Singapore.”
Regardless of how unique MGM claim the casino will look if the gaming law is passed, they will no doubt have seen the success of the Venetian in Macao and taken inspiration from that. Ever since InterCasino was launched online in the late 90s, casino companies have had to think outside of the box to keep profits rolling in. Online gaming has had a detrimental affect to the industry’s profits. However, structures like The Venetian have showed sustainability unlike some casinos that have fallen because of online gaming’s overhaul of the market. The Venetian has prospered because of its wide array of entertainment offerings as well as over 3,000 hotel suites that it offers to its patrons as opposed to just gaming options like some of the failing casinos in Asia.
Japanese officials will look at the sustainability of the Venetian and no doubt will want to recreate this savvy business model for any prospective casino being built in Tokyo, Japan for the start of the Summer Olympics in 2020.