Japan projects still unclear

Japan projects still to be shaped.

Melco chairman and CEO Lawrence Ho Yau Lung. (Credits: macaubusiness.com)

There’s still some aspects to be determined in order to regulate the gaming market in Japan, and Melco has commented on it.

Japan.- Melco Resorts and Entertainment vice presidente and CFO Geoffrey Davis warned about the uncertainty surrounding future venues in Japan. He commented that “having a definitive view of what is going to be built” in the Asian country would be “presumptuous at this point.”

“What we are thinking is all about innovative, unique, really groundbreaking design,” he said. “We are not going to pick up a property (design) in one market and put it in another. We’ll be inspired to do something unique and spectacular.”

The company has a prosperous business in the eastern continent, with casino operations in Macau and the Philippines and has now targetted Japan. Chairman and CEO Lawrence Ho Yau Lung said at the CLSA Japan Forum in February that Melco will “absolutely spend whatever we need to win” a casino licence in the region.

According to Morgan Stanley, casino venues in Japan will open as far ahead as 2021 and after, since there’s still a bill to be passed towards the end of 2017 in order to set the administrative framework of the soon to be established industry. On December 14, casino activity was legalised after they passed a bill that made possible for foreign firms to bid jointly for a license with local operators.

Earlier this week, Melco separated from Crown and the prospect that they would apply for a license together faded away. However, Aegis Capital Corp analyst David Bain assured that “Melco Resorts has made significant headway with a very significant potential partner based in Japan.”