Japan IRs to open after 2026
Experts have assessed the future of IRs in Japan and forecast that they won’t open until at least 2026.
Japan.- Despite the excitement surrounding integrated resorts (IR) in Japan, experts say that there might still be a while before they finally open. According to panellists at the ASEAN Gaming Summit, major venues in the country could take at least until 2026 before they finally open as they still have hurdles ahead prior to the Implementation Bill’s approval.
Senior research analyst at CLSA Securities, Jay Defibaugh, said that the market has the potential to generate GGR of about €20.3 billion beyond 2030 if two urban IRs and 10 regional properties finally open. Meanwhile, Spectrum Gaming Group Managing Director Fred Gushin raised the stakes and estimated a market worth €24.4 and €28.4 billion in 10 to 15 years.
Despite optimistic projections, the market still needs to get proper regulation, operators say. Daniel Cheng, senior VIP casinos, Asia, at Hard Rock International said: “I agree that it will be a huge market if it is properly legislated. It’s very likely the rules and regulations might be tighter than Singapore.”
Senior manager at the integrated resorts team at PWC Consulting Masahiro Terada wasn’t as optimistic as his peers and suggested that some may be overestimating the support the IRs will get from the local market: “The local market is not mature. In five to ten years, then the local market will expand,” he said.
Current legislative session will end on June 20th and the government expects to pass the IR Implementation Bill before that date. However, it has been delayed over and over with many complications to still be overcome.
