Sands to invest up to €11 billion in Yokohama

Sands to invest up to €11 billion inYokohama
Las Vegas Sands revealed it may spend between €9-11 billion in Yokohama.

Las Vegas Sands authorities said they could spend up to €11 billion in a Yokohama integrated resort if it gets to develop a venue there.

Japan.- As the casino industry nears Japan, developers and operators are positioning themselves to get the future licences. That’s why Las Vegas Sands revealed it may spend between €9-11 billion in Yokohama.

During an earnings conference, President and Chief Operating Officer Robert Goldstein revealed their projections. “I think (€9 billion) is the starting point,” he said. “And I don’t think anybody’s going to do for less than (€9 billion) unless you’re going to do something sub-par.”

“You know we have the balance sheet and the capability and the skill set to do it,” he added. “The question is, can we get a return that?”

Yokohama moves forward

The Yokohama City Council has passed a supplementary budget for integrated resorts (IRs). The Liberal Democratic Party and Komeito agreed on a budget of over €2 million for a casino in the area.

The decision came after two political parties agreed on the subject. However, there were over 650 people from different groups gathered outside the city hall to protest the decision. Still, once the Council passed the budget, Mayor Fumiko Hayashi said that she believes that the supplementary budget reflects the will of the citizens.

Moreover, Mayor Hayashi explained that she is considering holding public IR briefings to receive feedback from citizens. She aims to better understand what they want in terms of the casino industry.

Yokohama is currently the only city in the Tokyo metropolitan area trying to obtain a licence to operate an IR.

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