Matt Maddox, CEO and President of Wynn Resorts
Wynn Resorts has confirmed its decision to drop out of the race to develop an integrated resort in Osaka, once touted as the most attractive location for foreign investors. Instead, the U.S.-based casino operator will focus on an opportunity in the Kanto region, which includes Tokyo.
“Although we have decided not to pursue an integrated city resort in Osaka at this time, we wish the city the very best and look forward to following its continued success,” said Wynn in a statement cited by GGRAsia. “Wynn Resorts is currently focused on the Kanto area.”
Last month, it appeared that the Osaka bid had narrowed to just three players – MGM Resorts, Galaxy Entertainment Group and Genting Singapore – after the other interested casino operators said they preferred alternative locations for their possible foray into Japan.
Las Vegas Sands, which already has a presence in both Macau and Singapore, earlier withdrew from the Osaka race to focus on the Tokyo and Yokohama areas as potential locations to build a casino resort.
Melco Resorts & Entertainment also dropped out, subsequently declaring a Yokohama-First policy to mirror MGM Resorts’ Osaka-First policy in partnership with Orix Corp.
Caesars Entertainment Corp. dropped out of the entire Japan race at the end of August, citing several reasons, including the upcoming merger with Eldorado Resorts.
Wynn Resorts did not make a prior announcement, but declined to submit a request for concept proposal last month, necessary to participate in the public offering.
Casino operators all over the world have been salivating at the once-in-a-generation prospect of opening resorts in Japan, which has the potential to become Asia’s second-largest gambling market after Macau. CLSA predicts Japan’s potential gross gaming revenue will reach $20 billion annually.
The Japanese government has given preliminary approval for what’s expected to be three major resorts. Analysts speculate those locations could be Osaka, Yokohama, Nagasaki, Wakayama or even the country’s capital of Tokyo. DB
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