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***GambLux EDITOR ARTICLES*** |
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Asian casino scene is warming up
[Wednesday, September 13, 2006]
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There is high expectation that Japan could enter the legalized gambling world. The Japanese government is evaluating the possibility of legalizing gaming in Tokyo, Okinawa and another major city. This move could then encourage multi-billion dollar investments. The timeframe is for the gaming licenses to be awarded in 2009, with the projects expected to be completed around 2012.
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While this development will stimulate the industry in Asia, experts predict that the emergence of Japan's gaming sector will not have a major impact on Singapore's integrated resorts.
Sean Monaghan, Vice President of Equity Research at Merrill Lynch (Singapore) observes "The Japanese government is likely to pass the legislation in 2008. So you will probably have tendering in 2009 and the award of around three casino licenses. Probably one of these will be in Tokyo, one in Okinawa and a third in another major city on the main island.. Obviously if you have a tender, you will have global focus on it, massive bidding and probably at least US$10 billion investments for those three casino properties."
Market watchers say that while this step will add to the growing number of casinos in the region, the integrated gaming resorts in Singapore have little to worry about. Sean Monaghan continues, "We won't see any real impact on Singapore. You've got to understand where Japan stands in its economic cycle right now. It is returning to economic growth, which is good. More tourists from Japan will visit traditional markets like Singapore. But Japan is also a very insular country in some respects, too. It does not have large numbers of incoming tourists. So we would expect 90 percent of casino visitors to be local people, with the international component coming from Northern Asia."
As we move towards the end of the first decade in the new millennium, we see that gambling and gaming activity in Asia is growing steadily. No doubt Japan, when it joins the casino world, will strengthen that trend.
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