Adelson says IR bill won’t allow “best” kind of IR

Las Vegas Sands CEO Sheldon Adelson has criticized Japan’s planned IR legislation and warned the bill in its current form will mean a lower level of investment from his company should it win a license.

On Friday afternoon, Adelson visited the Osaka Prefectural Office and held a private meeting with Osaka Governor Ichiro Matsui and Osaka Mayor Hirofumi Yoshimura. This follows a similar meeting with the Osaka Governor by Sands’ COO Robert Goldstein on June 21.

After the meeting, Adelson briefly took questions from the assembled Japanese news media, which referred to him in their print stories as “the Casino Emperor.”

Adelson criticized the Experts’ Committee draft for regulation of IRs which has been proposed at the central government level, declaring that it wouldn’t allow construction of “the best kind of IR.” According to Adelson, under the current regulation proposals, Sands’ investment would be capped at about US$4-5 billion, but if the regulations were revised in a favorable direction, a $10 billion investment would be possible.

The proposed upper limits on casino floor space are apparently the aspect of the regulatory proposals that concern Adelson most.

Osaka Governor Matsui would likely be fully in agreement with Adelson, as he has been making similar criticisms of the central government plan, but it remains unclear if Tokyo will be accommodating so long as the general public remains overwhelmingly opposed to the construction of IRs.

Las Vegas Sands is considered a leading candidate to partner with Osaka in its IR bid, although several other major operators are expected to contest this location fiercely.

More news from this jurisdiction

JapanWednesday, Mar 21, 2018

The Japan Gaming Congress expects to attract even greater support in 2018 after holding the largest event of its kind in Japan last year, organizer Clarion Gaming says.

South Korea, Mainland China, JapanTuesday, Mar 20, 2018

Mobile games are likely to grow by more than 8 percent per year through 2020, far outstripping growth for the PC and consoles, according to Daniel Kashti, chief marketing & commercial officer of Kama Games.

South Korea, Greater China, JapanTuesday, Mar 20, 2018

eSports global revenue for 2017 was estimated to be US$696 million and is expected to more than double to US$1.5 billion by 2020, with the Asia Pacific heading growth, according to Newzoo, a market intelligence firm.

JapanSunday, Mar 18, 2018

According to a local media report, the Tomakomai municipal authorities have compiled their interim report on the IR they hope to build, projecting a US$2-3 billion investment by the time the facility’s doors open.

JapanFriday, Mar 16, 2018

The IR implementation bill won’t be submitted to the legislation this month, as had been planned, throwing doubt over the timetable for the bill.

JapanWednesday, Mar 14, 2018

Six local medical and children’s organizations have presented a petition to the local government opposing any IR bid from within the prefecture.

JapanTuesday, Mar 13, 2018

A Wakayama prefectural official says they are ready to launch an RFC process with IR operators very quickly after the IR Implementation Bill is enacted by the National Diet.