US-based gambling and casino operator, Las Vegas Sands Corp. has confirmed that they are no longer pursuing an integrated casino license in the Osaka prefecture.
In an announcement on Thursday Vegas Sands Chairman and Chief Executive Officer Sheldon Adelson said that they think that an investment in Tokyo or Yokohama gives them the best opportunity.
While Yokohama had already revealed its interest in hosting a casino, earlier today, the Yokohama Municipal Government officially announced that they would be bidding to host a casino resort.
Apart from Yokohama, Osaka, Wakayama, and Nagasaki are already contending to host an integrated casino resort. The three prefectures have already initiated the process to award a casino license to gambling operators.
Recently Osaka also revealed the names of gambling operators who have formally submitted a proposal for a casino resort which it expects to be completed by 2025.
As the Japanese casino market would be one of the biggest casino gambling markets in the world, there is a stiff competition amongst top gambling operators globally who are vying for an IR license in Japan.
According to a recent report from Sanford Bernstein, the Japanese casino market will generate $8 billion in gross gaming revenues annually. As such, it would be smaller than the Nevada casino market which grossed about $11 billion in revenue in 2018.
Macau remains the biggest casino gambling market in the world.