Japan – The second largest city in Japan; Yokohama, the most populous municipality of Japan, has today announced that it will begin a month long public consultation for the potential introduction of an integrated resort if it was to obtain a gambling license from the government of Japan.
Last year, it was announced that Japan would be legalising casino gambling and announced that it will issue three casino resorts (integrated resort) licenses, giving firms the chance to open an establishment in the East Asian country.
The term integrated resort, also known as IR, is used to describe a major resort property that includes a hotel with casino, together with convention facilities, entertainment shows, theme parks, luxury retail and fine dining.
Reportedly, the month-long consultation will take place to obtain feedback from the local community in order to form the basis and foundations of the document proposal to the national government on its implementation policy. This would be followed by a request for proposal stage, whereby private sector corporations would express interest in becoming a partner.
Two firms that are said to be interested in investing in Yokohama include; Galaxy Entertainment Group; a company listed on the Hong Kong Stock Exchange, which owns and operates hotels and casinos in Macau and Genting Singapore; a Singapore-based regional leisure, hospitality and integrated resorts development specialist, following the withdrawal from Osaka; a large port city and commercial centre on the Japanese island of Honshu.
Also said to be in the running and ready to submit a tender to local government ministers are firm’s Melco Resorts and Entertainment; a developer, owner and operator of casino gaming and entertainment casino resort facilities in Asia and Wynn Resorts; an American publicly traded corporation based in Paradise, Nevada.
The Japanese Diet; Japan’s bicameral legislature is composed of a lower house called the House of Representatives, and an upper house, called the House of Councillors passed a bill allowing the establishment of casinos in three Japanese cities, under the Integrated Resort Implementation Law.