US gambling giant Caesars Entertainment Corp. has confirmed that they are no longer pursuing a casino license in Japan while all top gambling operators from across the globe leave no stone unturned to stay ahead in the race.
The company officials have said that Caesars is not looking to expand in the newly regulated Japanese market with a casino license and that focussing on its current business is its priority. The gambling operator is also focussed on the closure of the merger deal with Eldorado resorts which is expected to be completed by next year.
“Caesars management made the decision out of sensitivity to the Japanese government and business partners, who must make decisions this year to advance the casino process,” Chief Executive Officer Tony Rodio said in a statement to the press.
Earlier in June this year, Eldorado resorts confirmed purchase of Caesars Entertainment in a $17.3 billion cash-and-stock deal.
The Japanese casino market poised to become one of the biggest gambling markets in the world.
Earlier in August, a market research report from Sanford C. Bernstein estimated that the Japanese casino market will generate $8 billion in gross gaming revenues annually. As such, it would only be slightly smaller than the Nevada casino market which grossed about $11 billion in revenue in 2018.
Macau’s casino market is the biggest in the world and generates about $30 billion+ every year. In 2018, the Macau casino industry generated $37.5 billion in revenue.