With the race for a Japanese casino resort license intensifying, Melco has released its “Yokohama First” strategy as a part of its plan to tap into the newly regulated Japanese casino gambling industry.
The gambling operator has confirmed that they have dropped their plans for a casino license in Osaka.
Recently, Osaka also released the name of gambling operators who tendered their proposals for developing a casino.
After Yokohama’s Mayor Fumiko Hayashi announced that they would be contending for hosting a casino, several gambling operators have been exploring opportunities to secure a Yokohama casino license.
Explaining the plan Melco Chairman and CEO Lawrence Ho said that their “Yokohama First” strategy means “the incredible team of experts and talents we have assembled will focus on bringing to Yokohama the best IR the world has ever seen.”
Recently Melco also announced to open an office in Yokohama, the third in Japan.
“With offices in Tokyo and Osaka and an upcoming one in Yokohama along with a local [Japan] leadership team, the group is now fully engaged to explore local partnerships and to further build up our local presence,” the company’s statement read.
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.
The Casino market in Japan is expected to be the third-largest globally only after Macau and Nevada.