MICE complex won’t be complete till 2040
The Tokyo metropolitan government is considering a convention and entertainment destination at the site of the former Tsukiji fish market, but a casino may not be part of it, according to a source who spoke to AGB Nippon. For one thing, the timeline to complete the Tsukiji complex is much longer than that for the first round of IRs—2040 as opposed to 2025.
Tokyo Governor Yuriko Koike has reportedly nixed the idea of a casino at the site. Moreover, according to the news outlet, officials are unlikely to sign off on both the Tsukiji development plan and an IR development, with services that are certain to overlap. The Japan Times reports that the complex will feature a convention center and a luxury hotel.
If Tokyo is out of the running, Osaka and Yokohama may still be the likeliest locations for an integrated resort, with Hokkaido also mentioned as a favorite of some operators. The list of suitors for the initial trio of licenses is long and distinguished and includes MGM Resorts International, Caesars Entertainment, the Las Vegas Sands Corp, Genting, Galaxy Entertainment Group, Mohegan Gaming, Hard Rock International and Melco Resorts & Entertainment.
In other Japan news, officials in Wakayama Prefecture say they’re interested in learning more about the hosting process, and have been assured by government authorities that they won’t be counted out because of the prefecture’s proximity to Osaka.
Those officials say they confronted central government officials about the matter at a January 11 meeting in Nagoya, asking “Will there be a bias based on regional selection?” The government authorities reportedly said no.
Another contender may be Makinohara City in Shizuoka Prefecture, a coastal community with a population of about 44,000 people, AGB reported. A filing to the Hong Kong Stock Exchange from Get Nice Holdings Ltd. announced a potential joint venture between a Get Nice subsidiary, Genius Wise Holdings Ltd., and a company identified as Shotoku Rinaldo Corp.
The filing explained that a memorandum of understanding MOU made partners of the parties “with an aim to develop the IR project through obtaining the integrated resort license at Makinohara-shi Municipality, Shizuoka Prefecture, Japan. The IR project is featuring hotels, casinos, restaurants, shops, entertainment facilities and convention centers with approximately 400,000 square meters total floor area.”
The filing described Shotoku Rinaldo as a veteran of several industries in Japan including “healthcare, medical equipment, agricultural products as well as gaming-related business in Asia. Shotoku Rinaldo Corp. is seeking the possibility of obtaining government permission and approval of having rights to operate holiday resorts in Japan.”
Inside Asian Gaming reports that the investment firm previously held a 65 percent stake in Macau casino Grand Waldo, which was purchased by Galaxy Entertainment Group in 2013 and rebranded as Broadway Macau.
Get Nice said the MOU is “not only in line with the company’s strategy to diversify its overseas business” but also complements its property development segment.
“The group is expected to benefit through the combination of our extensive experience in operating integrated entertainment complex in Macau in previous years together with the expertise and local network of SRC in developing the IR Project in Japan,” it said. “Such integration will bring in a new business segment and will add a new revenue stream for the group in a long run.”
In keeping with Japan’s concern about the potential for gambling disorders, the government has finalized a policy that will see casino advertising limited to the international terminals of airports and seaports. According to CDC Gaming Reports, casino ads will be banned in most areas outside IR facilities.
