THE MACAU METRO MONITOR, FEBRUARY 25, 2014
MGM ENVISIONS SPENDING UP TO $10 BILLION ON JAPANESE CASINO Bloomberg
MGM said it’s ready to spend $5 billion to $10 billion in Japan. MGM Resorts wants to own at least 51% in a partnership with Japanese companies for projects in the country, said CEO James Murren. “We will overinvest early on to ensure, as we have done everywhere else, that we have properties that are built to last and that would stand additional competition,” Murren said
Hiroyuki Hosoda, the chairman of a cross-party group of pro-casino lawmakers, said today he expects the casino bill will win parliamentary approval by June and wants lower house deliberations on the legislation to start around late April.
Meanwhile, WYNN is open to a potential joint venture in Japan, said President Matt Maddox. CZR is in informal talks with at least 30 Japanese companies to discuss potential partnership, Steven Tight, president for international development, said. The company wants to build casinos in Tokyo and Osaka, and sees the possibility of developing projects in Okinawa, Hokkaido and Yokohama, he said.
STUDY FINDS FEWER LOCALS ARE GAMBLING AT CASINOS Macau Business
Macau Social Welfare Bureau says the proportion of residents that admitted to gambling at a casino fell last year. Research by the University of Macau found the gambling participation rate fell from 56% in 2010 to 49.5% last year.