It seems everyone wants a piece of the gambling action down in Japan, one of the leading Japense junket’s Suncity has joined forces with several anonymous Japenese companies in order to investigate the likelihood of a Japanese casino license. The information was recently shed during an interview with the CEO of Suncity at G2E Asia, Andrew Lo.
The CEO of Suncity’s Thoughts
Lo went on to indicate that the necessary amount to be spent on the project will be based on factors such as the area the casino will be based in, as well as the regulations surrounding casinos. Lo stated that Suncity is more than willing to spend whatever the required amount to get this vision off the ground. Adding that Suncity has partnered with several experts to review the legislation surrounding casinos as many of these policies are not yet in line with the idea of a junket owned and operated casino.
When asked what kind of money Suncity would be willing to invest, Lo stated that if they received land near the palace they would be willing to allot $50 million but if they were given land on an island then they would be spending $500 million. At present the last bits of editing are being approved on the Integrated Resort (IR) Implementation Bill.
Currently, the bill is being redone due to the multiple voices that raised issues with aspects such as license renewal periods, limits on the size of a floor a casino may be built upon and the increasingly high taxes leveled on casinos. The bill is also considering how best to preside over an industry as dynamic and unique as the casino industry.
Desire Within Asian Markets
Interestingly, several other casino operators have hinted at just how eager they are to get a foothold in the Japanese gambling market. Yet, it seems that Lo will walk a different path, stating that a serious no-go for him could be a tax rate that is unfavorably high. This would cause not only Suncity, but other casino operators to seek to establish casinos in other parts of Asia.
Suncity is all too eager to gain a larger foothold within Asia, they recently acquired the rights to operate a casino in Van Don a province in the north of Vietnam. In addition, Suncity has also managed to procure a 34% share within Vietnam’s Hoiana Casino. In an effort to aid business, Suncity is currently refurbishing the Hoiana Casino to make it more suitable for VIP clients.