Hard Rock Cafe International Inc is prepared to make a “major investment” in Japan as lawmakers propose to renew the debate on legalizing casinos in the country.
The US cafe and casino chain is looking for partners to jointly bid for a license in anticipation of the Japanese National Diet approving gaming resorts, Hard Rock CEO Hamish Dodds said.
“We can either play a lead role or a partnership role,” Dodds said in an interview in Tokyo. “We really hope that we can collaborate with Japanese partners and institutions.”
Hard Rock joins operators including Las Vegas Sands Corp and MGM Resorts International in looking to start projects in Japan as legislators propose to reintroduce a bill that would lead to legalizing casinos, which the country has been considering on-and-off for at least a decade.
The privately held company, which is expanding in China with rock and roll music-themed hotels and restaurants, said it gets more than half of its US$4.5 billion revenue from its gaming business.
“The Japanese gaming market is to be the holy grail,” CLSA Ltd analyst Aaron Fischer said by telephone.
Fischer expects casino revenue there could range from US$10 billion to US$40 billion, with the potential to be “bigger than Macau,” depending on the number of integrated resorts.
Macau’s casino industry generated about US$30 billion last year.
The proposal has now regained momentum, Dodds said.
A record tourism boom to Japan is helping fuel renewed interest in casinos. There could also be significant domestic demand, he said.
Japan’s ubiquitous pachinko parlors — pinball-like betting games that exist in a legal gray area — are popular attractions.
Japan last considered the Integrated Resorts Promotion Bill in April last year, although the legislature failed to act on it amid opposition from legislators concerned about the prospect of increasing gambling addiction.
The Japanese House of Representatives might debate casino legislation tomorrow, the Nikkei news agency reported.
Last week, executives of the largest global operators, including MGM Resorts, Las Vegas Sands and Wynn Resorts Ltd gathered in Tokyo at an integrated resorts and gaming conference to pitch local companies and politicians on their plans should casinos get the green light.
Hard Rock was among the attendees.
“The feeling we get is that this is more likely to happen now,” said Dodds, who expects the Japanese casino market to be more than US$10 billion.
“There’s more noise; there’s greater discussions in the commercial sector about how and when this will be realized,” he said.
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