This week, Japanese Prime Minister Shinzo Abe visited the Senate to address Japan’s new free trade agreement with Australia. In attendance were a wide range of politicians – and casino mogul James Packer, who is working hard to secure a license in Japan’s soon-to-be-regulated casino market.
“I hope very much that you bring forth a new dawn to Japan and a new dawn to the future of Australia-Japan relations,” said Mr Abe, in his historic address. Normally, James Packer would seem out of place at such a political event. However, he has a vested interest in Australia’s trade agreement with Japan, as he hopes to obtain a casino license when the country opens up its market.
Earlier this year, Shinzo Abe announced his plans to legalise and regulate casino gambling in Japan by 2020, when the country will be hosting the Olympics. There is huge potential in Japan’s gambling market, and Packer’s Crown Resorts wants to get in on the ground floor. The company already has experience other Asian gambling markets like Macau and The Philippines, so Crown is well-positioned to obtain a license in Japan.
"If Japan opens up and allows integrated resorts in Tokyo, Osaka, the market could easily be in excess of $US10 billion to $US15 billion [$10.7 billion to $16 billion] or more,” says Lawrence Ho, Co-Chairman of Melco Crown. Packer has already made a generous $10 million donation to local cultural programs in Japan to show his commitment to the country.
Combined with Australia’s new free trade agreement with the country, the casino mogul certainly has a leg up other casino operators. "Melco really wants to do something to help contribute to cultural development in Japan," says a spokesperson for Crown. This is an exciting time for Crown, as the company readies itself to get involved in a new international market.
We will keep you posted with further updates on the issue.