Galaxy Entertainment Group chairman Lui Che Woo said the company has plans to enter in the Japanese casino market if legislation is definitely passed. During the announcement of Galaxy Entertainment’s 2016 earnings results, the executive stated that Galaxy is looking for business opportunities in Japan and plans to join forces with local partners.
“We have a relationship with Japan’s industrial players for over 50 years…we will seek cooperation opportunity and do a big project,” Lui Che Woo said. The executive highlighted the good business relationships that his family’s Hong Kong-based building materials firm K. Wah Group Ltd already has with Japanese companies.
The Japanese parliament passed a bill legalising casinos in December 26, however, casino legalisation in the country requires further debate and approval of a bill legalising casino resorts at the conceptual level. The second piece of legislation has now to be passed, detailing the specifics with respect to licensing, investment, location and taxation.
Galaxy Entertainment chairman affirmed he is optimistic that the remaining Japan casino legislation would move forward, and highlighted that the company already has an office in Tokyo.
The Hong Kong-based casino operator joins the several international companies that have publicly expressed their interest in being part of what could become the second largest casino market in Asia, after Macau.
Melco Crown Entertainment Chairman and CEO Lawrence Ho recently announced there would be no limit on the investment to develop an integrated resort in Japan, while Las Vegas Sands chairman and founder Sheldon Adelson is willing to invest up to US$10bn to build a casino resort in the country. Hard Rock also made great progress, having announced its Japanese division and MGM Resorts CEO Jim Murren, said the company could spend up to US$9.5bn in this market.