Yokohama port has emerged as a possible location for one of the integrated resorts with casinos coming to Japan. Being developed by Japanese banking group Nomura, the passenger ship terminal with shopping mall and hotel would be a perfect host for a casino when legislation is finally approved.
Nomura is working together with seven other local companies, the conglomerate plans to build a whopping terminal, via a public-private partnership called “Yokohama Pier9”. The possibility of this development hosting a casinos in the future comes as the banking group named Yokohama and Osaka as prime candidates for the constructions of casino resorts.
“We think Nomura Real Estate Development building strong relationships with retail, warehousing, and port companies in Yokohama might be a foundation for participating in integrated resort projects in Yokohama in future,” wrote Nomura analysts Daisuke Fukushima and Kentaro Maekawa. The term “integrated resort” or “IR” is typically a euphemism in Japan and elsewhere for a large-scale venue with a casino and other tourism facilities.
TYokohama Pier9 will be composed of five stories filled with entertainment, retail and restaurant facilities and is scheduled to open in the spring of 2019. An expected floor area of 28,600sqmt, assures there will be plenty of space to eventually add a casino when Japan government’s second bill finally passes.
Nomura’s memo also mentioned the delay on the second gaming bill vote caused by Japan’s snap election due this month. “The dissolution of the [national parliament’s] lower house and general election mean that debate on the legislation and the selection of regions for integrated resorts is now more likely to be delayed. However, we think equity market interest in integrated resorts will increase again at some stage.”