Japanese casino gambling will become a reality after parliament passed a controversial bill Friday, a move that will likely set off a high-stakes race among Macau casino operators like Melco Resorts & Entertainment (MLCO), Wynn Resorts (WYNN) and Las Vegas Sands (LVS) to set up shop in the nation.
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The law will permit the opening of three casino-resort locations. The locations have yet to be determined, but the first Japanese casino is expected to open sometime in the mid-2020s.
Prime Minister Shinzo Abe has said legalization would help grow Japan's economy and tourism. Those opposed to the bill worry it will lead to gambling addiction.
Shares of casino operators were muted on the stock market today. Wynn ticked up 0.2%, Las Vegas Sands was off 0.3% and Melco Resorts & Entertainment edged up 1.3%. MGM Resorts International (MGM), which has a Macau presence but is more focused on U.S. casinos, advanced 1.2%.
Japanese Casino Market: 'Greatest Opportunity' After Macau
Legalization of Japanese casino gaming could ramp up lobbying and spending efforts among the big casino-resort operators. Expectations for the nation's gaming market remain high.
Melco CEO Lawrence Ho in May said the market in Japan was "the greatest opportunity in our lifetime" outside of Macau. Chinese administrative region Macau is currently the world's largest gambling market.
MGM CEO James Murren said on an earnings conference call in April that "we will pursue the few high-growth opportunities that may exist, and of course, Japan being top of the list."
Las Vegas Sands' management in April also said "we're very enthused" about Japanese casino gambling.
Wynn Resorts, which has been vying for a Japanese casino license at one of the locations, said in April that it was "very excited about Japan." Management added they were "going to be spending more time and more resources there in the future."
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