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Harrahs In Talks To Open Casinos In Japan

By Chuckmonster on Wednesday, 26th July 2006 12:50am
  » filed under Las Vegas  comments: 0


Our friends at Harrah's are at it again. After of being shut out of other Asian gaming opportunities, the Loveman Mafia are in talks with the Japanese government about opening some joints in the land of the Rising Sun. Wonder whats gonna happen to all those pachinko joints.

Japan's ruling party is holding talks with global gaming companies including Las Vegas Sands Corp. and Harrah's Entertainment Inc. to operate the nation's first casinos after 2010. The government may initially issue two or three casino licenses for gaming resorts that would each cost ``slightly less'' than Las Vegas Sands' $3 billion investment in Singapore, said Toru Mihara, adviser to the governing Liberal Democratic Party's casino study group.

``They are definitely interested and serious about coming to Japan,'' Mihara said in an interview in Singapore yesterday. ``They all agree that Japan will be one of the most lucrative casino locations in the world, with so many ordinary people spending lots of money.''

The nation of 128 million is looking to lift its ban on casinos to increase tourist arrivals and revive its gaming industry as the more traditional horse-racing and lotteries are suffering declines in revenue, and its pachinko industry is stagnating, he said. Japan drew 6.7 million visitors in 2005, lower than Singapore's 8.3 million, Macau's 18.7 million and less than a third of the 23.4 million to Hong Kong last year.

Revenue from Japan's pachinko parlors, which run a form of gaming where players win trinkets that can be exchanged at a window next door for cash, has fallen to 29.5 trillion yen ($253 billion) last year from 30.9 trillion in 1995, according to Japan's Productivity Center for Socio-Economic Development.



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