The race for winning licenses for building three integrated resorts in Japan is getting more difficult for some operators. Caesars Entertainment is officially out of the race, and their dream of having a resort in the Land of the Rising Sun has concluded.
There are many things that happened with the company recently, and the most important one is the merger with Eldorado Resorts. This is a long and complicated process that takes time and effort from all the people working at Caesars, which is one of the main reasons why the company dropped out of the race.
According to a report by Bloomberg, the company is now fully focused on the merger and all the things that have to be done in that regard. CEO of Caesars Entertainment, Tony Rodio, stated that they had decided to back out of the race as there was a lot of sensitivity from their business partners in Japan.
The fact is that Caesars is still not standing firmly on the ground and that they are not quite sure how the entire Eldorado merger would work out in the end. Things are going pretty well for them at the moment, but they did not want to pull their Japanese partners into it.
Jim Hunt, chairman of the company, said to Bloomberg that Caesars had been treated with “respect and goodwill” by all people from Japan, including businesses, community leaders and the Japanese government itself. In other words, he said that the kindness provided by the Japanese people and businesses should be remembered, but that they don’t want to make them a part of the internal struggles of the company.
Therefore, the pursuit of an IR license has come to an end for Caesars — for now. The company might return stronger than ever and interested to take part in the Japanese market.
The History of Caesars in Japan
Caesars Entertainment was actually pretty active in creating its presence in Japan. They even made a promise that they would build a $5 billion resort if they received a license and were given an opportunity to build a casino in the country.
One of the most important actions taken from Caesars is the so-called 100-Year Partnership for Japan. This is a campaign that started last September, and it had a goal to show the people of Japan what the presence of the company in the country would look like.
Along the way, Caesars was actively working on potential destinations for building an IR, choosing Tokyo, Osaka, Yokohama, Tomakomai, and Hokkaido as some of the perfect places.
However, all of that is changing now as they are out of the race. Even with Caesars not participating anymore, the race is still very active, and there are many operators who are interested in receiving a license. Japan’s gambling market potential is huge and could even overtake Las Vegas and Macau if all goes well.
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