Japan<\/a>, regarded as the industry\u2019s \u201cfinal frontier\u201d.<\/p>\n\n\n\nPacker\u2019s company, could find the prospect of operating in the world\u2019s third-biggest economy more attractive following a crackdown on gambling in China and the arrests there of 18 Crown employees there for alleged \u201cgambling crimes\u201d.<\/p>\n\n\n\n
But first Crown, which is 48% owned by Packer, and other foreign operators would have to convince Japanese authorities they are able to promote responsible gaming and integrate their casinos with the resorts\u2019 hospitality business.<\/p>\n\n\n\n
\u201cJapanese authorities will be telling foreign operators what they need to do,\u201d an industry source told the Guardian. \u201cThat means that to have a presence in Japan, they will have to play by Japanese rules.\u201d<\/p>\n\n\n\n
Melbourne-based Crown said on Thursday it had. It also agreed to sell half its stake in the joint-venture Crown Entertainment for $1.6bn and use the proceeds to reduce debt, fund a special distribution and enable a share buyback.<\/p>\n\n\n\n
Japan\u2019s prime minister, Abe, has long pushed for a lifting of the casino ban, arguing it will boost the economy with the arrival of wealthy tourists from mainland China \u2013 where gambling is banned \u2013 and other parts of Asia.<\/p>\n\n\n\n
passed the bill despite warnings from opposition politicians and mental health experts that casino construction could lead to a rise in gambling addiction and prove fertile ground for money laundering by the, Japan\u2019s crime syndicates.<\/p>\n\n\n\n
Tokyo, Yokohama and Osaka are among the cities jostling to be chosen as casino venues, while foreign operators have spent years lobbying Japanese authorities for access to a market that could generate huge profits.<\/p>\n\n\n\n
Just three casinos could generate nearly US$10bn in net profit annually \u2013 equivalent to 0.2% of Japan\u2019s GDP \u2013 according to the Research Institute. The investment bank recently estimated the Japanese market could bring in gross revenues of US$30bn a year.<\/p>\n\n\n\n
Billionaire casino operators such as Sheldon , head of Las Vegas Sands, and Steve Wynn of Wynn Resorts have visited or sent representatives to Japan to lobby for .<\/p>\n\n\n\n
Crown is understood to have been in contact with Japanese local authorities in a bid to become part of the country\u2019s first integrated resort . Crown\u2019s Hong Kong-based chairman, Robert Rankin, has also shown a keen interest in Japanese moves to casinos after<\/p>\n\n\n\n
The first casinos will not be ready in time for the 2020 Olympics in Tokyo, however, as new legislation will be needed to decide the number and location of casino resorts, admission regulations and rates of taxation on gambling profits. They are expected to open in around 2022 at the earliest.<\/p>\n\n\n\n
Despite its ban on casinos, Japan is a nation of keen gamblers: horse, speedboat and bicycle racing together bring in the equivalent of tens of billions of dollars a year. a pinball-like game, occupies a legal grey area and has been in decline in recent years but still produced more than US$200bn in revenue last year, according to the Japan Productivity .<\/p>\n","protected":false},"excerpt":{"rendered":"
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