Melco targets Yokohama Only

Yokohama

The Japanese city of Yokohama is preparing to try and attract a casino resort by seeking further budget to advance the plans. A further sum of JPY400-million has been suggested to be set aside for the specific purposes of promoting a casino, but this covers the period 2019-2021.  

The city’s appetite to host its own casino appears to be matched by interest from casino providers. Dropping other sites to focus on acquiring a casino in Yokohama, there is more than one operator vying to be successful.  

Awaiting budgetary approval 

The move to receive and set aside more money for the purpose of promoting a casino has not yet been given the green light by the committee. City councillors are set to be asked for the money on Friday where a vote will take place during a plenary session. The budget committee supported the idea with a majority of 6-3. Those that approved the idea were from the coalition formed by the Liberal Democratic Party and Komeito parties.  

The idea for setting aside money to acquire and promote a casino in the city has been rumbling on for some time. In August the major of Yokohama – Fumiko Hayash – publicly supported the idea of a casino and said that it would provide a much-needed boost to the local economy..  

Despite the cost, supporters claim that the casino would introduce a “ripple effect” economically of up to JPY1 trillion, with around JPY100 billion collected in taxes every year.  

There has been a minor amount of opposition to the idea publicly, with a small citizen’s group mooting the idea of unseating the mayor to force a re-election.  

Melco targets Yokohama 

A new integrated casino resort could be closer than many Yokohama residents think with major operators battling to take prime locations in the city. Melco Resorts & Entertainment had been debating between Yokohama and Osaka but has since decided that it wants to create a new casino in the former, dropped interest in the latter.  

Las Vegas Sands is another operator considering Yokohama as a possible location for a new casino. Last month it also announced that it would not be pursuing its interest in Osaka. 

Two major casino operators dropping their interest in Osaka and preferring Yokohama has led to speculation that there may be factors in Osaka that are not yet available publicly.