What’s Happening With Wynn Resorts in Japan Right Now?

US casino companies are doing everything they can to increase their revenue right now. As most already know, casinos are struggling to bring in players around the country. Many of these companies are now looking at overseas investment opportunities. Today, we’re going to look at what’s going on with Wynn Resorts in Japan.Wynn Resorts Company Logo

Wynn Resorts is one of the biggest casino operators in the world. Unfortunately, it’s been having a difficult time finding success breaking into the newly-emerging Japanese casino market. Now is the perfect time to look at why this is.

Let’s get into it!

Japan’s Casino Plans Continue to Face Delays

For decades, Japan’s government banned virtually all forms of traditional gambling. Despite the clear demand, lawmakers here pushed against the regulation of this industry. Many felt it would end up leading to an increase in crime and gambling addiction.

As time went on, the revenue potential from this industry became too large to ignore. Government officials began looking at how to safely allow major gambling venues to begin operating. In mid-2019, news broke that Japan officially approved a bill to legalize casino-resorts in three different cities.

It was extremely surprising for casino operators around the world. Many of the top US casino officials immediately began looking at ways to break into this country. It didn’t take long for them to realize opening a casino here will be a lengthy process.

Japan’s leaders wanted to ensure that these casinos are opened in the safest way possible. Different cities around the country needed to bid for the rights to host one of these new integrated resorts. Hope was that casino licenses would be awarded by the summer of 2020.

That timetable has since been pushed back. The global pandemic has made this entire process significantly more difficult. Several casino companies have abandoned their plans to break into this country altogether.

We’re now starting to hear more about Wynn Resorts’ plans to enter the Japanese casino market.

Here’s What’s Happening With Wynn Resorts in Japan

As we just mentioned, many of the world’s biggest casino companies have been working hard to gain a casino license in Japan. It’s been two years since casinos were legalized here, yet no licenses have been awarded. This is becoming incredibly frustrating for the companies hoping to operate in the country.

Wynn Resorts was one of the first companies to push for a Japanese casino license. Unfortunately, it’s looking as if the Las Vegas-based casino company may be close to putting its plans to the side. New reports claim Wynn Resorts has just closed down its Yokohama office due to the delay in being awarded a casino license.

The company released an official statement to the media this week about the situation.

“The pandemic is having an unprecedented negative impact on integrated resort development, and resort companies such as Wynn are considering how we evolve our operations to align with a post-pandemic market,” the statement said. “Long-term, we remain interested in the Japan integrated resort market and will monitor the situation closely.”

The prospect of Wynn Resorts in Japan isn’t completely dead. For now, officials within this company simply want to step back and watch how things unfold. They may choose to focus more on improving revenue figures from their US gambling venues.

Las Vegas Sands and Caesars Entertainment have both pulled out of the race to obtain a casino license in Japan. Unless things begin to change soon, Wynn may do the same.

How are things looking over in Macau?

US Casino Revenue is Recovering Faster Than Macau’s

Nearly all US casinos were completely shut down this past March. It took months for many states to begin allowing their casinos to start operating again. Some have still not allowed casinos to reopen.

Most of the country’s biggest gambling destinations are now up and running again. All of the major casino-resorts on the Las Vegas Strip are accepting guests again. Unfortunately, revenue here is still significantly lower than it was a year ago.

Many felt that US casino companies would begin relying on their properties in Macau for revenue. This Chinese territory opened its casinos many months ago, yet revenue is still extraordinarily low here. It doesn’t appear this small city will be the saving grace many expected it to be.

It’s an incredibly unusual time for the land-based casino industry. Some fear that states will eventually be forced to shut down their gambling venues once again. That seems highly unlikely to happen in major gaming areas like Nevada.

We may see Wynn Resorts in Japan sometime soon. Like all other companies, it seems content to wait and see how things unfold before it commits to opening a casino in this country.

Do you think Wynn Resorts will ever open a casino in Japan? Let us know in the comments section below!

Mohegan Gaming’s Greek Casino Plans Are Officially Unveiled

Mohegan Gaming & Entertainment has been working to obtain a Greek casino license for months. The company is competing with Hard Rock International to receive one of these new gaming licenses. Today, Mohegan Gaming’s Greek casino plans were unveiled to the public.Mohegan Gaming And Entertainment

Officials at Mohegan Gaming are pushing hard for their chance to open this casino. Today, we’re going to look at the US casino operator’s plans. We’ll also talk a little about the Greek gambling industry. Let’s get into it!

Greece’s Gambling Laws In a Nutshell

Gambling has taken place in Greece for thousands of years. Some even argue that modern gambling originated in Ancient Greece. Here, most forms of traditional gambling are perfectly legal. Interestingly, one company has a monopoly over the country’s gambling industry.

This company, called OPAP, controls all of the country’s land-based gambling options. In recent years, this company has generated massive revenue earnings. In 2018, this company brought in €8 billion. Much of this money came from the company’s new video lotto terminals (VLT’s).

For many years, OPAP also held a monopoly over the country’s online gambling market. Eventually, EU officials forced Greece’s government to change its set of laws. In 2011, the country developed a new licensing procedure that allowed foreign gambling companies to enter the Greek market.

In late 2018, the government announced another change to its online gambling regulations. Lawmakers revealed that internet gambling companies would need to pay a €4 million fee in order to offer sports betting services in the country. Another €1 million licensing fee needs to be spent to offer other forms of gambling including online casino games.

Greece is looking for any way to generate revenue. This country is notorious for its high unemployment rates and suffering economy. Today, a major US casino operator revealed its plans to start operating here.

Mohegan Gaming’s Greek Casino Plans

Officials in Greece are taking bids for companies interested in opening a casino-resort on the Athens Riviera. The project has been discussed for years and is finally moving forward. Only Mohegan Gaming and Hard Rock International are still in the running for a license to open this new casino.

Mohegan Gaming’s Greek casino plans have now been revealed to the public. The company has partnered with Greek contractor GEK Terna and plans to build an €8 billion resort known as Hellenikon, where the former Athens international airport was located.

Mohegan wants to construct two skyscrapers which are inspired by Caryatids, female sculptures that used to support a temple on the Acropolis Hill. The casino will be more than 1.2 hectares and will feature at least 120 table games and 1,200 slot machines. A luxury hotel, an entertainment venue, and a sports venue will also be constructed here.

The Hellenikon casino-resort has been delayed for years. Critics believe that the gambling venue will damage the environment and the country’s culture. Fortunately, it appears that this casino will soon be constructed.

Mohegan claims that if granted a license, they can build this casino-resort within 24 to 36 months. Mario Kontomakeros, CEO of Mohegan Gaming, commented on this project to the media today.

“We are ready to begin as soon as we receive all the necessary approvals,” he said. “We want to start as fast as possible.”

Greece Begins to Recover From Economic Crisis

For many years, Greece was in a major financial crisis. It started in 2009 and ended up becoming the longest recession of any advanced capitalist country to date. Fortunately, things have been improving here.

The International Monetary Fund shows that the Greek economy is getting better. The IMF’s executive board member commented on this economic growth to the media earlier this year.

“The economic recovery in Greece is accelerating and broadening,” he said. “A gradual recovery in private deposits has facilitated further relaxation of capital flow management measures, though bank lending remains negative.”

Greece is now investing more in its tourism and gambling industry. Hope is that the new casino-resort in Hellenikon helps to bring the country major revenue earnings in the future.

Mohegan Gaming’s Greek casino plans have been revealed. We’ll soon know whether or not this casino company is granted the license to operate the new gambling establishment.

Stay tuned for updates over the next few weeks!