Casino operator Melco Crown Entertainment Ltd on Wednesday said it had pledged $10 million for cultural projects in Japan, a signal of its commitment to the country as lawmakers take steps to legalise casino gambling.
Melco is one of several global casino operators including Las Vegas Sands lobbying for a position in the Japanese market, seen as the next big Asian gaming opportunity after the spectacular rise of Macau.
The Hong Kong-listed, Macau-based casino operator made no mention of its commercial interest in Japan when it announced its commitment to Tokyo's University of the Arts, although its desire to participate in any liberalisation of the Japanese industry is well known.
Melco Crown is the fourth biggest casino operator by market capitalisation in Macau, which overtook Las Vegas as the global gaming capital in 2006. The southern Chinese territory is on course to generate over $43 billion in gaming revenue this year.
A group of lawmakers earlier this month submitted a bill towards legalising casino gambling in Japan. They hope to pass the bill in the first half of next year, and enact concrete regulations by 2015.
The bill is backed by Prime Minister Shinzo Abe and is thought to have a decent chance of passing. Lawmakers hope the first casino resort could open in time for the Tokyo Olympics in 2020.
Source: Reuters
