Daily Asia Gaming eBrief: Japan's remaining casino licenses won't see the light of day for years

Friday 1st of November 2024

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Good morning. "Another's misfortune can taste like honey". The Japanese saying fits well for MGM's integrated resort development in Japan, points out a top expert, noting how progress for the remaining two licenses is "well and truly halted". This effectively gives MGM a monopoly, a positive for the company but detrimental to the overall IR development of Japan. Meanwhile, MGM saw less fortunate news with its results, with its Macau operations weighed down by non-gaming costs and refurbishments, drawing down EBITDA in the third quarter.

What you need to know

Japan's IR industry development is stifled by political factors, and two remaining licenses are not likely to "see the light of day for many years": expert.
MGM China’s 3Q24 property EBITDA declines 19%, with rising non-gaming costs and Macau refurbishments weighing on margins, per CLSA analysis.

On the radar

Nearly 1,000 workers were rescued from an alleged scam hub in Bataan.
Macau police dismantled a second case of illicit money exchange, and one was arrested.
SkyCity reaffirms earnings guidance amid consumer spending concerns.
Konami reports a 23.7% drop in fiscal 1H24 gaming segment profit.
Crown Resorts appoints David Tsai as Chief Executive Officer.
New victims expose the expanding scam farm network in the Philippines.

AGB Intelligence

JAPAN

Two remaining licenses won't see the light of day for years: expert

Japan's ongoing political turmoil and other conditions have effectively granted MGM a monopoly on casino gaming in the country for the foreseeable future. Top gaming expert Daniel Cheng notes that Japan's remaining two licenses "are not going to see the light of day for many years". Following the recent elections, political factions are likely to continue to run against IR interests, stifling any possibility for Japan to rival Singapore or Macau.

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