Titled: Wynn's Japan comeback on hold, but the stakes are high for a lucrative casino market
Wynn has no immediate plans to return to Japan, despite acknowledging its importance.
Published: May 7, 2025, 05:02h.
Last updated: May 7, 2025, 05:02h.
By: Todd Shriber @etfgodfather 🔗 Finance, Gaming Business, Mergers, and Acquisitions
Billings: Wynn's Japan bid hinges on favorable regulations* Japan eyes reopening casino licensing bidding later this year* Tokyo and Hokkaido could be in the running
Craig Billings, Wynn Resorts' (NASDAQ: WYNN) current CEO, indicated on Tuesday that the company is still wary regarding a return to Japan for casino development opportunities. The reopening of Japanese casino licensing bidding could occur later this year, with Tokyo and Hokkaido among the potential locations. But Billings made it clear that Wynn wouldn't dive in unless the legal landscape significantly improves.
The spurt of media coverage suggests Japan could restart licensing bidding as early as this year, aiming to give the go-ahead to two integrated resorts by late 2027. Tokyo, a global city known for its bustling metropolitan area, would undoubtedly serve as an alluring location for a gaming venue. However, Craig Billings noted during Wynn's earnings call on Tuesday that while Japan fits the bill, there are some structural challenges in the licensing and ownership landscape that the company needs to navigate.
Back in 2020, under Matt Maddox, Wynn had initially eyed a Japanese gaming license but eventually pulled the plug due to delays in the permitting process. The gaming company maintained its interest in Japan, vowing to monitor new developments.
Tokyo's Potential Bid Might Not Be Enough to woo Wynn
If Tokyo were to entertain the idea of hosting an integrated resort, it could trigger a fresh wave of competition involving top casino operators in the world. So, will Wynn join the fray? That remains to be seen.
In 2019, Wynn was among seven operators that participated in Osaka's request-for-concept (RFC) initiative. However, the company opted against pursuing Japan's third-largest city and instead shifted its focus towards Tokyo. It soon became evident that Tokyo wasn't an obvious choice for a gaming venue, prompting several operators, including Wynn, to seek opportunities in Yokohama. Public opposition to a casino hotel in Yokohama may have contributed to the withdrawal of several operators from Japan projects.
In the meantime, Hokkaido Prefecture has reemerged on Japan's casino mapping, but Wynn wasn't among the companies showing interest in this region a few years ago. In 2019, Hard Rock International, Mohegan Gaming and Entertainment (MGE), and Rush Street Japan had expressed interest in Hokkaido, which is home to 5.1 million people and is Japan's northernmost prefecture.
Wynn can afford to bide its time
The Las Vegas-based casino operator boasts a robust portfolio of upcoming projects, suggesting that a dash back to Japan may not be necessary. The company is eyeing the opening of Wynn Al Marjan Island in the United Arab Emirates (UAE) early next year[1][4]. Additionally, Wynn is closely watching the developments in markets like Thailand and New York, where they have land banks for potential projects[1][3][5]. "We have plenty of development opportunities," said Billings, adding that the company would only consider Japan if the setup becomes right.
- The reopening of casino licensing bidding in Asia Pacific gaming, such as in Japan, presents an attractive market for commercial gaming companies like Wynn.
- Wynn Resorts' CEO, Craig Billings, confirmed that Wynn is still cautious about re-entering Japan for casino development opportunities, citing the need for a significant improvement in the legal landscape.
- Tokyo and Hokkaido are potential locations for the reopening of Japanese casino licensing bidding, with Tokyo being a global city that would be an alluring location for a gaming venue.
- In 2020, Wynn initially eyed a Japanese gaming license but ultimately pulled out due to delays in the permitting process, maintaining its interest in monitoring new developments in Japan.
- Wynn can afford to bide its time as it has a robust portfolio of upcoming projects, including Wynn Al Marjan Island in the UAE and developments in markets like Thailand and New York.
