Macau (MNA) – Galaxy Entertainment Group (GEG) and Monaco-based Société des Bains de Mer (SBM) will strengthen their partnership to enter the bidding war for the highly coveted gambling licenses in Japan, Nikkei Asian Review reported this week.
In 2015, the local gambling company negotiated a partnership with SBM, which owns and operates some of Monaco’s most profitable casinos, for five percent of the company’s ownership, as SBM has been looking for opportunities to expand into the large gambling market of Asia.
Following Japan’s passage of the IR Promotion Bill in December 2016, the Galaxy-SMB pact is now vying for one of Japan’s highly prized gambling licenses.
However, Japan’s top brass will be granting only three licensed gambling contracts to casino operators eager to establish integrated resorts in the country.
Among those in the bidding war for license ownership are Wynn Resorts, the Sands Corporation and MGM Resorts International, who have publicly stated that its operators would be willing to make a bet on a integrated resort in the Land for the Rising Sun that would cost anywhere between 500 billion yen (US$4.53 billion/MOP36.67 billion) and one trillion yen.
[Edited by Sheyla Zandonai]