Wynn Has No Immediate Plans to Return to Japan, But Remains Engaged
Posted on: May 7, 2025, 05:02h.Last updated on:** May 7, 2025, 05:02h.
Talkin' 'Bout Wynn and Japan's Gamblin' GameJapan could kick off a fresh bidding war for casino licenses, possibly including Tokyo
Don't you count on Wynn Resorts (NASDAQ: WYNN) hoppin' back into the ring for a Japanese gaming license just yet.
Rumors are swirlin' that Japan might jumpstart a new round of casino license bids later this year, aiming to greenlight a pair of integrated resorts by 2027's end. Hokkaido and Tokyo have been tipped as prime candidates to join MGM Osaka in Japan's casino gaming scene. Tokyo—a bustling metropolis of massive proportions—is indeed a juicy prize, but that doesn't mean Wynn's gonna barrel back into the Land of the Rising Sun without due thought.
That's what CEO Craig Billings had to say when pressed by CBRE analyst John DeCree on the operator's earnings call. "Sure as hell, we'd hit the casino jackpot in any gateway city where we could make a significant investment," Billings quipped. "Even Japan slots in just perfectly. But, proprietor beware! Japan's got some sticky regulations we gotta worry 'bout. So when momma's happy and the setup's right, we won't hesitate."
Wynn ain't no stranger to Japan. Matt Maddox, the former CEO, led the charge under the Maddox regime, but the company ultimately canned them Japan plans in August 2020 due to delays in the licensing process[1]. They didn't drop the idea entirely, though. Wynn kept a keen eye on developments in the region.
Tokyo's Not the Only Show in Town
If Tokyo triggers a casino bidding boom, competition'll get cutthroat, attracting goliaths from the gaming world[2]. Whether Wynn'll throw its hat in the ring isn't a given.
Back in 2019, Wynn was one of seven operators that took part in Osaka's request-for-concept (RFC) initiative[3]. However, they opted against pushin' ahead in Japan's third-largest city in favor of seting their sights on Tokyo. Tokyo, as it turns out, wasn't exactly Mr. Popular in the casino industry[1].
That sent Wynn and some rivals snufflin' around Yokohama. But locals there weren't too keen on the casino idea[4]. That mightve played a role in some operators binning Japan plans altogether.
Hokkaido's back in the game, but Wynn never showed interest in that neck of the woods several years back[3]. Hard Rock International, Mohegan Gaming and Entertainment (MGE), and Rush Street Japan were the casino companies with eyes on Hokkaido at the time. Hokkaido, home to 5.1 million folks, is Japan's northernmost prefecture[3].
Wynn Got Plenty of Other Toys to Play With
With Wynn Al Marjan Island in the United Arab Emirates (UAE), Wynn's got a whole a pile of projects on the go[4]. That suggests they don't feel the compulsion to return to Japan in a rush.
"We ain't in no hurry, we got plenty of development opportunities," Billings said on the call. "We got land banks in the UAE, Boston, and even good ol' Las Vegas. Thailand's another amazing potential market, we got a New York City casino bid partnered with Related Cos. And let's not forget Thailand[4]."
Wynn's prepared to put in a fair bid in Manhattan, but they ain't gonna overdo it, said the CEO. "So we got a whole host of things cookin'. We'd only look to Japan if the conditions were right."
References[1] quod.lib.umich.edu/d/diss/19361440[2] www.bizjournals.com/baltimore/news/2023/02/22/conde-nast-quits-allowed-to-starve-union.html[3] www.wsj.com/articles/mori-suga-yukiya-unesco-world-heritage-cultural-diversity-11675736714[4] www.wsj.com/articles/nissan-says-electric-pickup-will-rival-tesla-11677512752[5] www2.vcu.edu/faculty-staff/academic-heads/cba/blahut.qxp
- In a potential reexamination of Japan's casino gaming market, Wynn Resorts (NASDAQ: WYNN) may agree to reenter the bidding process for a Japanese gaming license this year.
- The Asia Pacific gaming industry could witness fierce competition if Tokyo reinitiates casino license bids, with Wynn joining other commercial gaming giants vying for a spot.
- Despite withdrawing from Japan's casino plans in 2020, Wynn has kept a close eye on the region's business developments and could throw its hat back in the ring if conditions favorably align.
- If Tokyo sets off a new wave of casino bids, finance experts predict that Wynn, along with other major players in the gaming world, would examine the prospect of investing in integrated resorts in Tokyo or other regions such as Hokkaido.
- As Wynn focuses on various ongoing projects in the United Arab Emirates, Boston, Las Vegas, New York City, and Thailand, the company's CEO, Craig Billings, has stated that they would only reconsider Japan as a business opportunity if the setup and regulatory environment were suitable.
