Unbelievably, Sheldon Adelson, the CEO of the Las Vegas Sands Corporation has made a financial pledge to spend ten billion U.S. dollars to open a casino in Japan. It may sound like business as usual for a Las Vegas company, but the catch is that casinos are currently illegal in Japan. However, that does not seem to deter Mr. Adelson, who believes that he can create a gambling mecca in Asia, second only to global leader Macau, in China. Asia and gambling does not necessarily go hand in hand, across the various Asian countries there are many different legalities when it comes to brick and mortar casinos and online casinos like M88 Vietnam.
Who is Sheldon Adelson?
Sheldon Adelson is the current chairman and CEO of the Las Vegas Sands Corporation, which has holdings that include the Venetian Resort Hotel and Casino in Macau. He is an 80-year-old entrepreneur who has been long believed to be the father of modern gambling. He has a personal worth of over 40 billion U.S. dollars and holds the number 8 position on Forbes list of the richest people in the world.
Of all the places in Asia, why is the Las Vegas Sands Corporation planning on opening up in Japan? When it could look to Vietnam? The reason is simple. Japan has the third largest economy in the world, and it currently allows gambling on such things as on horseracing and boat regattas. Additionally, with Japan winning the bid for the 2020 Olympics, the country stands to rake in a more than a few tourists’ dollars with the establishment of legal casinos.
Where would the new Casinos be Built?
The establishment of casinos in Japan could go a long way to helping ease the financial burdens on that country. With the continuing cost of cleaning up after the 2011 tsunami and the ongoing struggles to properly close down the Fukishima Nuclear plant, Japan could certainly use an increase of both tourism and tourist’s dollars. Sheldon Adelson may just be in Japan at the right time.
Adelson has said he would only build in densely populated metropolitan areas such as Tokyo or Osaka to take advantage of the tourist and business industry already present in those areas. Las Vegas Sands has already spent a significant amount of time and money opening offices and hiring in Japan and there is a rumour that the large corporation like M88 may work with a Japanese partner.