Caesars Entertainment Corp. is withdrawing its bid to open a casino in Japan.
A new report from Bloomberg reveals that the entertainment giant has decided not to seek a license for a casino in the country and instead will shift attentions to other business plans including a merger with Eldorado Resorts that’s slated to finalize next year.
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Caesars is set to be acquired by Eldorado Resorts through a $17.3 billion megadeal. The acquisition will put about 60 casinos and resorts across 16 states under a single name, making the deal one of the biggest gambling and entertainment ventures in the United States.
The company’s decision to walk away from its plans in Japan was driven by “sensitivity to the significant decisions Japan’s government and business partners will likely be making later this year to advance the process,” according to a statement issued by Caesars CEO Tony Rodio.
Japan is poised to become Asia’s second-largest gambling market after Macau, according to Bloomberg. The island nation has passed laws legalizing casino gambling.
In addition, the government has already given its initial approval for three significant resorts. At the same time, cities are formalizing their bidding processes.
Some of the other well-known names jockeying to set up shop in the country include MGM Resorts International and Las Vegas Sands Corp. Wynn Resorts has also indicated that it is interested in operations in Tokyo Bay.
Investment firm CLSA has projected that Japan’s gross gaming revenue could reach $20 billion annually.
Caesars also missed an opportunity to get a license in Macau, the biggest casino market in the world, according to Bloomberg.