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Japan’s integrated resort (IR) landscape may soon welcome a fresh contender as reports point to Yokosuka emerging as a possible new site for casino resort development. This comes in addition to the myriad of locations eager to tap into Japan’s IR environment, which the country established following the 2018 law opening the door to a maximum of three casino resorts.
Located on Tokyo Bay, about 50 kilometers south of Tokyo, Yokosuka also has a high historical and strategic significance, among other attributes, to be one of the world’s biggest foreign U.S. naval bases. The proximity of Yokosuka to Tokyo, as well as the existing infrastructure, making it a prime candidate for a future IR project. This option also aligns with Japan’s greater plan to boost tourism and expand its entertainment outlets beyond what was originally approved in Osaka.
Yokosuka’s consideration as an IR candidate indicates a renewed momentum in the casino licensing in Japan, which had before been slowed by economic uncertainty, regulatory details, and the COVID-19 pandemic. Having granted the first license to MGM Osaka, the Japanese government is said to be preparing to reopen bidding on the other two licenses in the near term, and Yokosuka is said to be one of the localities interested.
The charm of Yokosuka resides not only in its proximity to the capital of Japan but also in its technologically advanced and research-intensive sectors, such as the Yokosuka Research Park. Such resources would complement the diversified function of an IR as a center for tourism, business, and recreation, aligned with the mandate of Japan’s IR law that foresees the resort as an integrated complex with casino facilities as well as convention, exhibition, and recreational facilities.
While the Japanese government is preparing to reopen bidding, other areas such as Hokkaido and Yokohama have also shown their intention to bid for IR licenses. The entry of Yokosuka into the competitive fray is evidence of the heightened interest among many prefectures to cash in on the economic potential of integrated resorts.
The addition of Yokosuka as a potential IR location suggests a strategic approach to distribute economic benefits across regions well connected to major urban centers. With Japan focusing on regenerating tourism and creating new drivers of growth, projects like the proposed IR in Yokosuka may have an important part to play in defining the nation’s IR future.
Source: GGR Asia
