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Melco Promises to Donate $10 Million to Japanese Culture

Melco Promises to Donate $10 Million to Japanese Culture

Earlier this week the casino operator Melco Crown Entertainment Ltd said that it has promised $10 million for cultural projects in Japan. The move is another symbol of Melco’s commitment to Japan as the country’s lawmakers attempt to legalize casino gambling.

Melco Promises to Donate $10 Million to Japanese Culture

Casino operator Melco Crown Entertainment has pledged $10 million to support Japanese culture.

Melco is one of a number of casino operators hoping for a position in the Japanese market as it is seen as the next big Asian gaming destination with many believing it will follow in the footsteps of Macau.

Melco’s spokeswoman, Maggie Ma, said, “Melco really wants to do something to help contribute to cultural development in Japan. There is no defined set period for the commitment.”
Industry analysts are predicting that the Japanese gambling market could bring in as much as $15 billion a year in annual gaming revenues. If this proves correct then it would make Japan the world’s second biggest market.

Melco has said that it is contributing the money to projects to be run in coordination with Tokyo’s University of the Arts. The projects will include research on urban development and a “Kimono Culture” event next year. The university has said that the donation is unrelated to the debate surrounding legalizing casino gaming.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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