James Packer Seeks Partners for $5 Billion Japanese Casino
James Packer, the Australian billionaire behind Melco Crown, has said that he is in talks with a number of Japanese and Australian companies looking to join forces to build a $5 billion casino complex in Japan before the 2020 Tokyo Olympics.At a media briefing in Tokyo Packer said, “Our expectation would be to have a strong set of Japanese partners. We have had very preliminary talks.”
A number of major international casino operators are looking for Japanese partners in anticipation of the government legalizing the market. It is estimated that the casino industry in Japan could generate up to $40 billion in annual revenue.
Packer went on to say, “I do not envisage an integrated resort in either Tokyo or Osaka would be successful at anything under $5 billion. The cost for the successful applicant would probably be more than $5 billion.”
In the past Sheldon Adelson, the CEO of Las Vegas Sands, has said that the company is prepared to invest $10 billion in a casino project in Japan. The CEO of MGM, James Murren, has also presented similar ideas.