Wynn Resorts Closes Yokohama Office, Casino Plans Will Push Through
Nevertheless, the company said that its casino plans in Japan will still push through despite of the closure of its office.
Despite the closure of its office, Wynn Resorts said in a statement that it will continue to pursue its efforts of establishing an integrated resort in the city. The company is looking to introduce several Las Vegas-style and Macau-style casinos in the region in a bid of strengthening its international presence.
Effects of the coronavirus
Japan is slowly recovering from the coronavirus pandemic, but strict implementations of social distancing are still in place in the country. This has severely affected almost all facets of the industry.
In statement released on Sunday, Wynn Resorts said that the coronavirus pandemic:
“Is having an unprecedented negative impact on integrated resort development, and resort companies such as Wynn are considering how to evolve our operations to alight with the post-pandemic market.”
The company added that it is still interested in pursuing its long term plan in Japan. This plan includes huge new casino development projects and expansion of its operation within the region.
The decision to leave Yokohama came in after the Japanese government said that it is delaying the release of national basic policy that will govern integrated resorts. The country is planning to release it this month, or at least within the foreseeable future. People with inside information have noted that the addition of health regulations with regards to the coronavirus forced to country to release this basic policy.
The basic policy was originally slated for a July release. However, the coronavirus pandemic forced the country to take extreme measures including closing most of its bureaucratic operations. Analysts have noted that the delay will severely impact the awarding of three gaming licenses that will see the establishment of the first integrated resort with casino in Japan.
Wynn Resorts expansion plans
Wynn Resorts have been pursuing its expansion plans in Japan for several years now. The initial site of its development was set in the city of Osaka where it plans to build and operate an integrated resort with casino. However, the plan was scrapped in favor of Yokohama.
With the Japanese government suspending the release of the national IR implementation policy, local Yokohama officials said that they will have trouble finalizing their own basic policy.
Yokohama only joined the casino development race last summer. Since then, Japan’s second largest city quickly gained the attention of major casino developers and operators. Among the first to rush into the city are Genting Singapore, Las Vegas Sands, Wynn Resorts, and Melco Resorts and Entertainment.
Unfortunately, the coronavirus pandemic put all these rapid development into a screeching halt. With the absence of a cure and a vaccine, it is difficult to tell when the global economy will be back to normal.
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