It’s still a long haul until casinos are legalized in Japan, let alone built, but MGM Resorts International CEO Jim Murren is waxing confident. He notes that Japan’s tourism is expected to grow 100% by 2020 and another 50% by 2030 — propitious conditions for a casino resort. He says “networking into what’s most important, the beauty of Japan, will drive that growth.” In what may be a tacit dig at Sheldon Adelson, he says, “I was constantly struck by the natural beauty of the country and the friendliness and warmth of the Japanese people. In some people’s eyes, everything should be in the resort. I think that’s a mistake. The casino resort should be integrated within the community and nation and encourage visitors to explore and see what’s so great about the country.”
He also takes a position that could be potentially contentious but is consistent with MGM’s reputation as an agent of possible social change: Murren would like to see more women in the Japanese workforce. “Right now, women are poorly represented in the executive ranks in Japan’s companies. That drags down the overall economy.” That kind of talk could hurt MGM’s chances but we appreciate Murren sticking by his principles.
* As the stock price of Caesars Entertainment continues to slip, the real-world conditions of its problems can be seen in Tunica County. The economy there was pretty bad already but the closing of Harrah’s Tunica deals a particularly devastating blow.
* Philadelphia developer Bart Blatstein has a genius for buying and selling the former site of a Foxwoods-branded casino project. He put the land together in 1993 for $8.5 million, then sold it to gaming interests for $64 million. Philadelphia Entertainment & Development Partners spent at least $50 million, in tandem with Foxwoods, trying to redevelop the site. They failed and are trying to get their licensing fee back via bankruptcy court, in order to pay legal fees, architects, etc. Blatstein, meanwhile got the land back for $13 million plus the agreement to pay an $8 million property-tax arrearage. His intentions for the site are unknown but it’s believed he’s still focused on building a casino downtown.
