Wynn Won’t Ignore Japan, But Won’t Hurry Back, Either

Posted on: May 7, 2025, 05:02h. 

Last updated on: May 7, 2025, 05:02h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.
  • Billings says Wynn has plenty of development opportunities
  • Japan could reopen bidding for a pair of casino licenses
  • Tokyo could be part of that process

Count Wynn Resorts (NASDAQ: WYNN) as a member of the wait-and-see camp regarding possible reexamination of a Japan casino resort bid.

The Wynn on the Las Vegas Strip. The company is keeping eyes on Japan, but won’t rush back. (Image: AGB Nippon)

On Tuesday, media reports surfaced that the country could later this year commence a fresh round of bidding for two gaming licenses with hope of approving a pair of integrated resorts by late 2027. Speculation centers around Hokkaido and Tokyo as potential sites for joining MGM Osaka in Japan’s casino hotel lineup. Tokyo, one of the largest metropolitan areas in the world, undeniably is a desirable location for a gaming venue, but that doesn’t mean Wynn will rush back to Japan.

We’ll always look at any gateway city where meaningful capital can be deployed, and we think the Wynn brand resonates,” said CEO Craig Billigs in response to a question from CBRE analyst John DeCree on the operator’s earnings conference call Tuesday. “So Japan fits that bill. There’s structural challenges in the way that the licensure and ownership have been outlined in Japan. And so when we look at it, of course, but it’s got to be right, and the setup has to be right for us.”

Under Matt Maddox, Billings’ predecessor, Wynn vied for a Japanese gaming license, but ultimately abandoned those plans in August 2020, citing delays in the permitting process. At that time, the gaming company said it was still interested in Japan and would stay abreast of new developments there.

Tokyo May Not Be Enough to Lure Wynn Back to Japan

For now, it’s merely speculation, but if Tokyo were to agree to become home to an integrated resort, it’s likely that would touch off a new round of competition including some of the world’s largest casino operators. Whether that includes Wynn is another story.

In 2019, Wynn was one of seven operators that participated in Osaka’s request-for-concept (RFC) initiative, but the company decided against moving forward in Japan’s third-largest city in favor of focusing its efforts on Tokyo. As gaming companies would soon find out, Japan’s capitol city wasn’t a likely contender to welcome a gaming venue.

That result in Wynn and several rivals turning their attention to Yokohama. However, locals in the country’s second-largest city were stridently opposed to a casino hotel coming to their city — dissent that may have played a part in multiple operators dropping Japan plans.

Hokkaido Prefecture is back in the Japan casino picture, but Wynn didn’t express interest in that region several years ago. Hard Rock International, Mohegan Gaming and Entertainment (MGE), and Rush Street Japan were the gaming companies that previously signaled they had eyes for Hokkaido, which is home to 5.1 million people and is Japan’s northernmost prefecture.

Wynn Doesn’t Necessarily Need Japan

Including Wynn Al Marjan Island in the United Arab Emirates (UAE), the Las Vegas-based casino operator has plenty of irons in its development, implying it doesn’t need to go running back to Japan.

“We have plenty of development opportunities,” said Billings on the conference call. “We have a land bank in the UAE. We have a land bank in Boston. We have a land bank in Las Vegas.”

He also mentioned Thailand describing the Southeast Asian nation as an “an amazing potential market.” The company is also partnering with Related Cos. on a New York City casino bid. Wynn is prepared to submit a fair proposal there, but won’t overbid, said the chief executive officer.

“So we’ve got plenty of development opportunities. We would only look at Japan if the setup was right,” concluded Billings.