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Asian Gaming Markets Update, April 2023
On the heels of recent news out of Japan, The Innovation Group (TIG) has prepared a broader Asian Markets update, as follows. Please contact our lead partner in this region, Michael Zhu, or TIG President Michael Soll to discuss these opportunities in more detail.
Japan
Certainly, the Japanese central government’s approval of the Integrated Resort (IR) District Development Plan of Osaka is the biggest news to come out of Asia in the post-COVID era. The proposed MGM Osaka IR will be situated at Yumeshima, where the World Expo 2025 is slated to take place. With a development budget earmarked at JPY1.08 trillion (approximately USD9.0 billion), the project is anticipated to welcome more than 20 million visitors per year and has the potential to become one of the world’s largest and most profitable IR facilities, a truly substantial economic boost to the region and beyond. After more than a decade of dedication to this effort, we are thrilled for MGM’s Japan IR development team on this outcome – it was an honor to support their work over the course of this project.
The Philippines
In the nearer future, we are excited to see the momentum of robust growth in the Philippines continue. With new casino resorts and expansions now up-and-running or set to come online soon in Metro Manila, Clark, and elsewhere in the country, the Philippine gaming market is poised to continue its strong performance and help shape the new gaming landscape of the Asia Pacific region.
South Korea
Development of Mohegan’s large-scale Inspire Entertainment Resort in Incheon has been on track and the world-class resort is expected to open its doors later this year, establishing a new landmark IR in Northeast Asia. With other major casinos in the country seeing soaring performance results, there is only incredible potential for the South Korean gaming market.
Big Picture
Beyond these jurisdictions and the robust rebound out of pandemic impacts in Macau and Singapore, TIG also has been closely monitoring the intriguing market dynamics and conditions in the region’s emerging markets – Thailand and UAE, in particular, are expected to lead the next stage of gaming development in Asia.
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