MGM Resorts CEO Jim Murren has praised the lengthy process guiding the way for integrated resorts in Japan but says the three resorts to be built upon passage of the IR Implementation Bill will quickly swamp Singapore’s casino industry once open.
Murren’s comments come as a key gambling addiction bill passed through the House of Representatives last Friday, paving the way for lawmakers to turn their attention to the final IR Implementation Bill ahead of the end of the current Diet session on 20 June.
Speaking to Nikkei Asian Review, Murren said that three Japanese IRs “would generate billions of dollars, making the market vastly larger than Singapore.”
However, he added, “I do not want to get ahead of big presumptions to assume that the Implementation Bill is passed until it is. I am still 56 and will be patient for years to come.
“I’m comfortable with the process because we understand concerns for the public good.”
Murren also seemed to renege on comments he made at an investor day in Las Vegas earlier this month in which he stated that MGM would not be interested in holding a minimum equity stake in a consortium in Japan. Instead, he told Nikkei he had “no preconceived demands on how much equity the company has.”
The MGM boss added that he has visited “hundreds of Japanese companies” to boost relations and discuss potential partnerships, stating any IR it built “will be definitely designed with a Japanese architect, outfitted with Japanese interior designers and artists and powered by Japanese technology.”
MGM “has been continuing to build bridges with Japanese people,” Murren said.
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