The Monegasque government is the main shareholder of Société des Bains de Mer (SBM). With a workforce of over 3,000, SBM manages no fewer than four casinos (Monte-Carlo Casino, Casino Cafe de Paris, Sun Casino, and Casino Monte-Carlo Bay), four luxury hotels (Hôtel de Paris, Hôtel Hermitage, Monte-Carlo Beach Hotel, and Monte-Carlo Bay Hotel & Resort), as well as numerous restaurants and spas.
This group is the largest in the Principality of Monaco. SBM has established a strategic partnership with Galaxy Entertainment Group, one of the leading Asian operators of luxury hotel and leisure complexes.
Both entities are committed to promoting each other’s brands and businesses. Moreover, this dynamic duo has its sights set on what could be the casino industry’s second-strongest market: Japan.
SBM wants to open a casino in Japan
The partnership signed between Société des Bains de Mer and Galaxy Entertainment Group is no small feat. Both groups are interested in opening a land-based casino in Japan. However, only two licenses will be issued initially. The Japanese government must review the conditions for granting these casino licenses as well as the locations. Suffice it to say, there’s a lot of work to be done.
Since the decree legalizing land-based casinos in Japan was signed, all the major players have been rushing to the gate. From Las Vegas Sands (a group owned by Sheldon Adelson, editor’s note) to Wynn Resorts, Melco Crown, and Genting Group (and many more), everyone wants to receive the famous Holy Grail.
Unfortunately, space is limited, and casino groups will have to wage a veritable behind-the-scenes battle to secure the license. SBM has a say, especially since its new partner, Galaxy Entertainment Group, is very popular in Asia. Indeed, this group is well-known, particularly in Macau, and owns Galaxy Macau, StarWorld Hotel, Broadway Macau, Rio Casino, President Casino, and Waldo Casino.
>>> Also read: « Japanese Casinos: Sheldon Adelson Plans $10 Billion Investment »
Casinos in Japan
Société des Bains de Mer has always wanted to expand beyond Monaco. It has studied several projects in the Emirates, Great Britain, and Morocco. None of them came to fruition. Today, its sights are set on Japan. It must be said that according to experts, the Japanese gambling market is colossal: $40 billion per year. It’s understandable why the major casino groups operating in Las Vegas, Macau, Monaco, and Singapore have their eyes set on this new El Dorado.
The first casinos to emerge will be a huge financial boon for their owners. It’s understandable that the Société des Bains de Mer wants a piece of this generous pie. But it still needs to have enough arguments to convince Japan to grant it a gaming license.
Considering that the world’s largest casino groups are already in the starting blocks, the battle is shaping up to be fierce. We’ll have to wait and see who will be the lucky winners of the gaming license. We imagine Prince Albert II is keeping a close eye on this. Watch this space.
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