Integrated resorts, which offer casino gambling and hotel accommodations as well as amenities like fine dining and entertainment, have been proven to provide economic stimulation. In Japan, gambling is banned in most cases. However, in an effort to boost tourism and increase revenue, legislators have recently approved a plan to build an integrated resort with casino gaming in Osaka.
The project will be developed by MGM Resorts , a gaming and entertainment giant . It is expected to cost $10 billion. Summit Ascent Holdings is a company that owns the Tigre de Cristal Casino Resort in Vladivostok. A report by IAG revealed that the Hong Kong-listed firm recently announced its plans to develop a luxury hotel in Japan .
Summit Ascent claims that the project will benefit from casino tourism by providing supreme hospitality options. According to the company, “Other industries, like the hospitality sector, can also benefit from casino tourism.” Summit Ascent also spoke of , the “strong synergy potential” with the country’s IRs, and the unique cross-selling opportunities.
Purchase Land for the Luxury Hotel
Summit Ascent must first buy land to develop the luxury project. The company announced its plans to buy a parcel of property that will be used to develop the luxury hotels in Okinawa.
According to reports, the company has agreed to purchase land from LET Holdings. Summit Ascent wants to acquire the entire parcel of land.
The land, which measures close to 110.000 square meters, is priced at HK$280,000,000 or US$36 million. The acquisition remains subject to shareholder approval. Summit Ascent, like most similar projects, will need to obtain approvals relevant for the development of its project.
It may seem like a long process, but it could only take a few more years for the new Okinawa luxury hotel to welcome visitors. Summit Ascent still hasn’t confirmed an official timeline for construction or a projected date for the opening.