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In Part 1, the cover story of the IAG January issue, we examined the current state of play of integrated resort (IR) development in Japan including its rationale, recent events affecting the rollout, the pros and cons of likely IR locations and the current timeline. In Part 2, we compare and contrast the various candidate operators in the race. Japan is the holy grail of the global integrated resort industry – one of the last remaining advanced economies in the world without casino gaming. In theory at least, a Japan integrated resort ought to be very lucrative. Japan’s US$5 trillion economy is the third largest in the world, it’s a wealthy nation with a GDP per capita around US$40,000, and its local population has a proven propensity to gamble – with an enormous pachinko industry and the world’s largest horseracing market. Add to that a unique culture, spectacular architecture and design, and an exquisite F&B offering which attracts visitors from across the globe, and

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