#integratedresorts

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Japan’s gambling legislation history

Japan’s gambling laws reflect a complex balance of prohibition and regulated exceptions. Under the Penal Code, most gambling is criminalized while state-sanctioned lotteries, public sports betting, and pachinko remain legal. In 2018, Japan introduced Integrated Resort (IR) legislation to allow licensed land-based casinos. Online gambling, however, remains explicitly banned and tightly controlled.

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George Tanasijevich: Integrated Resorts and their Success Stories

by Thomas Kwon

October 14, 2014

When looking at colossal destination properties, such as The Venetian in Las Vegas or the Marina Bay Sands in Singapore, it is clear that the meetings, incentives, conferences, and exhibitions industry is booming.  At the 2014 World Knowledge Forum, George Tanasijevich, President and CEO of Marina Bay Sands, a leading name in the MICE industry, highlighted his company’s intentions for growth in Asia: “We try to create something that the world has never seen before.”

According to Mr. Tanasijevich, Marina Bay Sands’ parent company, Las Vegas Sands, believes it is well-positioned to capitalize on recent upward trends as the only integrated resort company with a presence in the three largest MICE markets: Las Vegas, Macau, and Singapore.  Mr. Tanasijevich explained that developing a network of relationships and a system of business practices would allow them to “move into new markets, understand the dynamics there, create a model that works specifically for that market, and then create tremendous value for the people of that community.”

Mr. Tanasijevich pointed to the importance of targeting travelers with money to spend.  “We bring in more high-end customers…so that everyone benefits from it,” he said.  With business travelers coming mid-week and leisure travelers coming mostly on weekends, he stressed the benefits of complementary travel patterns.

Addressing concerns that local businesses may have, Mr. Tanasijevich said the impact of such high-profile business properties would not greatly impact surrounding establishments.  Rather, he said, “We bring in new business that’s not already coming here.”

Mr. Tanasijevich said Marina Bay Sands does things differently, and was proud of the sheer size and fame of the attractions at his resorts. From hosting sold-out concerts with the Rolling Stones to bringing celebrity chefs like Gordon Ramsay to prepare dinner, he said that his resorts do it all.  Sands Live, the company’s newest concept, showcases some of the biggest acts in the world.

The numbers that Mr. Tanasijevich relayed show promise.  He touted a total investment of US $5.6 billion in Marina Bay Sands by 2015, along with the addition of over 46,000 jobs. Mr. Tanasijevich said, “We’ve added 1.25 percent to the GDP of Singapore.  That’s massive.”

With regard to his plans for South Korea, Mr. Tanasijevich had a message: “If you get serious about tourism…your upside is huge.”  He explained that South Korea’s population, land size, and cultural exports are all higher than that of Singapore, yet Seoul ranked ninth on a list of countries amenable to the tourist industry, compared with sixth for Singapore.

His strategy to improve Seoul’s position might sound familiar to anyone with access to YouTube: K-pop.  “K-pop is sweeping the world,”  Mr. Tanasijevich advocated.  He discussed the idea of using K-pop and other Korean cultural exports to draw foreigners in large numbers to South Korea.  “Really what this is about, is bringing in foreign tourism…bring their foreign currency, convert it to local currency, and spend that money here,” he said.

Emphasizing his desire to keep the meetings, incentives, conferences, and exhibitions industry booming in South Korea, Mr. Tanasijevich ended with a clear declaration:  “This is a top destination for our company.”