Nikkei: Melco Crown Keen On Entry In Japan, Prepared To Invest $5 Bln

(RTTNews) - Macau gaming company Melco Crown Entertainment Ltd (MPEL) is in partnership talks with several Japanese companies and plans to open a casino in the country with an investment of at least $5 billion, Nikkei reported.

Melco Chief Executive Officer Lawrence Ho told Nikkei that the company would seize the opportunity to enter the Japanese market if the country lifted its ban on casinos. Ho is the son of Macau gambling tycoon Stanley Ho.

Ho noted that the latent market for casinos in the world's third-largest economy is estimated to be at least $20 billion, half that of Macao.

According to him, if the ban is lifted, the company will select a location in cities like Tokyo and Osaka and open a casino in four or five years.

The company's Chairman James Packer, who was also interviewed at the same time, said the investment would total at least $5 billion.

Melco will step out of Macao for the first time by entering the Philippines in the final quarter of 2014.

MPEL closed up 2.9 percent on Tuesday on the Nasdaq at $36.69.