James Packer the Crown Resorts Ltd (ASX: CWN) boss was spotted at an official dinner in Canberra last night for the visiting Japanese government and business heads. Reputedly highly-persuasive, Mr Packer's sudden interest in all things Japanese may be related to the prospects of his Hong Kong-listed joint venture, Melco Crown, being able to obtain permission to develop casinos in Japan, the world's third-largest economy with a love of the high life.
The Japanese government has reportedly moved to legalise casinos in an attempt to encourage tourism and promote the country to the outside world ahead of the 2020 Olympic games.
Crown is also moving closer to gaining a casino license for the proposed Syd Vegas style entertainment, commercial and residential development at Sydney's Barangaroo Wharf, where Lend Lease Group (ASX: LLC) is contracted to work on much of the development.
Crown's share price has dropped recently on the back of some mildly disappointing half-year results and slowing gaming revenue in Macau, the epicentre of Melco Crown's business, for now. However, if Melco Crown can hit the jackpot in Japan, Crown Resorts investors could expect to win big on the side.
