Japan’s integrated resort (IR) plans will enable the country to enjoy the same benefits currently experienced by Singapore through its two casino resorts, according to asset management services provider Schroders Capital.
IRs to Attract More Inbound Visitors, MICE business
In its latest report, the company said Japan’s IR complexes would draw significant tourist numbers just like Singapore’s Marina Bay Sands and Resorts World Sentosa.
Additionally, the Japanese IR industry would also provide a huge boost to the country’s meetings, incentives, conferences, and exhibitions (MICE) sector, according to Andrew Haskins, who works at Schroders Capital as the Head of Strategy and Investor Advisory, Real Estate APAC.
Citing data from the Japan Tourism Agency, the report said that in 2019, prior to the pandemic, inbound visitors accounted for 37 percent to 39 percent of total guest stays in three of Japan’s largest tourism markets – Tokyo, Kyoto, and Osaka. The country’s tourism and hospitality sector is recovering well, though current figures are still below 2019 levels.
Japan will see a major rebound in inbound visitor numbers as the country recently eased its travel restrictions. The “continuing weakness” of the yen will also lead to more tourists visiting the country, the report said.
Japan’s Hospitality Sector Recovering Fast
It also noted that while Singapore is currently ahead of other Asia-Pacific countries in the hospitality recovery race, Japan will not be far behind, and the proposed IRs have the potential to elevate the numbers.
Osaka and Nagasaki both submitted their IR district development plans to the national government in April 2022. The proposals are still being considered by a review committee.
