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How to play Masquerade
In a statement, Wynn Resorts said the unions chose to strike “despite our continued efforts” to negotiate a new deal. Workers are calling for wage increases, healthcare and pension benefits and job security protections. The casino will remain operational despite the walkout. Workers had voted to authorise the strike on 20 August.
“We are committed to finding common ground that is fair, financially sustainable and protects jobs for the long term,” Wynn said.
In second-quarter results posted last month, Encore Boston Harbor saw $209 million in revenue for the period, which was a 3% drop year-over-year. A 12% YoY drop in table games win led to a 6% decline in overall casino revenue, although Wynn CEO Craig Billings said the property delivered second-quarter records for both hotel revenue and revenue per available room. Demand in Boston “has remained healthy, with slot handle running slightly ahead of last year”, Billings said.
How to play Masquerade
“I sometimes wish regulators would look at other cases,” he adds. “I mean, what happened in Germany, what’s happening in the UK.”
This risk is particularly apparent when many offshore operators are established brands rather than unknown entities.
“It’s not a dark alley,” he continues. “It’s a large operator that’s regulated in other places, so it’s not the risk for the player that sometimes is implied.”
How to play Masquerade
The regulatory framework strictly keeps the casino component in check. Casino floor space is capped at 3% of the total floor area of the IR, while Japanese residents are restricted to three visits per week and 10 visits within any 28-day period. Each visit also carries a mandatory ¥6,000 entry fee, reinforcing the government’s intent to curb excessive gambling even as it opens the door to casinos.
Japan’s path to IR legalisation was not straight forward. The IR Promotion Act, which set Japan on the road to casino-integrated resorts, was passed in December 2016 after a contentious debate. Nearly two years later came the IR Implementation Act, which laid out the regulatory frameworks for casinos, from entry restrictions to measures addressing gambling addiction and other social concerns. Yet even as the government pitched IRs as a catalyst for tourism, regional development and economic growth, opposition remained aggressive.
Among the opposing forces was Kenji Eda, a prominent House of Representatives lawmaker from Yokohama and a senior figure in the opposition Constitutional Democratic Party of Japan. Eda has been a vocal critic of the government’s IR push, raising concerns over gambling addiction, the economic impact on local businesses and whether the casino-led model would deliver the promised benefits.
