Adding integrated resorts (IRs) with casinos to Japan's Osaka (pictured) and Nagasaki tourism markets, respectively, could generate similar profits in the business travel sector seen in Singapore through both casino resorts, Schroder Capital's report says.
"The comparison with Singapore's Marina Bay Sands and [Report World] Sentosa suggests that Japanese complexes should also attract high visitor numbers and MICE businesses," said Andrew Haskins, head of Asia Pacific Real Estate Strategy and Investor Advisory at the financial institution.
He mentioned the dual point between Singapore's casino resorts Las Vegas Sands Corp and Genting Singapore Inc, an element of Singapore's conference, incentive, conference and exhibition (MICE) sectors.
"Of the 47 prefectures in Japan, only five accounted for most of the pre-COVID-19 inbound tourist demand, including three metropolitan prefectures - Tokyo, Osaka and Kyoto," the newspaper said, citing 2019 data from the Japan Tourism Authority and CBRE, a commercial real estate services and investment firm.
"For these three markets, foreign tourists accounted for 37% to 39% of all guests during the peak season of 2019," the Schroders Capital report added.
About 80% of hotel accommodation and total travel spending in Japan in 2019 came from domestic consumers, it said, citing the same data sources.
The newspaper also said that in the Asia-Pacific "combat for hospitality recovery," Singapore would "lead into the first corner," while Japan would "accelerate."
"From a business perspective, Singapore's position as Southeast Asia's leading communications hub and strong government support made the country a premier MICE destination before COVID-19," Mr Haskins's paper noted.
As of August this year, the total occupancy rate at Japanese hotels had recovered from the COVID-19 low to 60%-65%, it said, citing data from a "Japan Hospitality" report by real estate services firm Savills Plc.
Schroders Capital added: "The share is well below 2019 levels of over 80%
The agency noted that the Japanese government recently announced that it would restore visa waivers for vaccinated foreign tourists and remove daily limits on visitors.
"Since the easing of immigration rules, we expect Asian visitors to rebound sharply," the Japanese currency's "continued weakness" is a factor. Until Sept. 22, the yen had "against the U.S. dollar... It has reached a 24-year low," Schroders Capital said.
A full recovery in Japanese tourist entry numbers "will be difficult until China eases COVID-19 travel restrictions," while the Japanese government said a "weak yen is most effective in attracting inbound tourism," the agency said.
BY: 바카라사이트