Late on a Thursday evening in February 2017, Japanese Prime Minister Shinzo Abe’s plane landed at Andrews Air Force Base in Maryland for his first visit with President Donald Trump. A few hours earlier, the casino magnate Sheldon Adelson’s Boeing 737, which is so large it can seat 149 people, touched down at Reagan National Airport after a flight from Las Vegas.
Adelson dined that night at the White House with Trump, Jared Kushner and Secretary of State Rex Tillerson. Adelson and his wife, Miriam, were among Trump’s biggest benefactors, writing checks for $20 million in the campaign and pitching in an additional $5 million for the inaugural festivities.
Adelson was in town to see the Japanese prime minister about a much greater sum of money. Japan, after years of acrimonious public debate, has legalized casinos. For more than a decade, Adelson and his company, Las Vegas Sands, have sought to build a multibillion-dollar casino resort there. He has called expanding to the country, one of the world’s last major untapped markets, the “holy grail.” Nearly every major casino company in the world is competing to secure one of a limited number of licenses to enter a market worth up to $25 billion per year. “This opportunity won’t come along again, potentially ever,” said Kahlil Philander, an academic who studies the industry.
The morning after his White House dinner, Adelson attended a breakfast in Washington with Abe and a small group of American CEOs, including two others from the casino industry. Adelson and the other executives raised the casino issue with Abe, according to an attendee.
Adelson had a potent ally in his quest: the new president of the United States. [Continue reading…]