King Colossus

What is King Colossus?

While Alabama ranks 27th among the 50 states in population, the limited availability of gaming makes the state attractive to companies like VGW.

Alabama has only parimutuel betting, small games of chance for charitable purposes, and electronic bingo machines at three tribal casinos in Atmore, Montgomery, and Wetumpka.

According to its annual report, VGW generated revenue of $4.76 billion in its 2025 fiscal year, resulting in a net profit of $428 million. Despite operating in fewer states, VGW’s platforms grew profits and revenue from its 2024 fiscal year.

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But for Klebanow, the lesson Japan should take from Macau and Singapore extends beyond the importance of non-gaming attractions. It is also about how regulation should work. Policymakers, he argues, should establish basic legal and commercial guardrails, while giving operators sufficient “latitude” to “propose and develop projects that best serve both the residential and tourism markets”.

He points to Macau’s Cotai Strip and Singapore’s Marina Bay Sands and Resorts World Sentosa as examples of how regulatory discipline can coexist with considerable freedom for developers to innovate. “At its core, Japan’s policies need to be pragmatic and allow for developments to succeed – not constrain them to the point that they risk failure.”

When asked which operator will be willing to take the risk and ultimately win Japan’s next “licence lottery”, Klebanow contends that it depends on how restrictive – or attainable – the regulations and requirements imposed by the government will be.

How to play King Colossus

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