The Navegante Group. Casino Resort Development & Management

Macau is far from the only international opportunity being considered by Las Vegas casino operators. From the United Kingdom to Japan, potential opportunities are opening up across the world for the spread of legalized gaming.

Most prominent in discussions is the U.K., where a federal panel recommended liberalization of that country's gaming laws earlier this year. The panel's recommendations included the lifting of location restrictions on casinos, caps on the number of slot machines casinos can offer, and caps on top prizes on slot machines.

Many now believe the U.K. could be poised to see a wave of Las Vegas-style resort casinos spring up in the next several years. Park Place Entertainment Corp. and MGM MIRAGE are both looking for opportunities to be a part of this next wave.

"As the world's largest gaming company, and the one with the widest international distribution ... any opportunity internationally is obviously going to be something we'll take a hard look at," said Park Place Chief Executive Tom Gallagher. "The recommendations of the (panel) are really quite far reaching. For that reason, it makes the U.K. an area we'd have a particular interest in, given the kind of company we are."

Gallagher added he personally has long-standing contacts in Britain, a market he was involved with for more than 20 years, and a place he lived for five years.

But he declined to comment on speculation that Park Place would enter the U.K. market by allying with Hilton Group PLC "We know the folks at Ladbrokes (Hilton Group's gaming division) and Hilton Group, but I wouldn't read anything into that one way or the other," Gallagher said.

Another company that acknowledged its interest is MGM MIRAGE, though President and Chief Financial Officer Jim Murren said such a move was under consideration before the panel's report.

"We would like to set down roots there with the right deal, but we're no closer to this than we were earlier this year," Murren said. "It's still right in the middle of our radar, and we're spending a lot of time there, but we're not any closer to a transaction."

Greece is another European nation that offers opportunity. An agency of the Greek government is now soliciting bids for a stake in the government-owned Mount Parnes Casino Resort. Mandalay Resort Group, Las Vegas Sands Inc. (the owner of the Venetian) and Aladdin minority shareholder London Clubs International are among the 37 companies expressing interest. Mexico is also often mentioned as a potential gaming market. Casinos are illegal in that country, but Mexican President Vicente Fox has said he supports casino gambling in certain cities. Possible casino cities could include Acapulco, Puerto Vallarta, Cancun, Tijuana, Ciudad Juarez and Mexico City.

Though seen as a potentially lucrative market, there's still little detail. The Mexican legislature is expected to consider the possibility of legalization during this session.

Another nation considering legalization is Taiwan. The Taiwanese legislature is moving forward on a bill that would legalize gambling resorts on the island of Penghu, located between Taiwan and mainland China. Both Las Vegas Sands and MGM MIRAGE have expressed interest.

In an address to the World Gaming Congress & Expo last week, Johnson P.L. Chen, chairman of the Great Penghu Resort Hotel -- a planned gaming development on the island -- said "owners and operators from many famous casinos have visited Taiwan to explore business opportunities." He noted the island has a considerable geographic advantage, as it's located less than five hours by air from such key markets as Japan, Taiwan, South Korea, Hong Kong, Singapore and mainland China.

Larry Woolf, president of Las Vegas consulting firm the Navegante Group and former chairman of MGM Grand Inc., said he believed Penghu could potentially be a $6 billion a year gambling market, "bigger than Las Vegas."

"I don't think you can build enough (there) to accommodate the demand," Woolf said. "I think it's going to happen."

The Philippines could also present a potential gaming opportunity, said Jackie Yee, founder of the Castaway Group, a Hong Kong-based investment company specializing in gaming. The country does have legalized gaming, and has the advantage of location and an English-speaking workforce, Yee said.

But it's also a country that's been struggling to combat terrorism and rashes of kidnappings, Yee said. "Until they solve these problems, they won't get much interest in getting people interested in gaming at the moment," Yee said. Japan may also see casino gambling over the next decade, said Ichiro Tanioka, president of the Osaka University of Commerce and expert on the Japanese gambling market.

The leading candidate for governor of Tokyo is saying he wants to bring a casino to Tokyo if he's elected, Tanioka said. If that happens, Tanioka said he expects places like Osaka and Okinawa to follow with legalized casino gambling. "Within five to seven years, Japan will be a country with casinos too," Tanioka said.

Though opportunities seem to abound, many sound voices of skepticism. One was Larry Klatzkin, a gaming analyst with Jeffries & Co., who was asked about potential expansion opportunities in Mexico at a World Gaming Congress session last week. "It's all politics," Klatzkin said. "Things don't happen as fast as you think, and things don't happen as you think. I've been doing this for 20 years, and I've run through this question exercise many, many times. I'd say, 85 percent of the time, it's been a waste of time."