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The emergence of Macau as the world's largest gaming market has led the industry to wonder what untapped markets there are around the world, particularly in Asia.The Philippines, Korea, and Singapore are a few countries that have opened up gaming, to varying levels of success, but the big fish that's still outstanding is Japan.Not only is Japan the world's third-largest economy, but it's a place where casino gambling is illegal.But that may be changing and casino giants like MGM Resorts, Las Vegas Sands, and Wynn Resorts already have their eye on the market.Japan has been toying with the idea of allowing casinos for years.In 2014, it appeared the country would soon allow a small number of very large casino resorts, but the bill never passed.But slowly the political will is growing to allow gaming in the country.New speculation emerged Monday that gaming may be near after MGM Resorts CEO James Murren said his company was willing to spend $4.8 billion to $9.5 billion on an integrated resort in Japan.In past years, Las Vegas Sands CEO Sheldon Adelson and Steve Wynn have said they would be willing to spend as much as $10 billion to build in the country as well.If gaming is legalized in Japan, the market could be enormous.CLSA estimates Japan could be a $40 billion gaming market, bigger than Macau at $27.1 billion and the Las Vegas Strip at $6.3 billion.The urgency in passing a casino bill before the 2020 Summer Olympics may have already passed.But there was a time when casino companies wanted to be open for the influx of visitors.

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