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Singapore's proposed expansions by Sands and Genting will produce higher revenues than any individual Macau casino but will be easily exceeded by the two largest Japanese markets, as long as unreasonable gaming restrictions aren't placed on the resident population. With the billions of dollars already being spent on pachinko and pachislot, the Japanese have indicated they have a similar penchant for gambling as other Oriental nationals.
From what I have read from other interested casino developers, like Sands, most seem to be more interested in Osaka, than Toyko. So, the obvious population and visitor demographic advantages of Tokyo don't tell the entire story. Perhaps it deals with the size, development potential or location of available sites; possibly the governmental or public support of casino gaming, but some issues have placed Osaka as the preferred location for Japan's first destination casino.