Owners of stocks of gaming giants Las Vegas Sands (NYSE: LVS) and Wynn Resorts Ltd. (NASDAQ: WYNN) are among those watching and wondering about the enormous investments in the Las Vegas of China -- Macau. Questions still exist about the eventual shape of the gaming industry in southeast Asia as other countries move toward legalizing casino gambling and scramble for development.

Singapore is already under development, Taiwan and Thailand are considering opening to the industry, and now Japan may deal itself in as well. Members of Japan's ruling party are drafting legislation that would permit the development of Las Vegas-style casinos as early as 2012, and early indications are that the bills might be well received.

The question that investors will be asking is to what degree is this a zero-sum game, especially with customers from established democracies like Japan who are already frequent visitors at the Las Vegas tables? How much new development can the Far East support? What would be China's reaction if its new millionaires begin taking their wealth to tables outside the country?

Certainly American companies such as Las Vegas Sands have taken an aggressive path in pushing development in this part of the world, but even they could be stretched thin by so much simultaneous industry-building.