Casino Legislation Bill Introduced in JapanPublished May 5, 2015 by Amir G
Casinos might be in the future of Japan after lawmakers submitted a bill to introduce a casino gambling bill to parliament.
Last week saw Japanese lawmakers submitting to parliament a bill to legalize casinos and gambling in the country for debate, according to a Reuters report. The members who are responsible for the bill belong to the ruling Liberal Democratic Party (LDP) who have drafted the bill alongside members of the Japan Innovation Party and the Party for Future Generations. Hopes are that the bill will be discussed in parliament before August when the current parliamentary session ends.
$40 Billion in Yearly Revenues
It is no secret that a possible Japanese casino market could quickly make Japan one of the biggest gambling countries, second only to Macau and the United States. These predictions spring from a study introduced by brokerage firm CLSA which estimated that a regulated gambling market generate $40 billion in yearly revenues, if the market is taken on seriously by big operators.
The passing of a casino bill in the country has received the support of LDP Prime Minister Shinzo Abe whose party members are responsible for submitting the bill, and it has been reported that members of the Buddhist Komeito party who opposed such a bill in the past, have decided to allow the bill's submission or at least not to actively go up against it.
Giant Operators Interested
Japan is like a huge goldmine that just needs its barred entrances to become open for the world. MGM Resorts International president Bill Hornbuckle said earlier this year that the company is ready to invest in Osaka to make for a unique Japanese attraction, and Las Vegas Sands' Sheldon Adelson said he'd spend "whatever it takes" to get into the market. It'll be interesting to see how the online gambling industry manages Japanese regulation if and when that happens.
Help from Friends
If Japan does go with the bill, it's sure to have all the help it needs with the giant operators vying to open up shop in the country. Japan will also receive help from the American Gaming Association (AGA), after its president and CEO Geoff Freeman said that the association will be keen to support the country in its process of legislation.