Japan casino bill receives further support

Japan

LDP thinks they can build a positive platform in order to pass the bill by the session’s closure on December 14.

High level personalities from the political world confirmed that they support the legalisation of the casino industry in the Asian country.

Japan.- The Japan Academy of Integrated Resort & Gaming Studies held its 13th annual meeting at a Tokyo hotel, which included ruling party lawmakers such as the leaders of the Liberal Democratic Party and the Komeito Party, besides opposition lawmakers. The casino debate is set to resume on November 9.

Even though the fate of the bill is still uncertain, the vice-president of the Academic Society said that they’re helping how to structure the legislation, and thats why the politicians are respecting them. If the bill gets passed, it would only be the first step towards months of discussion about its regulation. Further legislation would be needed to determine how many casinos would be authorised to operate in the Asian country, as well as how to prevent gambling addiction.

Chairman and chief executive of casino operator Las Vegas Sands Corp Sheldon Adelson recently said: “What we are hearing from various people is anywhere from 99 to 100 percent certainty that the bill is going to come up this Diet session. We have people there frequently. We’ll see what the bill says when it passes. In any event it, the outlook is very optimistic.”

Earlier this month, MGM Resorts International has published its intentions to invest US$10 billion in the first Japanese casino in 2022-23, once the government approves the gaming bill. “We think there would be a tremendous amount of demand, and ultimately a public listing of these types of Japanese resorts would be very appealing,” said MGM Chief Executive Officer James Murren.

Steve Wynn, head of casino operator Wynn Resorts, said that they’re following carefully the developments from the market in Japan. CLSA estimates that the market could reach US$40 billion annually, the world’s second market after the United States, and companies such as Las Vegas Sands Corp and local Sega Sammy Holdings Inc already expressed its intentions to contribute to the industry.