Fumio Kishida says the casino industry could be a key driver to boost the economy after the Covid-19 pandemic.<\/p>\n\n\n\n\n\n\n\n
Japan.-\u00a0Prime minister Fumio Kishida<\/a>\u00a0had reiterated his belief that opening up a casino industry in Japan could boost inbound tourism\u00a0<\/strong>as the country finally looks to attract foreign tourists following the Covid-19 pandemic.<\/p>\n\n\n\n Last year, Japan\u2019s bicameral legislature opened the\u00a0application window for three integrated resorts licences<\/a>. Those cities and prefectures interested in developing an integrated resort have until April 28 2022 to submit their final project proposals.<\/p>\n\n\n\n Currently, only\u00a0three cities are expected to bid for licences:\u00a0<\/strong>Nagasaki, Osaka and Wakayama. That means all three could win their bids.<\/p>\n\n\n\n Tetsuo Saito, Japan\u2019s minister of land, infrastructure, transport and tourism\u00a0has said the government will set up a panel of experts to review plans submitted by prefectures that want to host IRs. The panel will include\u00a0consideration of economic benefit calculations<\/strong>, prospects for the financial stability of such schemes, and certainty of funding.<\/p>\n\n\n\n The Nagasaki Prefectural Government<\/a>\u00a0has revealed that the costs for the development of its planned IR project have increased 25 per cent. According to the prefectural government and its partner, Casinos Austria International Japan,\u00a0the development phase will cost JPY351.8bn<\/strong>. Other costs, including working capital, will raise the cost to JPY438.3bn.<\/p>\n\n\n\n In Wakayama, the governor has called on the prefectural assembly to hold a special meeting to approve the proposal for an integrated resort in the city. The meeting will probably be held before April 28<\/strong>, as the prefecture must submit its area development plan to the national government before that date.<\/p>\n\n\n\nJapan\u2019s current IR bids status<\/h2>\n\n\n\n