Japan in the process of drafting casino laws
It is expected that the three licenses will be announced in 2019.
Japan.- The latest Asian country to legalise casinos is currently in the process of drafting the regulations needed to be able to launch the industry by 2023. Sources reveal that initially there will be only three licenses issued in Japan, which will be announced in two years.
Specialists said that it is estimated that the Gross Gaming Revenue would exceed US$10 billion from the get-go countrywide. LDP lawmaker Ryosuke Kozuki said that hosting casinos will play an important role in helping realise the Prime Minister growth strategy of drawing 40 million tourists annually by 2020. They also want to create facilities that combine shopping malls, entertainment facilities and large conference halls.
Hard Rock, Genting, Las Vegas Sands and MGM are among the companies that already expressed their desire to land a license in the country to operate their services. Hard Rock reported in November that representatives from the company held a couple of meetings with Japanese officials. Hard Rock chief executive officer Hamish Dodds said: “We really hope that we can collaborate with Japanese partners and institutions.”
According to Fitch Ratings, the Asian country is likely to adopt regulations similar to the ones in Singapore. The report establishes that Japan could set limited license and also a entrance fee for locals. It is expected that they could limit the licenses in major cities, such as Tokyo and Osaka, but could also include multiple smaller licenses in other locations. Each major casino could offer 500 table games and 3000 slot machines, and they’re expected to generate at least US$6 billion annually in revenue.
