Japan is set to pass second IR bill this year

The IR Promotion Team is aiming to pass the second bill during the extra session of the Diet this autumn.

After last year’s casino legalisation in Japan, lawmakers are being encouraged by the government to pass a second bill this autumn.

Japan.- The Integrated Resort Promotion Team from Japan is currently drafting a new bill, which needs to be passed before the government can review and accept bids from companies interested in obtaining a casino license.

During an interview with Totally Gaming, General Manager of Gaming Capital Management Akiyoshi Tsuruoka, said that the IR Promotion Team is aiming to pass the second bill during the extra session of the Diet this autumn. The group is aiming at the highest standard levels in the world by discussing things like money laundering, taxation and regulation. Prime Minister Shinzo Abe’s party wants to create a bill that applies to everyone, gamblers and non-gamblers. “We will achieve attractive tourism with high competitiveness, by making full use of Japanese tradition, culture and art,: said Tsuruoka. The Japanese government is aiming to turn casino resort projects into full-on tourist facilities as they will be required to provide spaces like exhibition and conference halls under a proposal made by the authorities. With Tokyo Olympics coming next 2020, the country is developing its tourism offer and has prioritised legislation on casino regulations.

There are some objections around the casino projects, related to gambling addiction and other possible negative impacts those might have. But the Japanese government is aiming to move forward with the idea to turn casino resorts into growth engines to prevent the economy from shaking when the consumption tax increases are introduced in late 2019 and the Tokyo Olympics.

According to a recent report from Global Market Advisors LLC (GMA), the Japanese gaming market could generate US$11 billion by 2025 per year and US$24.2 billion annually by 2030. The expert source also suggested that the Asian country should directly complete with Las Vegas’ Strip by offering a modern Osaka Strip. The newest casino hub will attract tourists from around the world and will also compete with the regional gaming centre, Macau.