Japan starts IR bill debate
The lower parliament has begun discussing the piece of legislation which sets the regulatory framework for casinos.
Japan.- A Japanese casino industry keeps getting closer as the parliament’s lower chamber began debating the Integrated Resorts (IR) Implementation Bill last Tuesday. Lawmakers are set to assess whether to pass it as the government pushes to make it happen before the current Diet session ends on June 20th.
According to Japanese Prime Minister Shinzo Abe, the introduction of casino resorts in the country would allow the country to change its status to a “tourism-oriented” location. Prime Minister Abe also explained that the government would implement measures to address concerns regarding gambling addiction, to prevent negative impacts on society.
The bill was submitted to the parliament on April 27th as lawmakers race against the clock to get it passed. Should it make it through the lower house, the bill would move to the upper chamber for further debate.
According to Morgan Stanley analysts, lawmakers seem keen on passing the legislation but stated: “We’re concerned about what comes after. New regulations could inhibit large-scale capital expenditure and the opening of integrated resorts looks far away. We now think that the first integrated resort will not be ready till 2025”.
