Casino Bill Submitted By Japanese LawmakersPlan Is To Have Industry Underway In Time For 2020 Tokyo Olympics |
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The odds of Japan getting Las Vegas-style casino-resorts look pretty good.
Some lawmakers in the country submitted a bill yesterday to authorize such businesses, according to Bloomberg.
The bill would require the government to draft official legislation. According to The Wall Street Journal, the measure is likely to pass parliament next year sometime.
Those who are optimistic about the whole idea think casino operators will be licensed by 2016, which sets the stage for at least one casino being around for when the country hosts the 2020 Summer Olympic Games.
Lawmakers in Japan reportedly have been mulling over casinos for more than a decade.
“We estimate that Japan could generate gross gaming revenue of $13.4 billion to $15 billion, which would make it the second-largest gaming jurisdiction in Asia, after Macau,” a casino industry analyst reportedly said. The U.S. casino market is more than $37 billion.
Japan has around 128 million people and is the world’s third-largest economy. Betting currently exists in Japan on Pachinko, a popular pinball-like slot machine that awards prizes.
Other wagering takes places on horse, bicycle and motorboat races. There are also lotteries.
According to WSJ, the market for existing gaming in Japan is $185 billion annually.
Some of the top casino firms in the world, such as Caesars Entertainment Corp., MGM Resorts International, Wynn Resorts and Las Vegas Sands Corp., have been monitoring the situation in the country for awhile now. They could end up making bids.
Japan’s possible casino-resort legalization comes as other countries in the region at large — such as Singapore, Vietnam, Taiwan and Russia — look to increase their respective gambling industries. It has noticed what full-fledged casino legalization has done for Macau, the world’s top gambling hub. Macau will bring in well over $40 billion in gaming revenue this year alone.
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