Casino Bill Submitted In JapanDelays Have Made Casinos Being Ready For Tokyo Olympics Unlikely |
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A long-awaited casino proposal has been submitted to the Japanese Parliament, according to a report from Reuters. It’s probably too late, though, for the Las Vegas-style casinos to be open in time for the 2020 Olympics in Tokyo.
Japan is seen as a lucrative gambling market and has the attention of some of the top casino developers in the world, including Las Vegas Sands and MGM Resorts International, especially thanks to Macau’s troubles.
It has been estimated that Japan’s casino industry could be worth $40 billion a year in gaming revenue, which would put it slightly below Macau’s peak. Macau continues to see gaming revenue contract as the Chinese government cracks down on what it perceives as corruption. Macau is a special administrative region of China and the only place in the country with legal gambling.
According to the Reuters report, there appears to be more pro-casino lawmakers in Japan, but the anti-casino side is pretty strong and might be able to kill the proposal in the coming months. Those who support the casinos as a way to drum up some economic development hope the bill could pass before the end of the summer. However, that still could be too late for the casinos to capture revenue from the tourism boom the Olympics will provide.
Japan is still a juicy market for casino firms, but the delays the casino bill has experienced have put a damper on the excitement for the island nation in the short-term.
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