Liberal Democratic Party Ready To Increase Stakes In Japanese Casino Legislation
Members of the prime minister Shinzo Abe’s Political Party the Liberal Democratic Party are all set to introduce a new piece of gambling legislation by the end of this week. The proposed legislation would inevitably allow the regulators to increase its licensing stakes to a maximum of six Integrated Resorts that would be developed in different regions across the country.
The Lawmakers in Japan have been rigorously brainstorming over the rules and guidelines that should be outlined in the country’s upcoming Integrated Resort Implementation Bill that would legalize casino gambling within its borders. However, the proposed legislation regarding the increase in the number of licenses to be issued for IRs in the country is likely to face strict opposition from the members of the ruling coalition political party called the Komeito.
While all forms of casino gambling are not legal in Japan currently, the lawmakers of the Liberal Democratic Party headed by the 63 year old Shinzo Abe managed to provide its formal consent to the signing of the Integrated Resort Implementation Bill into Act back in December of 2016. The IR Implementation Act has been designed with the focus of attracting more foreign tourists to the country by authorizing the development of expansive integrated casino resorts around different locations in the country. These Integrated Resorts would feature a comprehensive range of facilities including casino floors, conference halls, shopping complexes, restaurants, cafes, non gambling recreational venues and more.
According to the report published by the Financial Times, the lawmakers of the Komeito party will possibly reject the upcoming proposal and urge the government to allow the establishment of only two Integrated Resorts in the wake of the IR Implementation Bill to curb the issues of over-supply as well as problem gambling in the country.
As Japan gears to become the second largest and most lucrative casino investment hub in the world closely preceded by Macau with projected annual revenues on the lines of $15 billion, the American casino bigwigs MGM Resorts International, Caesars Entertainment Corporation and Las Vegas Sands Corporation are likely to be the among the first few to enter the market. However, according to expert gaming analysts, this annual revenue figure to go as high as $25 billion if the government allows the development of six Integrated resorts in the country.
