The pressure is on

JAPAN could soon be joining the glitzy gambling industry, as politicians are considering opening the country to casinos for the first time. The reports emerged in the Wall Street Journal and symbolises the potential the industry has. A bill is being planned to be submitted before the end of the current parliamentary session.

Lawmakers have been pondering over legalising casinos for 10 years. Could the bright lights of casinos finally be swaying them? Casino gambling would “help promote tourism, encourage business, create jobs, and boost local development,” Takeshi Iwaya, a lawmaker from the biggest opposition party, the Liberal Democratic Party, said in an interview. “Neighboring areas are contemplating similar plans, so if we don’t hurry, we may risk missing out on a big opportunity.”

Takeshi Iwaya, a politician representing the Liberal Democratic Party, told the Journal:

“Neighbouring areas are contemplating similar plans, so if we don’t hurry, we may risk missing out on a big opportunity.”

While gambling is currently technically illegal in Japan, the government does allow betting on bicycle, motorboat, motorcycle and horse racing. And pachinko, a popular vertical pinball-like game, is similar to the slot machines lining the casino palaces of Vegas. Mr. Okada earned his fortune as a pachinko manufacturer.

The introduction of casinos could help the country out of its economic slump, the WSJ reports: “The gambling debate comes at a critical time for Japan. The earthquake, tsunami and nuclear accident last March exacerbated the country’s decade-long slump, as the number of tourists plunged, and the government incurred steep reconstruction costs to rebuild the battered northeast region. Some pro-casino lobbyists have argued that casino revenue would bring a fresh stream of much-needed funds into government coffers without having to raise taxes.”