Last year, the national legislature of Japan approved plans for the development of full-scale resorts on Yumeshima island in Osaka. This means a new strip of Japanese casinos could soon become the world rival to Las Vegas, now that they have an official home. The planned resorts are projected to generate over $10.9 billion dollars in gambling revenues. These figures would easily rival competitor tourist destinations such as Singapore, Macau, and Las Vegas.
Japanese Casino Legislation
The worldwide casino business is looking for Japanese casino legislation, as a new opportunity for the greater gaming industry. No matter how Japan actually unfolds their place within the development of a casino system, the country is set to become the second largest market in Asia and easily third ranking globally. Such is the anticipation, that it has caught the interest of casino bosses in the United States, including Sheldon Adelson founder of the Las Vegas Sands resort. The infamous casino entrepreneur has decided to invest a $10 billion dollar lot into an integrated resort in Japan. But Adelson is not alone.
CEO Lawrence Ho of Melco Resorts and Entertainment is staking a claim also, saying he will do anything necessary to secure his prospects for a gaming license in Japan. This is a sentiment coming from multiple other dice rollers within the casino industry all over, and it is pleasing the supporters for the new legislation throughout the Japanese business communities. Although the enthusiasm is equally a sign of how little most potential buyers know about the development of Japan, or what they have in mind. Meaning that there is an uncertain timeline for development of what Japan calls IRs ( i.e. regulated casinos ).
Support for Casino Legislation
Japan's current Prime Minister Shinzo Abe has several times announced support for casino legislation, most recently at the opening of a government task force about IR regulatory legislation. Abe is dealing with the Japanese public and the perception that IRs will lead to gambling addiction, something Japan has been dealing with since the introduction of lotteries, horse racing, and pachinko. The citizens of Japan spend billions already each year on these alone. The governing bodies see it as only 60 -40 that legal casinos will be operating in Japan earlier than 2024.
Even so, Abe saw through the passage of the first IR bill this last December. Responsible gaming is an issue but will be dealt with on a step by step basis, until the future unfolds. This means that there is a wide amount of wiggle room for business negotiations until that time actually occurs when the legislation is fully being utilized. Executive summaries and white papers have already be published addressing the planned resort developments in Osaka, so many feel it is just a matter of waiting out the storms.
Research already shows and predicts that multiple casino operators in Osaka could draw 47 percent of their customer base, coming strictly from other countries. This would be a boon since Japan's normal revenue streams come from customers out of Taiwan, South Korea, and China. Scenarios for Osaka, other than gaming casino projects, more domestic customers than international. So this is the push for casino legislation of its visitors from other countries.
No matter who you are in the casino world, Japan is going to oversee your every more. That is how it reads to most potential investors, but in order to build a new temple of Babylon, would be casino operators will have to pay it forward. Meanwhile, the marketing forces in Tokyo ready themselves to usher in a new era, as the ‘Osaka Strip' sets the stage to make history and build a new worldwide casino industry legacy.
Casinos: The Final Frontier of The Japanese Economy
With the countless amounts of dollars Japan attracts in tourism, it is only natural to consider a casino. A casino for japan equivocates to an additional multi-billion dollar revenue stream. In an unprecedented move, Japan would be sure to reap the benefits of building a casino. Although on the table for years, Japan's plans for a casino have finally come to fruition. Due to widespread acclaim, several pieces of legislation were passed by the Japanese parliament in favor of a casino.
A major reason why Japan relished the idea of building casinos is obvious. A casino would bring in tens of billions of dollars in revenue. People who support casino legislation believe it would attract a wealthier demographic of tourists. With the 2020 Tokyo Olympic Games around the corner, it is easy to see why casinos are being considered in Japan. Due to Japan hosting the Olympics, it will have the world's undivided attention. Hundreds of thousands of people would flock to the country in anticipation of the Olympic games. In the aftermath of hosting the Olympics, Japan's already thriving tourism industry would be sure to receive an even further boost.
With few areas of development for arguably the world's most technologically developed society, it was only a matter of time before Japan considered developing a casino. For many people in japan, a casino is thought to be the last lucrative sector of Japan's economy. With that being said, experts believe it will bring the country a ton of money. To be exact, they believe it will bring Japan an estimated $30 billion dollars in gross revenue every year. 30 billion dollars a year in gross revenue is insanely appealing. As a result, casino revenues would be on par with gambling revenues already existing in the country. The creation of casinos would lead to even more developments of high-end resorts taking place in the country and things of that nature. It will also create a significant amount of jobs. In addition, experts believe casinos would propel Japan into having one of the world's largest gambling markets. It would only be second to Macau, which currently has the world's leading gambling market.
Many people in Japan consider casinos to be one of the only opportunities left to create major profit in Japan. In fact, several casino presidents from around the world travel frequently to Japan in support of their casino projects. Also, many of them are dedicated to providing the capital necessary to build them. From a business standpoint, The allure of a casino is highly sought after in the Japanese market. According to another report, experts believe casinos would allow for Japan to compete directly with Las Vegas' Strip. It also would eclipse Singapore's gambling industry. Although casinos oftentimes get a bad rap for being immoral and a sanctuary for criminal activity, this is far from the truth. Casinos are excellent places to have a good time with friends and family. They are also a good place to win big.