Shares in global gambling operators soared today as Japan legalizes gambling in a bid to encourage growth in the economy.
Japan Legalizes Gambling
After much debate about social problems and economic advantages Japan legalizes gambling. Today, lawmakers paved the way to develop a multi billion dollar gambling industry. Casinos will now be legal subject to regulation by the Japanese government. The long-standing prohibition on casino style gambling operations has now been lifted. It has been debated since 1999.
Japan is strategically placed to compete with localised casino gambling operations in Macau, Singapore and Saipan. These gambling locations enjoy a massive amount of gambling income from Chinese visitors because gambling in China is prohibited. The Japanese government can now look to gaining a share of this multi-billion dollar revenue.
Even without gambling, Japan has become a popular destination for Chinese tourists. It is estimated that revenue from Chinese tourism accounts for as much a 40 billion dollars a year.
Setting aside tourism, the internal Japanese market from gambling could be equally massive. Japan has a large and affluent population with a healthy interest in gaming and sport. Read about the popular game of Pachinko.
There will be no shortage of investors into the gambling industry in Japan. Many have already expressed an interest in developing casino resorts in Japan. Ministerial talks have already been held with Wynn Resorts, MGM Resorts International and Las Vegas Sands Corporation. Casino operator Genting International Resorts in Singapore has also made it known they are ready to invest in Japan. It is expected that joint ventures with Japanese companies will be developed to maximise the benefits of investment in Japan. Read about impressive land based casinos. Some were developed by these operators.
Japan will need time to become a major player in gambling, it will be necessary to develop those gambling resorts first. It is expected that Japan will quickly develop a legal framework to licence gambling operators and regulate gaming operations. Rules which govern the bidding and licensing process will be subject to a new law next year. Analysts are already saying that the benefits of legalizing gambling will not be seen for at least five years.
Read about Japanese gambling laws before legalization.
Read more about gambling laws in other countries.
Read more about gambling laws in other Asian Countries: