International casino operators were elated after the Japanese カジノ prime minister approved a casino bill that was going to legalize casino gambling in the country. While a majority of the observers were expecting for two casino bill to be passed, they were shocked because the cabinet of the prime minister passed three bills instead alongside other measures that will assist in spawning a viable casino industry.
A big bet for Japan
Unlike in the United States of America, important decisions are made by the cabinet and the legislature which is also known as the diet. Cabinet members are also included in the diet. The Abe administration is reinforcing the approval of the casino legislation there are high chances that it will be approved. Included in the bill’s provision is:
- A 30% tax on all the gross casino revenues
- A 55$ fine for all of the Japanese citizens, but any tourist or non-resident will enter free of charge
- All the Japanese citizens will be limited to only visit the casino three times every week or ten times per month. There are no limits or restrictions to tourists
- The casino space to be limited to 3% of the total resorts square space
Though the estimated price of how lucrative the Japanese casino market has become lower as it has dawned on many operators of the legalization of the casinos, initially the price was something close to 40$billion, but it has steadily decreased to 15$billion.Some of the big casino operators have pledged even to spend more than 10$ should they win any of the licenses passed by the cabinet.
Willing to dive all in
Sands (Las Vegas Sands) is contemplating on Osaka or Yokohama as one of the ideal sites for the casinos though it can accept any location that it will be given. The CEO of MGM Jim Murren is happy about this new bill, and he considers his resorts to be among the first to be issued with the licenses, although he admits that the final decision of the bill being approved will take 3-4 years. On the other hand, Melco who is based in Hong Kong has come up with security measures which may become popular especially for gaming regulators because it can track each movement of any Japanese citizen.
The winning bid will need to have proposals on the methods the casinos will use so that it can reduce gambling addiction which is a very serious problem in Japan and also one of the reasons why the public is adamant towards the legalization of the casino bill. Some estimates have shown that gambling addiction in the country of Japan is five times higher than in the developed states which have already legalized casino gambling.
The economic benefits of casino gambling in Japan have proven to carry more weight in the cabinet and because the administrative body has already approved the plan all eyes are now on the legislature to see if the coalition prime minister Abe will push the bill so that it can finally become a reality.