A bill for the legalization of casino gambling in Japan is not likely to be passed into law before the end of the current Diet session, local media reported.
Last April, legislators from the country’s ruling Liberal Democratic Party (LDP), together with the Party for Future Generations and the Japan Innovation Party, submitted the above-mentioned bill, hoping that it would be enacted last year. However, the proposed legislation stalled as lawmakers had more urgent matters to discuss.
The bill was expected to come into force during the current Diet session. However, local media reported that LDP members had revealed that the proposal would be delayed once again as the ruling party and its coalition partner – the Komeito Party, had certain disagreements concerning the legalization of casino gambling in the country.
According to gambling analysts, if Japan opens its gambling market for casinos, this would create an industry that could annually generate up to JPY4 trillion and that could turn into a major economic boost for the country.
Japan is said to be the only developed country that has not legalized casino gambling yet. This is mainly due to the fact that for years now, legislators have opposed that major step. Many have raised concerns that the establishment of casinos in the country would lead to an increase in crime rate and the number of gambling addiction cases, as well as to other social ills.
Major gambling operators such as MGM Resorts International and Las Vegas Sands have been interested in building integrated casino resorts in Japan. According to brokerage firm CLSA, if the country untaps its casino market, it would generate annual revenue of more than $40 billion, thus turning Japan into a major gambling destination.
The casino bill was first introduced in November 2013. However, discussions over the proposal started more than six months later. Lawmakers being unable to reach an agreement on the proposal and other more urgent matters on the legislative agenda prevented it from being passed into law.
Under the bill, two integrated casino resorts were to be built and launched before 2020, when Tokyo is set to host the Summer Olympics. However, given the fact that the bill is yet to be voted on and if approved, another bill that would authorize the construction of the said resorts should also be approved by lawmakers, Japan does not seem likely to open its first gambling venues before 2020.
