Part of the money contributed to the Japanese government by the country’s future integrated resorts will be used to fund initiatives for problem gambling treatment and prevention, local media reported on Monday. The money collected will be directed towards the central government as well as to local governments.
Japanese lawmakers are currently in the process of crafting a legislative piece that would set the framework for the regulation of the country’s recently legalized casino industry. The plan for the collection of casino revenue for responsible gambling activities will be included as a provision in the above-mentioned bill.
According to sources familiar with the matter, the money will also be used for the promotion of art and culture and for the enhancement of different welfare measures.
It is also important to note that the municipalities that will be hosting the future casinos will not be the only ones to receive casino revenue contributions. The proposed scheme also involves other areas with high tourism activity.
The distribution of funds and other oversight matters related to the country’s casino resorts will be under the purview of a specially assembled committee, which will be an entity of the Cabinet Office.
Sources have pointed out that all casinos that violate the revenue distribution and all other regulations will face tough penalties. Multiple-time violators may even have their licenses for the provision of casino gambling revoked.
The Japanese Diet legalized casinos last December. However, the legislative process was far from over at the time as they needed to design another piece of legislation that would regulate the industry.
As mentioned above, that second piece is currently in the works and is expected to be introduced during an extraordinary Diet session this fall.
Although the Japanese market is technically not open yet, competition for casino licenses is already heating up. Some of the big industry names are setting up offices in the country in search for suitable local partners and in order to keep up with the latest developments in the legislative process.
Florida-headquartered casino operator Hard Rock International has been among the major companies to have declared interest in operating a casino in what is believed to turn into a $20-billion market.
Shedding more light on its pitch for a Japanese casino, the operator has recently told media that the Japanese government’s lack of experience would make the process of preparing casino proposals too complex. According to the globally known company, Japanese lawmakers need to set clear goals before operators interested in entering the market.
Although it is yet to be confirmed, it is believed that Japan’s casino market will initially feature two integrated resorts in two metropolitan areas.
