Japanese Prime Minister Shinzo Abe, who was re-elected a few days ago, stated that he will do his best to bolster his country’s economy by means of his suite of measures known as ‘Abenomics’. According to Dr. Kazuaki Sasaki, an Assistant Professor at the Nihon University College of Economics, Abe’s re-election sparks hopes that a bill for the legalization of casinos in Japan might get approved by the end of 2015.
Apart from his academic involvement, Dr. Sasaki is the director of the so-called Integrated Resorts Gaming Academy. He is also a strong proponent of the Integrated Resorts Promotion Bill.
Dr. Sasaki told in an interview for local media that he expects a revised version of the Promotion Bill to be submitted to the Japanese legislature sometime in May or June. Next, the law will probably be approved in October or November, when an “extraordinary session” is to be held.
The gambling expert also commented that the process will most certainly not be hampered by anything. He also shared that at least 20 people of Prime Minister Abe’s administration are currently working on the law in question.
The legalization of casinos in the Land of the Rising Sun is planned to actually involve the passing of two separate laws. In the first place, the principles for the casino resorts will be set. Next, the so-called implementation law will be passed. It will contain particular information about how all future gambling venues will be managed and regulated.
As Dr. Sasaki commented, the implementation law is expected to be approved in 2016.
According to investment experts, the delay in the passing of the first law will make it difficult for casino developers to complete their projects before the 2020 Summer Olympics which will be held in Tokyo.
Prime Minister Abe had been trying to ensure the early passage of the casino bill as pivotal to the revival of Japanese economy.
On Wednesday, December 24, the Japanese House of Representatives voted to confirm Abe’s position of a Prime Minister of the country. What is more, his Liberal Democratic Party kept its majority in parliament and thus, it will be able to approve laws without having to ask the upper house first. Mr. Abe also stated that he would not change his administration significantly. For instance, Taro Aso returned as the country’s Minister of Finance and Deputy Prime Minister.
World-famous gaming companies such as MGM Resorts International and Las Vegas Sands Corp. have already shown their interest to invest in Japan once casinos are legalized. About a month ago, Bill Hornbuckle, the current president of MGM Resorts, shared that he was really optimistic about the future of gambling venues in Japan.
