The Japanese Diet, or the country’s legislature, will do its level best to enact a long-stalled Integrated Resorts Promotion Bill within the current legislative session. Japan’s lawmakers are set to adjourn for the year on December 14.
The proposed legislation was first submitted to the Diet more than three years ago but has repeatedly been neglected over the years as other matters have drawn legislators’ immediate attention. If finally signed into law, the bill would pave the way for the establishment of integrated casino resorts, properties that have turned into a top trend in the casino construction field.
Such multi-purpose complexes, featuring multiple VIP and mass market gambling options, are particularly popular among players from the Asia-Pacific region. Macau, which might have lost some of its mojo as the world’s top gambling hub but has shown signs of recovery, Singapore, and the Philippines are currently the leading Asian destinations to be homes to integrated resorts. It is believed that if Japan legalizes casino gambling, it holds the potential to become a $40-billion market.
The Integrated Resorts Promotion Bill has the support of Japan’s governing party – the Liberal Democratic Party, although this has not been of much help so far. Led by Premier Shinzo Abe, the LDP still needs to win the Komeito’s (its coalition partner in the Diet) approval of the proposed legislation. To put it mildly, the other party has previously shown reluctance to greenlight the legalization and regulation of casino gambling within the country’s borders, citing ethical reasons.
The Japanese legislature opened debate on the proposal earlier today. Komeito representatives told media that they are yet to decide whether they would support the Promotion Bill.
It is believed that the LDP will try to have the piece of legislation passed by the lower house during a December 6 plenary session. The bill will then move forward to the upper chamber.
Proponents of the proposal believe that it would benefit the country in four main ways – it would boost construction, create much-needed jobs, revitalize the economy, and bring more international tourists.
If the Promotion Bill is signed into law, it will make room for another legislation that would aim for the regulation of Japan’s casino industry. That second bill is hoped to take much less time to be enforced.
A further indication to Japan’s potential to turn into a leading jurisdiction for casino gambling is the fact that some of the world’s largest gambling companies have already expressed interested or have at least hinted at interest in opening integrated resorts there, with Las Vegas Sands, MGM Resorts International, Hard Rock International, Genting Singapore, Universal Entertainment, and Sega Sammy being among those.
