Yesterday, the new casino gambling law of Japan officially went into effect. The new legislation allows for casino gambling services to take place within the borders of the country. However, the construction of venues that will provide such services will not be able to begin until another piece of legislation is voted on and is put in to effect.
If the legal process continues as planned, Japan will see their very first casino open its doors by 2021. An implementation bill must be passed and it has been reported that this may take as long as a year to complete. Once finished, a request for concept and proposal processes will be released and this could take an additional six months to complete.
The legislation adopted on Monday has been come to be known as the promotion bill and it simply legalizes casino gambling in the country. The implementation bill is needed to deal with the content of the industry such as the number of venues, location of casinos and the operation processes.
Analysts of the gambling industry have suggested that the casino market of Japan could initially work with two large integrated resorts. These resorts should be placed in key locations such as Tokyo or Yokohama which are major metropolitan areas.
The casino bill of Japan gained the necessary support of legislators to pass, yet the idea is not totally sold to residents. A poll conducted by Kyodo News of Japan, showed that support for Prime Minister Abe has dropped almost 6% points due to his support of casino gaming. Residents reportedly are worried about the industry as it might cause an increase in gambling addiction once the casinos are open to the public.
Estimates have shown that if Japan were to provide casino gambling, the country could become a powerhouse in the industry, able to generate as much as $20 to $40 billion in yearly revenues.
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