Thursday December 15, 2016 will be a happy day for casino gambling fans in Japan after parliament passed legislation that would see all who love casino gambling to enjoy the game without any legal constraints.
News about the passing of the gambling law does not only benefit casino entrepreneurs but also those intending to invest in other social amenities such as hotels, resorts, restaurants, conference halls and shopping malls throughout this Far east nation.
According to Daiwa Research Institute, with only 3 casinos in operation inside Japan, the country can generate as much as $10 billion worth of revenue every year. This amounts to 0.2% of the country’s GDP.
However, those who are intending to establish casino complexes will have to wait a while longer, until all legal frameworks will be put in place.
Experts say that at least 5 years is needed to establish all legal frameworks, which stipulates issues to do with tax rates, social ills, organizes crimes, gambling addiction, and such socioeconomic implications.
The law is a relief to international companies who, for many years have shown interest in investing billions inside Japan. Such companies, which include Caesars Entertainment, MGM National Harbor, and Wynn Resorts now, have ample time to organize themselves for putting their money in a country where online casino gambling fans have been waiting for over 15 years to be allowed to play.
Local companies will also benefit from the Thursday law. Japan Cash Machine and Konami Holdings are among those whose CEO and strategic managers are waiting to enact measures that would see them reap from the Thursday online gambling law.
Too many people in Japan, they believe that PM Shinzo Abe, his ruling party, other small parties fought a tight fight to ensure that the law passes through several stiff stages to be passed. Mr. Abe, on an earlier interview, told the media that it was his intention to stimulate tourism and the country’s economy by the passing of online gambling law.
Parties opposed to the PM’s party and a section of Japan’s lawmakers, however, appear skeptical about the law saying that Mr. Abe has selfish interests in passing the law. They also believe that money laundering, an addiction that is associated with gambling and the negative impact online casinos will have on the neighborhoods, were pertinent issues the law did not take into consideration.
“Because of these contentious issues, we did not want the law to be passed,” they argued.
On a recent public opinion poll conducted by NHK, it emerged that only 12% of the total population support online casino gambling in Japan with a whopping 44% opposing the sport.
Even with these findings, Japan’s capital, Tokyo, Osaka at the west, and Yokohama are among the top cities where vibrant casinos are yet to be established ahead of the 2020 Olympic Games in Tokyo.