Japan Looking to Change Fortunes with Arrivals of Casinos
The country of Japan, long know for its technology-based economy, is now entering the world the gambling.
As of Monday, casinos became legal in Japan when Prime Minister Shinzo Abe sent a bill through the country’s legislative chambers roughly a week after the House of Councillors of Japan passed the very same measure.
For Abe and Japan, the bet is that the creation of gambling casinos in Japan would boost a sagging Japanese economy. Traditionally known for its high-tech and automobile industry, Japan is looking to boost the tourism sector of its economy. Abe is trying to draw up a strategy that would bring up to 40 million visitors to the Asian island country by 2020.
Gambling casinos would also create construction jobs for the Japanese work force while allowing local architects to combine with entertainment complexes, shopping centers, and possibly even hotels.
Gambling in Japan had been banned for over a century thanks to the nation’s Chapter 23 in its criminal code. There have been exemptions from the code for some sports such as horse racing, auto racing, and sports betting pools as well as the Japanese parlor game known as Pachinko.
There is some concern about what casinos could do to the populace, perhaps causing gambling addiction issues for some. The nation has moved cautiously toward legalizing full-fledged gambling until now, but now many of its citizens could be exposed to it, vices and all. Also, there isn’t much public support for the creation of casinos within the country.
However, illegal gambling has sprouted in Japan due to the strict criminal laws. By legalizing it, the government hopes to gain better control of the industry. Also, some analysts believe than the casinos would help the gaming industry become an annual $30 billion one in Japan. By legalizing the activity, some major entertainment companies such as MGM and Las Vegas Sands would enter into the country while creating more opportunities for local businesses.
The continent of Asia has seen a boon in casino revenue with the Chinese city of Macau being at the center of it. However, even Macau has been suffering from a slump in recent years.
While some major entertainment companies could be lining up, it will still take time, energy, and effort to build mega-resorts with gambling casinos within them. These resorts, commonly found in Macau and Las Vegas in the U.S., may not appear until 2023 at the earliest, according to some estimates.
