Japanese legislators pass casino legalization measure

In Japan, Friday allegedly watched the upper house of the country ’s bicameral National Diet ratify the Integrated Resort Implementation Bill, therefore paving the way for the opening of up to three big integrated casino resorts from 2025.

Opposition efforts prove unsuccessful:

According to Friday reports from GGRAsia and Nikkei Asian Review, the casino legislation’s ratification by the House of Councillors came despite efforts from anti-gambling opposition politicians to postpone the procedure through the lodging of no-confidence moves. But, these ultimately proved fruitless as the 242-seat body is currently commanded by members of the ruling Liberal Democratic Party and also Komeito coalition of pro-casino Prime Minister Shinzo Abe (envisioned ).

GGRAsia reported the Integrated Resort Implementation Bill was ratified by Japan’s lower House of Representatives in June while its subsequent passage by the House of Councillors last week implies that local authorities will now have the ability to team up with foreign operators so as to bid for one of the three casino licenses, which could be awarded when 2020.

MGM Resorts International to lead the charge:

One of the companies long interested in winning the right to operate a casino in Japan is Las Vegas-based MGM Resorts International while its own Chairman and Chief Executive Officer, Jim Murren, utilized a Friday statement to describe the legislative process as ‘quite deliberate and transparent.

Murren’s statement read…

“We appreciate the high degree of social responsibility reflected throughout the procedure by creating one of the most comprehensive invoices of its type anywhere on the planet.

MGM Resorts International has recently launched a fulltime development team for Japan with Murren moreover proclaiming his firm now plans to ‘advance our relationships with key stakeholders’ to be able to set up ‘a coalition of Japanese business partners’ that will jointly work to ‘define a vision for a uniquely Japanese world-class integrated resort.

Japanese federal debt on the increase:

GGRAsia reported that December saw Japan record an all-time high federal debt that was equivalent to 253% of its gross domestic product. It detailed the nation ’s aging population and very low birthrate have induced its tax base to plummet although retired and unemployed citizens continue to enjoy a selection of entitlement programs.

The legalization of casinos has been seen as a means to boost tax revenues and alleviate a number of this millstone whilst additionally boosting tourism along with the savings of a few of the areas outside of the big cities.

‘Fourth arrow’ coverage not broadly endorsed:

Abe has long reportedly pushed his or her lsquo;three arrows’ financial ideology encompassing structural reforms, monetary easing and fiscal stimulus with the legalization of casino gambling being broadly called a ‘fourth arrow. ’ However, a recent survey conducted by Nikkei Asian Review purportedly found that some 53 percent of the population was against the movement due to fears within an expected increase in gambling addictions.