After years of discussions regarding casinos, Japan is now showing keen interest and commitment to pursue its legalization. Prime Minister Shinzo Abe is taking every means possible to revive the Japanese economy and finds building of casinos as one potential remedy. Lawmakers are set to submit a bill later this year to legalize gambling in the country.
Takeshi Iwaya was zealous for the move. “Japan may be the only developed country without casinos but we are sprinting to the finish line,” said the House Representative. Should the resolution come to pass, partnership with established firms to build casinos is expected to get started. CLSA, a famous equity broker based in Hong Kong, believes that its effects will be conspicuous. Many believe so, including those who are against gambling for its moral and social implications. It didn’t stop or bother the equity broker though. With an expected gain of $128 million from baccarat and roulette wheels, it will not be surprising if the government prefers to focus on casinos’ economic effect than what it may do to its people.
The CLSA also expects an estimated annual revenue of $10 billion just from building two gaming resorts in the capital and another in Osaka. “Japan could become one of the largest gaming jurisdictions in the world, surpassed perhaps only by Macau,” CLSA said. In addition to gaming resorts, US-based consultancy Galaviz & Co.’s Managing Director Jonathan Galaviz said that Japan will profit more if retail shopping and other entertainment establishment are also built all over Japan. “The potential size of Japan’s casino gaming industry could approach $100 billion over the long-term if the industry were allowed to develop and grow in an unconstrained manner,” Galaviz believed.
Casinos have always disappointed those who pursue its legalization. Such elusive approval may have caused some to be very enthusiast in unlocking Japan’s gaming industry and its effect in the region. The proximity to China, a wealthy population, and desire for other forms of gambling, like horse racing and football match bets, have been considered as driving factors for the proposal of casinos to succeed. A boom in Japan’s tourism is also considered to improve, especially after it plummeted because of the 2011 East Japan Earthquake and Tsunami as well as the Fukushima nuclear power plant accident.
Despite the stated economic impact in building casinos, Iwaya has acknowledged that opposition will still be expected. “People have a sense of vigilance over these issues and are the main reasons we don’t have casinos here right now,” he said. It is, however, up to the people what move they will make to show their stand.