Japanese Gambling Bill Approved by Prime Minister, Next Stop the Diet

Japanese Gambling Bill Approved by Prime Minister, Next Stop the Diet

Staff Writer
May 3, 2018
831
Good news for Japanese gambling market
Japan edges closer to legalising casinos in the country.

Things are moving forward when it comes to Japan’s long-awaited gaming bill after the country’s government has said yes to the proposal.

The next stop for the Integrated Resorts Implementation Bill is the National Diet, Japanese bicameral legislature.

According to available information, Prime Minister Shinzo Abe intends to take up the proposal before the Diet’s current session ends on June 20.

Awaiting the Green Light

Abe said the authorities would promote tourism with visitors from all over the world spending days (at the casino resorts) while taking complete measures to address various concerns including gambling addiction.

If the country’s lawmakers approve the somewhat controversial proposal, we can expect casinos to open across Japan in the mid-2020s.

Under its current provisions, the bill sets a tax rate of 30% on casino gross gaming revenue, while limiting locals to 3 casino visits per week, or 10 in 28 days. It also establishes an entrance fee for the locals, set at ¥6,000 (US$56).

Operators will be required to obtain detailed information on customers, including their personal information, who deposit or withdraw more than ¥1 million ($9,500) over the period of 24 hours.

Market with a Lot of Potential

Commenting on the new proposal, Geoffrey Davis, Chief Executive Officer of Melco Resorts & Entertainment Japan said there wasn’t anything in the Japanese casino legislation that wasn’t manageable.

On the other hand, Osaka governor Ichiro Matsui pointed out the bill would be passed in the Diet, and added a casino resort would be realized in fiscal 2023 or by 2024 at the latest. Matsui said the government would promptly draw up a schedule to open up the facility if necessary.

According to analytical firm Fitch Rating, expected earning for the future Japanese casino market could be around $6 billion.

Commenting on their expectations, Fitch Ratings stated the said amount was well below consensus estimates which were generally above $10 billion and added it was at the low end of the $6-9 billion range previously estimated by the firm.

ABOUT CASINOS ONLINE

logo2

The team behind CasinosOnline consists of casino experts united in their desire to spread knowledge to a wider audience. The aim is, and always has been, to help even the most inexperienced players gain their footing in this exciting industry.

The enthusiastic members dedicate time and energy to the creation of potent and insightful content. With years of experience in various fields of this industry, our expert authors know precisely what to look for while searching for casino quality.

LEAVE A COMMENT

Your email address will not be published. Required fields are marked *

Best Online Casino By Country

Although most casinos online are inherently international, some of them specialize for certain markets. If you’re looking for the best casino for your country or area, you’ll find it on this page. The CasinosOnline team reviews online casinos based on their target markets so players can easily find what they need.