Kills hopes for 2020 openings
Japanese lawmakers have shelved their casino bill for the time being, effectively dashing hopes that the first resorts could open in time for the 2020 Olympic Games. According to the Macau Daily Times, the Integrated Resort Facilities Promotion Bill is now in limbo until the fall session at the earliest.
CalvinAyre.com cited an executive in the Liberal Democratic Party’s coalition partner Komeito, who said there is no reason to pass the IR bill before the House of Councilors elections this summer. “This bill is frozen until the autumn extraordinary Diet session,” the source said. The Komeito party is more conservative than the LDP and is in no hurry to legalize casinos, which religious factions believe would serve as a gateway to social problems like compulsive gambling.
Despite repeated delays, interest is still high in the jurisdiction, where pachinko parlors are said to generate 19 trillion (US$187 billion) a year, the largest profit from any leisure activity in Japan. U.S. operators including MGM Resorts International and Wynn Resorts among others have expressed interest.
Fitch Ratings has estimated that two casino resorts in Yokohama, near Tokyo and Osaka could generate roughly $7 billion in gross gaming revenues, according to the Asia Gaming Brief. Other possible locations include Hokkaido and Nagasaki. According to a recent study, an integrated resort in Yokohama could be worth 414.4 billion yen (US$3.36 billion) to the local economy, and create more than 41,000 jobs.
