Potential billion-dollar market
Japanese lawmakers who support the country’s controversial casino bill have pledged to resubmit the failed legislation by March 31, the last day of the fiscal year.
Global gaming companies including the Las Vegas Sands Corp. and MGM Resorts International believe Japan could become a leading casino market, especially in the wake of the upheaval in Macau, where a crackdown on corruption and possible stricter visa rules have caused an historic decline.
According to Reuters, brokerage CLSA estimates that casinos in Japan could generate annual revenues of $40 billion. But MGM President Bill Hornbuckle has warned that there is a limited window of opportunity for the country to open its gambling market.
“At some point someone is going to have to say, ‘This is important to us, let’s push this thing forward,’” Hornbuckle said. “I think it does lose the momentum of a significant opportunity… so we would look elsewhere.”
Some members of Abe’s Liberal Democratic Party hope to resubmit the expired bill to the Land and Transport Committee, an obscure body that also could legally pass it. “As long as the ruling coalition can agree and win support, it doesn’t matter which committee it’s submitted to,” LDP lawmaker Takeshi Iwaya told Reuters.
“If this bill doesn’t pass the current session of parliament, it will be hopeless,” Iwaya said. “I think the time limit will be up.”
Legal gambling has been touted by Abe as part of an overall economic growth plan. Casino supporters slightly outnumber opponents in the Japanese parliament, but the opposition includes the powerful Buddhist-backed Komeito, the LDP’s junior coalition partner.
Osaka and Yokohama are considered the best locations for integrated resorts according to the Japan Times. But more than 20 municipalities have expressed interest in developing complexes with casino hotels, convention centers, shopping malls, and concert venues.
