The Japanese casino market is heating up, with many new developments on the horizon. In 2020, Japan will finally legalize casinos, and businesses are already preparing for the influx of tourists that are sure to come. But what can we expect from the Japanese casino market in the years to come? In this blog post, we will take a look at some of the most exciting things that are in store for Japanese casinos!
The current state of the casino market in Japan
The casino market in Japan is still in its early stages, with only two legal casinos currently operating in the country. The first casino, Osaka’s integrated resort (IR) opened its doors in March of 2019, while the second IR is set to open in Yokohama later this year.
Despite the slow start, the potential for growth in the Japanese casino market is huge. According to a report by Morgan Stanley, the Japanese casino market could be worth as much as $40 billion by 2025. This would make it one of the largest gambling markets in the world.
So far, however, progress has been hindered by a number of factors, including strict regulations and high taxes.
The potential for growth in the market is tremendous
The casino industry in Japan is still in its infancy, with only two legal casinos currently operating in the country. However, the potential for growth in the market is tremendous. The Japanese government is currently considering legalizing casino gambling, and if this happens, the market could explode.
There are a few things that need to happen before this can happen though. First, the government needs to pass legislation authorizing casino gambling. This is not a sure thing, as there is significant opposition to casinos within the government. Second, even if the legislation passes, it will likely be several years before any casinos actually open their doors.
So what does this all mean for investors? There are a few things to keep in mind.
How casino resorts could benefit the local economy
The construction of large casino resorts in Japan could provide a significant boost to the local economy. Not only would there be an influx of tourists, but also new jobs created in the hospitality and gaming industries. In addition, tax revenue from casinos could be used to fund infrastructure projects or other public works.
However, it is important to note that not everyone is in favor of casinos coming to Japan. There are concerns about the potential for gambling addiction and money laundering, as well as the possibility that organized crime could get involved in the industry. It will be interesting to see how these issues are addressed by the government as they move forward with their plans for casino resorts.
What needs to be done to make casino resorts a reality in Japan?
The answer, according to analysts, is for the government to pass enabling legislation and then issue casino licenses. This has been a contentious political issue in Japan for many years, with proponents arguing that casinos will boost tourism and tax revenue, while opponents argue that they will lead to an increase in gambling addiction and crime.
At the moment, it appears that the government is moving closer to passing enabling legislation, with a draft bill expected to be submitted to the Diet (Japanese parliament) later this year. However, it remains to be seen whether this bill will be able to pass through both houses of the Diet and become law.
Assuming that it does, the next step will be for the government to issue casino licenses. The challenges that lie ahead for casino operators and policymakers.