Gambling is officially legal in Japan now
Date: 23-12-2016 | Posted in: News
Interesting news from Japan. Last week the Japanese parliament officially passed a law that made casinos legal in the country. This development has ended about 15 years of political discussion.
Impact on Japanese economy
The legalization of gambling will change the Japanese economy enormously. New projects will rise everywhere, like casino resorts, hotels and conference spaces. These casinos will make billions a year. According to the Daiwa Research Institute, the revenue of these places will be equivalent to 0,2 percent of the Japanese gross domestic product.
There has been a gambling ban for years in Japan, but the situation is totally different now. Now a lucrative market has emerged. Some international gaming companies have already shown interest in Japan. For example Caesars Entertainment wants to invest in the ‘land of the rising sun’, that might be a gambling walhalla in the near future.
However, gaming companies shouldn’t cheer to early. The first casinos in Japan will open their doors in 2022 or 2023. The Japanese government needs to set out the legislation first, like tax rates and regulation. The parliament also needs to set out rules to prevent crime and gambling addiction.