To the delight of international gaming operators and Japanese gamblers, legislators in Japan announced last week that they intend to resubmit a gaming bill by the end of March with hopes that it will be passed later this year.
According to Reuters, Liberal Democratic Party politician Takeshi Iwaya, one of the key members of a group of pro-casino legislators, told reporters, "We have decided to submit it (the gaming bill) before the end of the fiscal year (March 31, 2015)."
Based off studies, it is estimated that existence of regulated integrated casinos in Japan could generate an extra $40 billion in yearly revenue.
It is believed that resubmitting the bill now will allow local governments in Japan that are considering integrated casino resorts to continue funding its research during the coming year. While this is potentially good news to many, this doesn't mean there will be clear sailing for an integrated resorts gaming bill to be passed.
Japan's Prime Minister, Shinzo Abe, is a huge supporter of allowing casinos before the 2020 Summer Olympics head to Tokyo, due to the significant impact this could have for enhancing tourism, growing the economy, and increasing tax revenues. Abe and other supporters of casinos in the country have received some resistance from the Japan's National Diet, including members of his ruling coalition, who fear it could lead to an increase in gambling and social problems for the residents of Japan.
It is also believed that April's municipal elections could have an impact on whether we witness movement on a proposed gaming bill in the near future.
A strong success could facilitate Abe in receiving wider support on a gaming bill, and to convince the Buddhist-backed Komeito, a minority coalition partner, to revisit their position and to consider supporting the casino bill. If elections are less than successful for Abe and his coalition, this could mean that he will reconsider pushing the bill along since it might be more productive to focus his energies elsewhere.
Stay tuned at PokerNews as more develops in Japan's gaming marketplace.
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