Decision makers in Japan seem to be in agreement that casinos will open in the country in the next few years. But how it’ll happen is still a matter of discussion and it seems that submitting a bill in the current session of parliament is becoming more and more of a long shot.
Members of Japanese prime minister Shinzo Abe’s coalition partner have had some differences on how best to approach this bill and that could play a huge role in the delay of the casino bill. Natsuo Yamaguchi, leader of the New Komeito party, told Bloomberg as much. “I don’t necessarily think we will reach consensus on submitting the bill to the current session and moving forward with it in the limited time we have,” Yamaguchi said.
The man really hit it on the spot. Time is of the essence, especially with the current parliament session set to end on December 6. That means that the Abe’s peeps have a little under a month to get a bill written and agreed upon. Easier said than done given that the issue being discussed is as big as casino legalization in a country that outlawed it for so long.
There’s a lot riding on this bill because a lot of people are already crowning Japan as a casino goldmine, capable of becoming the world’s second-largest gambling hub next to Macau with annual revenue estimated to easily hit $10 billion a year. Interest from a lot of casino operators is indication enough that a lot of these companies will be vying for the number of casino licenses the government deciders to give.
A boost in tourism is expected with the opening of these casinos and integrated resorts. And given the importance of the bill, it might be best for lawmakers to fully craft legislation that everybody can get on board with. Besides, if the bill is not submitted in time for the December 6 deadline, it won’t have to wait too long because the next parliamentary session starts in January of next year.
