Could Casinos Be Coming to Japan? The percentages are Increasing. | PokerNews
Earlier this year, many believed that the theory of land-based casinos in Japan was all but dead as a result of a robust disagreement between two of the parties in Japanese parliament, otherwise referred to as the Diet.
In recent elections, Japan's Prime Minister Shinzo Abe's of the Liberal Democratic Party (LDP) was capable of secure an outright majority of the Diet for the primary time since 1989. The party not requires its previous coalition partner, the Buddhist-backed party Komeito, who was adamant about prohibiting gambling within the country because of social concerns.
Union Gaming analyst Grant Govertsen shared in a note in late July that almost all will enable the LDP to enact legislation without the will for cooperation from other parties.
"Abe's LDP party now holds an outright majority in both houses of the legislature for the primary time since 1989, which permits the party to effectively push through on the subject of any legislation it wants without the will for help from its coalition partner," shared Govertsen.
According to GGRAsia, the Prime Minister unveiled a $266 billion stimulus package called "Abenomics", whose "three arrows" include fiscal stimulus, monetary easing, and structural reforms. Integrated casino resorts which were steadfastly supported by Abe and his political party, seem to meet each of these points, especially fiscal stimulus.
Despite this, Govertsen believes that it's only slightly better than a coin-flip for the rustic to pass legislation to permit large-scale integrated casino resorts. That is still better than the prospects earlier within the year where a stalemate between the ruling coalition parties within the Diet seemingly created an atmosphere where legislation seemed to be very unlikely.
"While earlier this year we might have assigned an overly low probability to the passage of the IR bill, the change in political fortunes of the LDP necessitates a metamorphosis in our view and we might currently assess the chances at better than 50/50 when contemplating the autumn 2016 or spring 2017 legislative sessions," explained Govertsen.
However, although legislation passes, it's unlikely casinos would open their doors before 2022, which might be too late for the hoards of holiday makers flocking into the rustic for the 2020 Summer Olympics in Tokyo.
"This could rather well push the start of construction to 2019 or 2020 and means that 2022 is the earliest an IR is probably going to open," Govertsen said.
According to Govertsen, the likely scenario would demand two casinos in Tokyo and Osaka with "development costs in way over $10 billion."
Stay tuned at PokerNews for more developments within the Japanese gaming marketplace.
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