Will the Japanese Casino Resort Dream Become a Reality?
The history of gambling is incomplete without homage to the Asian continent. Asia has played dominant roles in its growth even with unfavorable legislation.
The earliest records of gambling in Asia are traced as far back as 3000 BC. To date, Asia is still a gaming and entertainment hub.
Rather surprisingly, Japan, one of the most technologically savvy nations in the world, has a completely underwhelming casino industry. After all, Japan is home to some of the world’s top gaming developers, publishers, and enthusiasts. It’s a bit of a surprise how the country is not at the forefront of the casino revolution in Asia. The idea of casino resorts in Japan is not a novel idea. Serious proposals have been declined in the past by the city of Osaka and Osaka Prefecture. The idea had to be jettisoned due to the effects of the coronavirus pandemic and the unpreparedness of some of the companies involved in the project. Thailand has constituted itself as a major force in the casino scene in Asia but the introduction of casino resorts in Japan is likely going to elevate entertainment and relaxation in Japan and potentially puts it above Thailand in terms of reckoning. The good news is that the Japanese first casino resort might be closer than we expect.
The Impending Launch of Casino Resorts in Japan
A major impediment to the creation of casino resorts in Japan was the absence of relevant law to back up such resorts. Although a technologically advanced nation, Japan is actually culturally very conservativ. Gambling was an illegal activity in the nation for quite some time. This effectively inhibited any arrangement geared towards the establishment of casino resorts.
A law undergirding the creation and operation of integrated resorts in Japan was enacted in 2018. This immediately set a host of cities to the process of signifying interest in hosting the resorts. Integrated Resorts are the next level of the casino concept. It is almost a necessary step in the evolution of casinos and gaming entertainment. Therefore it is more or less a question of time before casino resorts in Japan become a major trend.
Concerns were raised by some members of the Japanese legislature as they were opposed to the establishment of casino resorts with taxpayers’ money. However, this seems a negligible concern as casino resort projects in Japan are likely to attract a slew of local and foreign investors to invest. Most plans call for the project to be little or no cost to the government and in turn help boost the country’s economy.
US based casino operator Las Vegas Sands Corps has already signified interest in establishing a casino resort in Japan. With other foreign competitors also watching the outcome for an opportunity to also take a bite of the cake.
Local Benefits
Japan will benefit greatly from the introduction of casino resorts as it could serve as another attraction for tourists who will have further reasons to visit Japan. This of course could elevate the income generated from tourism. Resorts also promise to create additional jobs and bolster the surrounding local economy. At a time when the global economy is still recovering from the effects of the coronavirus pandemic, the rapid introduction of casino resorts could serve as an effective strategy for economic recovery.
As mentioned previously, Japan is a conservative nation. Casino resorts in Japan continue to struggle with public acceptance. While the passage of the necessary laws represent the initial stage of acceptance, there is still quite a ways to go. Shifting towards entertainment and tourism could be a major boon to the Japanese economy. If the government is able to play its cards right and build public trust, it could be popular as well.
Currently public opinion seems to center around fears of gambling addiction issues that could arise with the establishment of the resorts. At the moment this doesn’t seem to be enough to forestall the establishment of casinos in one of Asia’s biggest economies. Moreover, Japan is already a gaming hub, therefore, it is only normal for the nation to progress towards the introduction of casino resorts.
The postponement of the projected time for the introduction of casinos may actually be a positive for the projects on the whole. The delay due to coronavirus allows the Japanese government ample time to create an optimized bidding process. Companies interested in funding the casino resort projects should be subject to a rigorous process. The localities should do all they can to ensure that only the most qualified companies are granted the right to float the project. While Japan may not have the population of America or China, it could definitely build an economy strong enough to compete favorably with the two biggest economies in the world.
