CNN – While Japan’s economy continues to falter, lawmakers are betting big that the casino industry can swoop in and lift it out of the doldrums. Gambling is currently illegal in Japan, though many play pachinko, a quintessentially Japanese game often likened to pinball. While cash prizes are forbidden, many pachinko parlors work on a gray economy where prizes are exchanged — off-premises — for hard currency.
This week, a major conference focusing on the future of the industry opened in Tokyo. It comes at a time when key legislation is being pushed through Japan’s parliament that could pave the way for the development of a large-scale gaming industry in the country.
“There is ample chance that the bill will be debated in parliament (this session) and will be passed by both houses,” said Toru Mihara, Director of the Institute of Amusement Industry Studies, Osaka University of Commerce and a key speaker at this week’s Japan Gaming Congress.
Tokyo, along with Japan’s second city, Osaka, is being eyed as a key destination for so-called “Integrated Resorts” (IR), which would combine casinos with hotel, luxury retail and entertainment complexes.
