Bloomberg – Japanese lawmakers began to flesh out a plan to legalize casinos today, with an outline of proposed legislation allowing gambling resorts to be developed not only in big cities but also in regional areas.
The document includes a proposal that inspectors be appointed to monitor casinos for illegal activities, according to a copy obtained by Bloomberg News from a person who attended a panel meeting where the proposal was presented.
While betting on horse, boat and bicycle races are allowed in Asia’s second-largest economy, casinos are currently banned and the lawmakers’ group is planning to submit a separate bill to parliament as soon as this year to legalize them. Tokyo’s selection to host the 2020 Olympics boosts confidence the government will open up the market.
Casino operators and the makers and sellers of casino equipment should all be required to obtain permits to operate, according to the document presented to the meeting attended by a cross-party group of pro-casino lawmakers. Japan should limit the number of casinos initially before it considers gradually increasing the number, according to the document. It didn’t say where casinos should be built.
The proposals will form the basis of legislation to be submitted to parliament after the bill legalizing casinos.
Wynn Resorts Ltd. (WYNN) and MGM Resorts International (MGM) executives have said their companies would invest several billion dollars in the North Asian nation. Las Vegas Sands Corp. (LVS) and Caesars Entertainment Corp. (CZR) are also seeking expansion opportunities in what is projected to be the world’s second-biggest gaming market.
