Bloomberg – Japanese lawmakers from the ruling Liberal Democratic Party submitted a bill to legalize casinos to parliament, bringing the nation closer to opening up what is estimated to be the world’s second-largest gaming market.
The bill was jointly submitted with the Japan Restoration Party and other groups, Hiroyuki Hosoda, the chairman of a cross-party group of pro-casino lawmakers, said yesterday. LDP’s junior coalition partner New Komeito has approved the submission, LDP’s policy chief Sanae Takaichi said.
The parties aim to pass the bill in the next Diet session that begins January, said Hosoda, who is also an executive acting LDP secretary-general. International companies including Wynn Resorts Ltd. (WYNN) have said they plan to spend billions of dollars to build resorts after the opening of the market that Union Gaming Group estimates will generate $10 billion in annual gambling revenue.
“I think the bill will definitely pass,” said Kazuaki Sasaki, assistant professor at Nihon University College of Economics. “LDP is supporting the bill and even for those parties that are against the bill, I don’t think they will put restrictions on each member’s vote.”
While betting on horse, boat and bicycle races is allowed in the world’s third-largest economy, casinos are currently banned. A competitive bidding process will be needed before one or more casino resorts can be developed and it would take five years after the legalization before the first casino is operational, Hosoda said in September.
