After a meeting on Monday, 31st July, a key Japanese government panel suggested a whole package of harsh restrictions on the operation of the upcoming casino industry in Japan, which might vex and even push back the casino operators, who are eager to invest loads of money in establishing a casino resort in the country, or at least up to now.
On Monday afternoon, the Japanese advisory panel came out with a proposal for implementing even tighter regulations, which are supposed to regulate the country’s casino industry. Among all the proposed restrictions, the panel suggested a limitation on the casino floor space to a maximum of 15,000 square meters. Besides this, it was reported that the restrictions also include an entry fee for the Japanese people as part of the strategy to curb compulsory gambling problems.
Japan decided to regulate its casino market as recently as the end of 2016. Currently, the lawmakers are crafting a bill, also known as Integrated Casino Resorts Bill, which is expected to arrange all the details regarding the construction of the casino resorts and the regulations for their operation.
But it seems that Japan is advancing the opening of the casino market in a very cautious way, as the government integrated resort advisory panel suggested even tighter restrictions, aiming to suppress any possible illicit activities. Moreover, it emerged on the surface that Japan is fearing gambling problems, as it is one of the countries with the highest rate of compulsory gamblers. Thus, the lawmakers started to consider various restrictions, which are getting tougher with every passing day.
Specialists explained that this might irritate the casino operators so much that they quit their plan and exit the deal before even entering it. This, on the other hand, will damage the country’s casino industry prior to its opening and shatter the country’s hopes for economic growth and an increase in the number of foreign tourists. Furthermore, market analysts outlined a bright future for the development of the industry, explaining that it has the potential to generate $10 billion in revenues for the country’s treasury.
Currently, many gaming conglomerates, including Hard Rock International, Caesars Entertainment, and Las Vegas Sands, are eyeing up the Japanese casino market. But Japan is still not a done deal, no matter how lucrative it looks. Thus, specialists warned lawmakers that overregulation can have a negative impact on the Japanese casino market.
It is yet to become clear if the Diet (Japan’s government) will adopt the suggested tighter restrictions, aiming to prevent nationals from gambling problems, or it will consider another more relaxed approach towards the establishment of the legal framework.
