Contentious New Casino in Japan
Casinos have long been prohibited in Japan. In an effort to boost tourism and generate jobs, a law permitting exceptions to games like poker or baccarat was established in 2018. A rise in crime and gambling addiction has some members of the public concerned.
In addition to the casino, the 5.3 million square foot (49 acres) development will also include a hotel, convention center, shops, and a museum.
The project’s initial investment is 1.8 trillion yen ($13.5 billion), and MGM, a casino operator located in the US, and Orix Group, a Japanese corporation, both control 40% of the business. By the way, the 2023 Forbes Global List 2000 included MGM Resorts International as the best gambling company, which is very high praise. Undoubtedly, MGM is one of the finest companies in the world to have a major stake in a new bustling gambling business in Japan. It is major and reputable businesses like MGM that, thanks to their decades of experience, can help build new strong gambling industries across the globe. On the other part of the globe, for example, in Latin America, the gambling industry is expected to be worth around $4.4 billion by 2026.
Local businesses including Kansai Electric Power, West Japan Rail, and Panasonic, located in Osaka, will hold the remaining 20% of the new casino project.
Project Expectations
The casino, according to Prime Minister Fumio Kishida, should grow into a tourist attraction that advertises Japan to the rest of the world. Officials hope the resort will bring in around 20 million visitors a year and bring in approximately 1 trillion yen in economic advantages for the region, according to a Japanese news source.
The proposal for the project dates back several years, but it was shelved because of the Covid-19 epidemic and a corruption case involving a lawmaker from the ruling party who was accused of accepting payments while in charge of casino policy.
It’s believed that gambling has a promising future in Japan. The nation boasts the third-largest economy in the world with nearly 126 million citizens. Furthermore, it is close to wealthy Asian gamblers, particularly those from China. Macau is the only city in China where casinos are legal. Similar plans to build a casino in Huis Ten Bosch, a theme park with a Dutch theme, have been made by the Nagasaki prefecture.
