Japanese Approval of Casino Bill

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Japanese Approval of Casino Bill

Asia is alive with news again, some good and some great. Kim Jong Un, from North Korea, went across the DMOZ to have a historic summit with South Korea’s President Moon-Jae in April. While this was happening, Japan was also having a meeting of its own, but on an entirely different subject. Japan was making a new milestone in Osaka to approve a bill that would allow integrated resorts to build.

Japan will require a fee and minimum entry amount for residents of Japan. However, foreigners can attend the casinos as much as they wish without a fee or any restrictions on monthly visits. The idea is to limit gambling addiction among Japanese by enforcing certain rules.

Osaka’s mayor and governor, as well as senior business leaders were at the summit to discuss the construction, advertising, and casino options. They were also there to discuss consumer electronics.

According to the local news integrated resort projects will be open by 2023 or 2024.

Main Points about Casinos

The government will charge 6,000 yen to residents who wish to gamble. There will be a limit of gambling three times per week, with up to 10 visits per month. Again these limits are not on foreign visitors, just Japanese residents. Residents will need to show their My Number Cards for proof of ID. Foreign tourists will need a passport to enter.

The casinos will have to pay a 30 percent tax to the government. It is a way for Japan to gain revenue, much-needed income. Investors instead of government liens mostly back Japan. It helps keep the economy stable; however, there are always needs that taxes paid can help with, such as gaining an additional 30 percent from casinos to maintain roads and other projects.

The law will include a committee to oversee the licenses, taxes, and fees to ensure all casinos are regulated properly. There will also be restrictions in place for those who show gambling addiction, and immediate treatment options for addiction.

The local governments are looking for the payout, while the committee is trying to keep the integrated resorts to a minimum. For now, only three casino projects will gain a license. Bidding will need to occur to ensure it is fair to all companies with an international presence who wish to break into the Japanese market. Rural areas are probably going to be ignored, while land in busy towns will be sought out by the casino operators.

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