The Japan Casino Regulatory Commission plans to soon reevaluate its screening standards. The authority has opted to listen to public comments ahead of introducing changes to its criteria.
Japan’s Regulator Will Listen to the Public’s Feedback
The regulator said that it will listen to what the public has to say when it comes to screening criteria for casino licensing. Since May 19, the Commission has remained open to public comments and plans to take the people’s concerns and suggestions in mind when proposing amendments. The public can submit its comments until June 17.
The authority’s current standards when it comes to assessing operators are based on the 2016 Act on Promotion of Development of Specified Complex Tourist Facilities Areas. According to them, applicants must be checked for connections with organized crime. Additionally, a company’s leadership team and organizational disposition are also to be evaluated. Lastly, an operator that hopes to run a casino in Japan must be financially sound and have a stable income.
Japan Expects Companies to Be Financially Stable
Speaking about financial stability, there is a list of strict rules for companies that want to apply for a casino license in Japan. First of all, operators should be transparent about business risks and should maintain a scale of equity even if profits plummet. The Japanese regulator expects operators to be able to continue their work even after periods of declined income.
Second, casino operators must have secure financing to continue operating in the long run. The regulator seeks companies that are stable, trustworthy and able to stay in business for a long time.
Lastly, operators must maintain sufficient liquid assets at all times. This is once again a precaution to ensure that a company is able to continue its work even after turbulent times where income is below the average level.
People Can Submit Their Feedback Until June 17
The Japan Casino Regulatory Commission also expects its licensees to help with the prevention of money laundering. It also asks them to avoid avoid causing gambling harm. Like many other regulated markets, Japan condemns operators that prey on customers with addictive behaviors. The Commission also has a set of rules relating to M&A activity and licensing.
The Commission will listen to the public’s feedback until June 17. After that, the authority will reevaluate its current screening criteria and see if it needs to introduce any changes. The regulator will keep the public’s comments in mind when deciding whether to introduce new rules on licensing or not.