With nations across the globe opening up to the benefits of gambling both online and offline, there is increased buzz around the casino industry as a whole.
One nation that is making some serious changes regarding gambling is Japan, where previously stringent laws are being gradually relaxed.
Recently, the East Asian nation’s government decided to make preparations for a wave of Integrated Resorts (IR) to be built across the nation. This was done with the creation of the Integrated Resort Bill, and you can read about it here.
These new super-complexes will host casinos in a similar style to the hotel-casino model introduced so successfully in Macau and Singapore, as well as Las Vegas.
In total, 8 local governments showed interest in hosting such resorts, of which there will be three. Local authorities in Hokkaido, Chiba, Tokyo, Yokohama, Nagoya, the prefecture and the city of Osaka, Wakayama Prefecture and Nagasaki Prefecture have all made inquiries.
In this article, we will take an in-depth look at how Japan’s Casino Integrated Resort Bill could boost its economy. From the influx of tourism this could bring to the nation to boost to GDP, the establishing of Japan as a casino powerhouse can only be good news for the nation.
So, without further ado, let’s take a look at the first way in which the Casino Integrated Resort bill could benefit Japan.
A massive boost to the economy
One thing that a casino resort all but guarantee is a significant boost to the economy both locally and nationally. Not only does a casino mean more jobs, yet the sheer turnover in cash that these businesses create will boost national GDP, especially if three are built as is being planned.
Japan is notoriously resource-poor and so the nation has become extremely adept at creating wealth out of thin air, particularly by moving to play a key role in global electronics, automobiles and tech. If Japan is to keep pace with other highly-developed nations in the coming decades, then it only makes sense that the nation will continue to diversify its economic portfolio by making inroads into other areas of economic activity.
Another key factor to consider is the rise of China, which has long been a natural rival to nearby Japan. If Japan is to continue to compete with the resource and industry powerhouse well into the future, they must open up the market in as many ways as possible.
An influx of tourism and investment from abroad
Famously a closed society in many ways, Japan would undoubtedly begin to open up if and when the three new integrated resorts open up. Already, multinational casino conglomerates such as the Las Vegas Sands Corp. have shown an interest in constructing an IR near Tokyo.
On top of this, the creation of a trio of new IR’s in Japan will no doubt lead to a boom in domestic, regional and international tourism to the nation. Nations such as Macau and Singapore have already showed that Asian countries with a reputation for quality casinos can reap some serious benefits in terms of an influx of tourism cash.