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Japan could overtake Singapore as Asian gaming hub as casino bill looms

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Japan could overtake Singapore as Asian gaming hub as casino bill looms

The bill was first submitted to parliament in 2013 but got scrapped the following year after an unrelated political scandal forced to the House of Representatives to dissolve. The bill was resubmitted last year but did not advance as the opposition and public were fiercely against it, citing fears of an increase in gambling addiction.

A 2014 government survey indicated 5 percent of the adult population, or 5 million people, suffered from the compulsive habit—considerably higher than the average 1 percent figure in other advanced economies.

Abe has openly supported the IR concept. In 2014, he called the developments a "key part of Japan's economic growth strategy" but had previously lacked the political clout to make progress on the matter. But now that the LDP has an overall majority across upper and lower houses of parliament, it can effectively guarantee the bill's passage when it comes to a vote.

Analysts have also noted that the timing was now right for the bill to be considered, given that Abe's previously busy legislative calendar was free, following a controversial security bill and parliamentary elections earlier this year.

As a result, LDP General Council chair Hosoda told Reuters last week that there was a near-certainty the bill would be debated in the current parliamentary session.

Steven Gallaway, managing partner at Global Market Advisors, said the chances of success were higher this time around because international companies with experience in conducting responsible gaming had been working to educate Japanese legislators and stakeholders on the benefits of casinos.

Japanese voters remain largely ill-informed about IRs, Grant Govertsen, co-founder of investment bank Union Gaming, agreed.

"If the public were to understand that there would only be a couple, or a few, casinos and that they would be massive entertainment destinations that extend well beyond gambling, there would be a favourable opinion," he said.

Read more http://news.google.com/news/url?sa=t&fd=R&ct2=us&usg=AFQjCNFB1a2xIO5iPdSEQObRSzW6e0jmlA&clid=c3a7d30bb8a4878e06b80cf16b898331&ei=CDAOWKD1DcrPhQHAo5LQDA&url=http://www.cnbc.com/2016/10/24/japan-could-overtake-singapore-as-asian-gaming-hub-as-casino-bill-looms.html

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