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Tokyo and Osaka Prepare for Gambling Legislation Bill

Tokyo and Osaka Prepare for Gambling Legislation Bill

Two of Japan’s most prominent cities, Tokyo and Osaka are in a race to secure the first casino to be launched in the country. It appears that Osaka is ahead of the game as its governor, Ichiro Matsui (of the Japan Restorationg Party), has already made 170 hectares of land available for the development. Matsui stressed that it is important to move ahead with plans as the Japanese government is set to start debating the bill concerning gambling regulations.

Tokyo and Osaka Prepare for Gambling Legislation Bill

As the gambling bill in Japan is expected to reach parliament discussion the cities of Tokyo and Osaka are both hoping to be the first gambling site of the country.

The upcoming bill is said to be a huge deciding factor for Japan’s economy at large as Brokerage CLSA predicts the country could become the third largest gambling market in the world with expected annual revenue of more than $40 billion.

Matsui is eager to grab this chance and move forward with the casino development, hoping to build a casino complex in Osaka that could mean a 500 billion yen ($4.91 billion) investment to benefit the area. Matsui reportedly met with Melco Crown Entertainment’s CEO Lawrence Ho to discuss the possibility of the project.

Meanwhile Tokyo’s governor Yoichi Masuzoe has not declared an official site for Tokyo’s bid but many believe that Tokyo Bay’s Odaiba area could be the best spot for Japan’s first gambling center.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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