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Japanese Casino Law Takes Effect

Japanese Casino Law Takes Effect

A law legalising casino gambling in Japan came into effect on Monday and the government is now promoting the idea of integrated resorts that include hotels and other facilities.

The law, which was sponsored by people from the ruling Liberal Democratic Party, has caused controversy due to concerns about the risk of gambling addiction. The government of Prime Minister Shinzo Abe will now formulate further legislation which is required to implement the casino system with the hope that resorts will significantly boost tourism.

The government is hoping to prepare legislation within one year to deal with issues related to casino resorts including gambling addiction and ways to prevent the involvement of organized crime groups. While casinos may have been illegal until now, de facto gambling has been permitted in the form of slot machine and pachinko parlours. Betting on horse, bicycle and powerboat races has also been legal.

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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