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Japan to legalize casinos

Whilst Japan is currently under strict supervision for the operation of both online and offline casinos, and even bound by an agreement with the United States to close off their online casino market to foreign countries, the ruling Liberal Democratic Party (LDP) is expected to propose new legislations to completely legalize casinos within the coming months.

According to sources closely following the party’s legislative plans, the LDP reached a compromise by consulting with a special casinos panel designed to establish an independent watchdog over the casinos industry. This regulatory body will exert fierce investigative authority to prevent crimes and overview the management of the casinos industry. Such procedures would include the screening of business license applications for casinos, on-site inspections of operators of casinos, certification of casinos equipment, and monitoring the employed staff at the casinos.
The funding of this watchdog over the casinos would be funded by a certain percentage of the revenues received by casino operators, rather than a tax revenue scheme. However, the casinos will have to adhere to strict regulations surrounding their even existence, such as a ban on the installment of ATM’s in and around the casinos, and a newly defined legal age limit.

The LDP plans to submit the bill in order to receive support from other political parties, due to the obvious demand for casinos in Japan, and their clear success in 120 other countries around the world. Under the proposed plan, the casinos would be established within the municipal governments that have openly shown interest in casinos, and will be managed by private investors and firms.

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.