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Japanese Lawmakers Submit Casino Legislation Bill

Japanese Lawmakers Submit Casino Legislation Bill

It has been reported that last week a cross party group of Japanese lawmakers submitted a bill to parliament which would legalize casino gambling in the country.

Japanese Lawmakers Submit Casino Legislation Bill

Just one day before the parliament session ended, pro-casino lawmakers in Japan submitted a bill to legalize casino gambling.

In the past few weeks the pro-casino group of lawmakers have said that they wanted to submit the bill during the current session of parliament and it appears they managed it just in time as the session ended on Friday. The group is hoping to have the bill passed during the next parliament session which takes place in the first half of next year.

While casino gambling is illegal in Japan, gambling is highly popular and it is thought that a regulated industry could generate as much as $15 billion per year. If these figures prove correct it would make the country the second largest gambling market after Macau.

It is thought that there is a good chance of the bill passing while the business friendly Liberal Democratic Party is in power and the Prime Minister, Shinzo Abe, is also supportive of the bill. Many are hopeful that the first casino resort could open in time for the Tokyo Olympics in 2020.

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.