In Japan the Upper House has finally approved a bill that will enable the country to have its first casinos.
According to opinion polls the public are sceptical, with 44 per cent opposed to casinos and 34 per cent undecided, with only 12 per cent in favour.
Japan has a population of 127 million and although much has been said about its ageing population there are 46 million Japanese aged between 25 and 54. Tokyo Haneda Airport is ranked fifth in the world by passenger traffic, just ahead of London Heathrow, and the new casinos are expected to bring in more tourists from China and Korea.
“As a tourist destination Japan has a lot to offer and casinos will complement a large menu of attractions and infrastructure that is already in place,” said Warwick Bartlett, CEO of Global Gaming and Betting Consultants. “Japan could start to become a serious global player in gambling tourism and might even pose a threat to Macau and Singapore.
“There will be no shortage of companies wanting to take up the licences. We expect Wynn Resorts, Las Vegas Sands, MGM, Genting and Crown, along with local companies HIS, Resorttrust, Tokyotokeiba and Kazuo Okada’s Universal Entertainment, to be interested. “Forecasts have been made by analysts on the potential gross gaming yield of the casinos in Japan. Morgan Stanley has said the market could be worth $20bn, while others say $40bn.
“Exuberance always seems to follow a new market when it opens up; analysts always get ahead of themselves. At the moment GBGC is keeping its counsel until we see how many licences will be granted, where those licences will be located and, all important, what the tax rate will be.”
The first casino is expected to be open before the Tokyo 2020 Olympics.
