A pro-casino group of Japanese lawmakers has made an influential member of the ruling Liberal Democratic Party its leader and plans to submit legislation this year aimed at opening the world's third-largest economy to casino gambling.
Japan is often touted as the next major casino market after Chinese enclave Macau. Although casinos are illegal, the Japanese are already active gamblers and the pinball-like game pachinko generates US$200bn in revenue each year - about the same as Toyota Motor Corp.
A large and wealthy population coupled with a proximity to Shanghai and Beijing has the potential to transform Japan into a lucrative gaming centre, providing tax revenues to shore up the state's ailing finances, analysts say. Broker CLSA estimates Japan's gaming market could be worth at least US$10bn if two large-scale integrated resorts are approved - more than Singapore's $ 5.9bn and Las Vegas' $ 6.2bn in 2012.
The cross-party casino group aims to submit a promotional bill to parliament in the autumn, which could be followed by concrete laws within two years.
