#Casino

Japan liberalizes gambling for tourism income

In Japan, where gambling has been banned for a long time, some games such as poker and baccarat were allowed to be played in 2018 to create employment and stimulate tourism. According to the BBC's report, the authorities took another step, allowing the opening of the first gambling zone in the city of Osaka, one of the country's trade and tourist centers, in 2029. The 5.3 million square foot complex is expected to include a hotel, conference center, shopping mall and museum, as well as casinos. Prime Minister Fumio Kishida said, "We hope the casino will become a tourism base that introduces the charm of Japan to the world." The initial investors in the project are the US casino operator MGM and the Japanese Orix Group. Both will have a 40 percent share, which equates to about $13.5 billion. The remaining 20 percent will belong to local companies such as West Japan Railway Company, Kansai Electric and Osaka-based Panasonic. Officials expect the facility to attract around 20 million visitors a year and bring about $7.5 billion annually. Japanese people are concerned Japan, the world's third largest economy with a population of 126 million, is seen as a promising market for gambling. A large number of visitors are expected from China, where gambling is prohibited outside of the city of Macau. Nagasaki prefecture is also working on a similar project. However, the Japanese public has not reached a consensus on casinos. Some are concerned that gambling will increase crime and addiction.