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Japanese Politicians Approved the 1st Local Casino Project

Japanese Politicians Approved the 1st Local Casino Project

24/04/2023
The new gambling location will be built in Osaka and cost ¥1.8 billion. The opening is planned for 2029. The large entertainment centre is set to enhance tourism in the country. In addition to the gambling hall, the resort will have several hotels, a mall, rooms for conferences, a museum, and much more.

Casino in Japan: Osaka project

Fumio Kishida, Japanese Prime Minister, stated that the gambling location aims for a turnover of ¥520 billion annually, which will help the territory grow economically.

Project Details

Two companies will take the lead in the realisation of the recreation area:

  • MGM Resorts International, an American gambling firm;
  • Orix Corp, a Japanese commercial enterprise.

The 2 corporations will have 80% of the shares in the project (40% each). The other 20% will be divided among 20 other studios participating in creating Japan's first casino.

Two organisations will invest in the establishment:

  • MUFG Bank;
  • Sumitomo Mitsui Banking Corp.

The institutions will supply ¥550 billion for the construction of the tourist centre.

Bill Hornbuckle from MGM Resorts said it is an honour that the Japanese authorities have chosen his company to establish a massive entertainment centre. The manager also added that the studio members are excited about the possibility of building one of the largest casinos in Asia.

Mr Hornbuckle is delighted to work with Orix Corp and Osaka Prefecture to complete this long-term plan.

Previous proposals to create a wagering house in Osaka were cancelled due to COVID-19 and fraud gossip involving one of the legislators. Nevertheless, the project has been authorised in 2023.

Japan's Gaming Potential and Obstacles

The country has the 3rd largest economy globally and over 126 million inhabitants. Therefore, it is considered a territory with a high potential for gambling.

However, studies indicate that locals are worried about 2 factors:

  • rise in ludomania;
  • crime growth.

Previously, the local authorities had banned games of chance. However, the Japanese leaders subsequently promoted the law related to incorporated resorts, making constructing casinos possible.

Contact Gaminator to open a casino with the help of reliable experts. We also supply top software from famous providers. Feel free to contact our managers and start a lucrative collaboration.

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Artur Zimnij
Author
Artur Zimnij
Gambling business specialist
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