The Tokyo Olympics event that is set be hosted on 22 June, 2020 is already the talk of the town. Japanese Prime Minister, Mr Shinzo Abe, is looking to legalize casinos in the country by the end of 2014. With this move, Mr Abe expects that there will be an increase in the number of tourists in the country, leading to rapid economic growth. However, passing a bill that will legalize gambling in Japan will be very difficult, according to experts. In this culturally rich country, any form of betting is viewed as inappropriate, and a significant portion of the population believes that gambling has the potential to bring down people’s morals, contributing to the depreciation of the society as a whole.
Risky step
Nonetheless, gambling is not new to Japan. There are over 10 million regular players in the country taking part in various betting events like horse racing and Pachinko, bringing in revenue of more than $295 billion annually. According to the prime minister, legalizing casinos will not change or bring down the quality of the society, because gambling has always been t popular in the country in some or the other from since decades. He added that supporting the bill is a risk that he is willing to take. In fact, Takeshi Iwaya, secretary general of the pro-casino group, said that talks are already going on between the Japanese Gaming Congress and international casino owners like Las Vegas Sands Corp. and Melco Crown Entertainment Ltd.
Concerns to be addressed
Legalizing casinos might seem like a great idea, but is it really worth it? Here are two main factors to consider before you decide to support the bill.
ñThe arrival of international casinos can make few existing Japanese casinos go bankrupt.
ñChinese gamblers have always been significant contributors to Japan’s betting industry, but it is highly doubtful of whether they’ll visit Japan’s new casinos that are to be opened.
Japan’s tourism industry is going downhill, and definitely needs a boost. With far-sighted planning and proper implementation, this situation could be changed for the better. If casinos could bring in the desired revenues, why not take the chance?