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?

It’s no secret that Atlantic City, New Jersey is the American East Coast destination for gambling. With casinos and resorts, beachfront views, and game tables that attract even the highest bidders, there’s a great deal of hype over the city. While gambling and betting within the city limits are met mostly with public approval, the same cannot be said of the rest of the state. That’s why the proposal to establish a casino at the Meadowlands race track in New Jersey has caused such controversy amongst local residents and public officials alike.

The proposal for a casino is one that has a lot of people paying attention to this popular racetrack destination. The betting aspect of the area is already firmly intact, with horse races taking place regularly. While betting and gambling itself doesn’t seem to be too much of a problem, the locals in the area have growing concerns over the idea of a full-fledged casino popping up in their town.

Public officials also have a split opinion on the matter. Many point out that this new location in the northern part of New Jersey could draw a lot of business from New Yorkers, helping to boost the state’s economy with revenue earned. Although a major hub for gambling, the Atlantic City casino business is starting to struggle as of late, and the expansion of the businesses toward other major metropolitan hubs could help bring in business that will save the industry. The casino would also be heavily taxed, at 50% to 60%, generating even more state income for use in the public school system, health care system, and other important civic aspects of locally funded government.

Naysayers, however, point out many potential financial shortcomings of establishing a new casino. Many hesitate to fund and support another Jersey casino given the financial struggle other more established businesses in the industry and state have seen lately. There is currently a ban on establishing new casinos in the state outside Atlantic City, and the proposal for the Meadowlands casino has brought that into question. It would seem that the outcome of the on-going debate over the Meadowlands casino is going to determine the outcome of the ban, and only time will tell what the final say will be.