Yokohama government sources have confirmed that they will be joining the race to host a casino in Japan. According to the recent overhaul of gambling laws in the country, Japan will have three casinos developed in the first phase.
Recently the Osaka prefecture also declared the names of gambling operators who have formally tendered their applications to develop the prospective Osaka IR.
The port city with a population of some 3.75 million is considering building the resorts at the 47-hectare Yamashita Wharf, adjacent to popular sightseeing spot Yamashita Park, Japan Times reports.
Japan casino market is expected to be one of the largest in the world. Top gamblign operators from across the globe have been vying for a Japanese IR license already forging partnerships with local companies.
According to a recent report from Sanford Bernstein, the Japanese casino market will generate $8 billion in gross gaming revenues annually. As such, it would be smaller than the Nevada casino market which grossed about $11 billion in revenue in 2018. The Casino market in Japan is expected to be the third largest globally only after Macau and Nevada.
Earlier this month, a Japan Casino Administration committee was also announced. The committee is tasked with monitoring the licensing process of the casino and gambling operators in the country.
“That committee will additionally be accountable for assuring the government that each casino licensee has adequate programs to combat gambling addiction, and any other antisocial consequences the casinos might bring. The administration will have the power to issue fines and suspensions against casinos and any third-party businesses found to be in violation of a regulatory condition.”