The Japanese government is yet to announce its IR policy for the development of the casino resorts. According to the reports in the local media, which is yet to be confirmed by the government sources, the basic IR policy could be postponed.
The basic policies are to set out the parameters that should be adhered to while developing the newly announced integrated casino resorts in Japan. Many top global gambling giants and development companies including, MGM Resorts, Genting Malaysia, Melco amongst others are contending for an IR license in Japan.
Osaka has already started to accept applications from gambling operators to develop a casino resort expectedly by 2025.
The local media reports suggest that the basic IR policy would not be announced until after an election for the House of Councillors – the upper chamber of country’s parliament. The election is to take place in summer.
Though casino and gambling are illegal in Japan, the country has opened up for foreigner-only casinos as it is eyeing at the tax revenues and tourism that the new resorts would bring in. Analysts predict that casino resorts in Japan could become a significant players in the Asian gambling industry and could soon compete with casinos in the Chinese territory of Macau.
Many overseas companies are now partnering with Japanese firms and are opening up their offices in the country. Recently, Asian gambling giant Melco’s chairman Lawrence Ho announced that they could soon shift Melco headquarters from Hong Kong to Japan.