Connect with us
The clever new way to send money abroad

Japan becomes the latest Asian nation to welcome Casinos

The decision has particular significance for the international gaming industry, representing a landmark piece of legislation to legalize casinos in one of the world’s largest captive markets.

Published

on

Japan has become the latest Asian nation to welcome Casino operators. On Thursday, December 15, the Japanese lower house approved the IR Promotion Bill (widely known as the Casino Bill), as a first step in bringing casinos onshore.

The legislative move will now pave the way for the opening of “integrated resort” (IR) developments – locations that host casinos, hotels, mixed use entertainment venues, and MICE*1 facilities.

The decision has particular significance for the international gaming industry, representing a landmark piece of legislation to legalize casinos in one of the world’s largest captive markets.

Several regulatory hurdles remain though

Before any casinos can be built, details of the IR implementation law – the rules and guidelines for selecting the location and casino operators – must be determined. The bill requires legislation to be established within the next 12 months.

With considerable regulatory headway and an estimated five-year timeframe to build an IR, the immediate impact will be muted. However, we conservatively expect the very first facility to open their doors at 2022.

We believe the Singapore IR model will provide a logical reference point for the Japan casino experiment, with Marina Bay Sands and Resorts World Sentosa likely to be studied closely.

A number of hotels began their development plans as soon as the construction bids for the IRs were approved.

In 2011, Singapore hosted 142 international conferences, a record number for the country, and has continued to exceed this level in subsequent years.

Japan could also experience a similar influx if IR with large MICE facilities equipped with hotel accommodation, shopping malls, and a variety of entertainment facilities were to be developed.

The result: increased number of international conferences, multinational corporate offsites, and perhaps most importantly, foreign visitors and inbound tourism spending.

Source : http://www.cbre.com/research-and-reports

Click to comment

Leave a Reply

Tourism

Can border reopening revive tourism in South-East Asia?

In Thailand, where pre-pandemic tourism accounted for 11-12% of GDP, the country lost an estimated $50bn last year as Covid-19 restrictions led to an 82% fall in arrival numbers.

Published

on

Ko Samed deserted pier

After 18 months of travel restrictions, a number of countries in South-east Asia have begun opening their borders to foreign visitors to stoke recovery in their respective tourism industries.

(more…)
Continue Reading

Travel

Thailand dropped from UK’s tough covid-19 travel ‘red list’

Earlier, Thailand was listed among countries with high infection levels that were put on a ‘red list’, requiring arrivals to spend 10 days in a government-provided quarantine hotel, and must periodically have a PCR test or other tests.

Published

on

A man sat in an airport with his feet on a suitcase. A place is taking off in the background

From Monday, 11 October onward, fully vaccinated travelers from Thailand will not be subjected to Covid-19 quarantine, according to the latest announcement of the UK government.

(more…)
Continue Reading

Most Read

Recent