Japanese Lawmakers to Submit Casino Bill to Diet on April 27 - No Deposit Casino Bonuses Codes >> Offers 2018


Wednesday, April 18, 2018

Japanese Lawmakers to Submit Casino Bill to Diet on April 27

Casino News Daily
Japanese Lawmakers to Submit Casino Bill to Diet on April 27

Japan’s ruling coalition will table the Integrated Resort Implementation Bill to the parliament late in April, sources close to the country’s rulers said Wednesday.

Chikako Ikeda, member of the ruling Liberal Democratic Party’s affairs committee confirmed the reports and added that the piece of legislation is planned to be submitted on April 27, Reuters reports.

The successful passage of the IR Implementation Bill will mark the completion of the second of a two-phase process for the legalization of casino gambling within integrated resorts and the construction of such properties in select locations across the country. Japanese lawmakers passed the IR Promotion Bill in December 2016, thus legalizing casino gambling in the country.

As for the Implementation piece of legislation, its purpose will be to set out the rules under which casinos will be operated. It will also contain guidelines about how the preferred locations for the integrated resorts and the developers and operators of those will be selected as well as how much gaming space will be allocated within the properties.

The bill was originally expected to be crafted and voted on before the end of 2017. However, the snap election called by Prime Minister Shinzo Abe last fall delayed the process. The current political turmoil in Japan could once again deter the legislative piece from passage.

Mr. Abe’s approval ratings are currently at an all-time low after his name was embroiled in two cronyism scandals. Analysts and members of Japan’s political elite, including former Prime Minister Junichiro Koizumi, have pointed out that the country’s top official could resign around the time the ongoing parliamentary session ends on June 20.

Mr. Abe’s resignation means two things for Japan’s casino legalization effort. In the first place, the parliament will have to pass the Implementation Bill before the end of the regular session as the current political situation in the country may not allow for an extraordinary session.

It is also important to note that Japan’s current Prime Minister has been a staunch supporter of the idea for the construction of several integrated resorts across the country as these would complement Japan’s tourism product. However, his successor might not share Mr. Abe’s opinion on the matter.

Key Points in the Implementation Bill

While lawmakers are still working on the piece of legislation, there are several important details about its contents that have emerged over the past several weeks.

The ruling LDP party and its coalition partner Komeito have previously said that the incorporation of responsible gambling measures into the Implementation Bill would be high on their agenda. Lawmakers announced earlier this year that these measures would include an entry fee and a cap on the maximum casino visits per month for Japanese nationals. Foreigners would not be subjected to any limitation regarding their visits to the nation’s future casino resorts.

Under provisions in the bill, Japanese nationals will have to pay a fee of JPY6,000 (approximately $56) in order to be able to enter a casino. In addition, they will be allowed no more than ten visits per month, once the gambling venues open doors.

Other provisions in the bill include a 30% tax on gross gambling revenue and the initial issuance of three casino licenses. A cap on the gaming floor space will also be set. The LDP and its coalition partner agreed earlier this month that casinos should not occupy more than 3% of the total area of the integrated resorts.

That proposal was met with mixed reactions. According to analysts, a 3% cap could result in international operators reducing their investment in the country’s future integrated resorts. Some of the world’s largest gaming and hospitality companies are expected to bid for the right to build mixed-use complexes with casino gambling in Japan, and some of them have already revealed investment plans for up to $10 billion.

The post Japanese Lawmakers to Submit Casino Bill to Diet on April 27 appeared first on Casino News Daily.

No comments:

Post a Comment