As various states in the United States are moving towards the regulation of casinos, Japan is yet to legalize them. It seems that the hope that the Japanese could have enjoyed taking part in casinos in 2020 is long gone. This is based on the fact that the bill meant to legalize casinos did not make it on the agenda of the Japans lower house committee.
If Japan is to legalize casinos any time soon, it is important that the bill should have been on the agenda. This is because for a bill to go through, the upper house requires more than 20 days to consider it before it passes. The ongoing parliamentary session ends on 22 June 2014 and therefore, there may not be enough time for the bill to be discussed by the committee and be considered by the upper house.
There is also less chance that the bill will be discussed in the extraordinary session, which is held by the legislature in late September. This means that the bill may only get a chance to be discussed in spring of 2015, which is when the next regular session will be held.
The process of passing the bill is rigorous and it is bound to take time. To start with, Japan needs to pass legislation, which will enable it to prepare its legal position to end its prohibition of casino gambling. That means that it will be required to rewrite its laws, a process that will take one year. It will then be required to have a second bill, which would have the legal framework for the development of casinos.
If the bill had gone through the lower parliamentary committee this Friday, it would have been possible to have casinos legalized by 2020. This is the time Tokyo will be hosting the Olympic Games. Since the committee has decided to prioritize other matters and overlooked the bill, there is a likely hood that there will be no casinos operating during the Olympics.
The only hope that seems to be there is if Adelson, the chairman of Las Vegas Sands, can manage to convince Shinzo Abe, the Japanese Prime Minister, otherwise. This is by giving him an offer he cannot refuse. The Prime Minister will be visiting two casinos in the city in his scheduled visit to Singapore on Friday. This is so that he can study how Singapore has dealt with casinos and the potential social problems that come with it.
Adelson is also planning to visit the area and is hoping that he would convince the Prime Minister to be firm on the legislators so that they can pass the bill.
Apart from Adelson, some of the companies planning to take advantage of the passed bill are Genting Singapore. It already has eight subsidiaries in Japan. The Japanese gaming company, Konami Corp is also planning to invest in Japan Casinos. It is familiar due its video games and it distributes slot machines.
The casino industry in Japan is worth about 40 billion dollars, a large amount that is making many eye for the passing of the bill.