Japanese government remaining committed to casino liberalization
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The Prime Minister for Japan has reportedly reaffirmed his government’s commitment towards premiering a liberalized land-based casino market in order to help the Asian nation improve its economy via an increase in inbound tourism.
According to a report from GGRAsia, the confirmation from Fumio Kishida (pictured) comes just six weeks before the deadline for Japanese communities to have submitted their official bids for one of three inaugural 40-year casino licenses. The source detailed that the leader, who replaced predecessor Yoshihide Suga in October, was one of the leading figures in helping to push through 2018’s gambling-friendly Integrated Resort Implementation Bill and believes the trio of planned Las Vegas-style developments will moreover assist his country in overcoming the negative financial impacts of the coronavirus pandemic.
Specific stipulations:
Sixty-four-year-old Kishida reportedly confirmed his ongoing support for the plan to bring three large casino resorts to Japan yesterday during a House of Councillors budget meeting as his nation looks for ways to overcome a mounting deficit of approximately $12.2 trillion. The Liberal Democratic Party legislator purportedly also noted that the integrated casino resort bids are to be accessed by a federal panel and be obliged to have incorporated multiple hotels, restaurants, exhibitions facilities and cultural elements.
Complimentary criteria:
Tetsuo Saito serves as the Land, Infrastructure, Transport and Tourism Minister for Japan and he reportedly used the same gathering to assert that this expert selection body will furthermore be required to look into the projected economic benefits of any proposed Japanese integrated casino resort. The 70-year-old official purportedly disclosed that other deciding selection factors are to run to the financial stability for such schemes as well as the likelihood of licensees being able to raise the required development cash.
Tantalized trio:
GGRAsia reported that three disparate Japanese communities have so far unveiled their intention to officially bid for the right to host an integrated casino resort. One of these, Nagasaki Prefecture, purportedly noted late last week that it is hoping to be given permission to bring a $3.8 billion gambling-friendly facility to its Huis Ten Bosch theme park by the end of 2027 in partnership with the Casinos Austria International Japan Incorporated subordinate of Casinos Austria International.
Conurbation contemplation:
The giant city of Osaka is also one of the main runners in this casino race and reportedly wants to open its own Las Vegas-style development in union with American casino behemoth MGM Resorts International and local financial services firm Orix Corporation by the conclusion of the decade. This envisioned facility would purportedly sit on a 121-acre portion of the man-made Yumeshima Island and come with a minimum price tag of around $2.4 billion.
Bold build:
Finally, Wakayama Prefecture reportedly observed recently that its proposal to bring a giant integrated casino resort to the privately-owned Marina City island could end up costing as much as $4.07 billion. This ambitious scheme was purportedly put together in partnership with the Clairvest Neem Ventures Company Limited arm of Canadian private equity management firm Clairvest Group Incorporated and would see the intended development’s gambling element be run by Las Vegas-headquartered Caesars Entertainment Incorporated.
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