Posted on May 13, 2014 by Tom Jones
The closer Japan is to legalizing casino gambling, the more gambling patriarchs around the world are drooling. New reports show that Japan is closer than ever to legalizing the adult entertainment industry, and the two cities are projected to be the first with destinations for gaming resorts – Osaka and Tokyo.
The goal of lawmakers who support the legalization of casino gambling in Japan is to build a casino before the 2020 Olympics in Tokyo.
One of the biggest players in the market on behalf of which CGW has not been able to walk away in the news for the past few weeks is Las Vegas Sands owner Sheldon Adelson.
With the huge success of Venetian casinos in Las Vegas and, more importantly, in China (Macau), as well as other successes in Singapore with Marina Sands, his company is leading the way in obtaining licensing permits at its estimated $ 10 billion in Japan.
His first goal was to build the first luxury resort casino in Tokyo.
Tokyo is one of the largest cities in the world with a strong economy. However, in general, Japan’s economy is in pain, and the gaming industry is seen as a possible savior, at least for two industries – construction and services.
While Adelson has expressed an interest in Osaka, Tokyo is a city that spins its engines. Estimates suggest that the industry will lag far behind profits in Macau. However, Osaka is a city that only last month offered a site where they want to host their first casino.
So, although Tokyo is Adelson’s dream, he may first go into battle with fellow casino mogul Neil Bloom, who owns a casino in three US states.
Unlike Adelson, Bloom is primarily focused on Osaka, and he feels he is so narrowly focused, and more than willing to make local partners in the city, he has an advantage in winning bids.
Whatever the outcome, the news is that Japan is getting closer to passing legislation to legalize casino gambling.
Keep an eye on CGW while we follow this story that unfolds in the coming months. According to Reuters, the legislation could be passed as early as this year.