Japanese gambling bill hits a road-block, as the country looks to introduce the gambling industry to the local market.
Currently, the lawmakers are giving the bill related to gambling news a 50:50 chance of it passing by the month of June. The current parliament session does not seem to possess the capabilities to pass the bill by the end of next month’s session end.
The delay would disrupt plans proposed by global casino firms that hope to expand their operations to the unexploited Japanese gaming industry, before the Tokyo Olympics in 2020.
According to financial analysts, the Japanese gambling industry has a potential to reach revenues of over $40 billion. Executives of casino and resort conglomerates have been keeping track with Japanese gambling laws. Many of them have been seen visiting particular regions that would have a strategic advantage once the Olympics come around.
Bill initially submitted in December 2013
The bill was first submitted in December of last year, by two smaller parliament parties, along with the leading Liberal Democratic Party (LDP). They hoped to start negotiations in April or May, in order to ensure everything goes smoothly until the bill is passed on June 22.
Sakihito Ozawa, a casino supporter and member of the Japan Restoration Party, expressed his dim view on the current development regarding the bill, considering there are only five weeks left for the current parliament session. “I’d say the chances are 50:50.”
Takeshi Iwaya, a politician hailing from LDP, stated that the main reasons for the delay have to do with the fact that lawmakers have been dealing with other legislations. Therefore, this left them with insufficient time to consider the gambling bill.