Developments on casinos and other gaming institutions are set to commence on Osaka-based island Yumeshima, as they look to be ready for Olympics in 2020.
The Mayor and Governor of Osaka have decided to work alongside one another, in efforts to restore the man-made island Yumeshima.
Mayor Toru Hashimoto and Governor Ichiro Matsui are currently looking at plans that will bring about Japanese poker rooms, hotels, resorts, casinos and an international conference hall.
The mayor stated “We plan to make the area the “Venice of the Orient.” We will improve the area with a highly value-added resort.”
The island was once a promising government-led project, however plans were brought down after suffering from the asset-inflated economy in the 1990s.
Both the prefecture and the city are hoping that the planned casinos will help revitalize the economy and bring about prosperity to the region.
Japanese gambling laws did not initially permit gambling activities, however officials have since changed their stance on the prohibition, realizing the massive economic opportunities.
Last December, various parties in the Japanese government expressed their desire to pass a bill promoting the establishment of casinos.
If the proposed bills are successfully passed, then gaming developers will have specific area designations were they will be able to build casinos.
Tokyo also looking at gambling opportunities
Osaka is not the only city looking to capitalize on the Olympics in 2020. The capital Tokyo and Okinawa are also searching for ways to entice resort developers to build casinos in their prefectures.