Meeting between Japan and Nevada gaming regulators
A delegation from the Japan Casino Regulatory Commission has met with members of the Nevada Gaming Control Board, the key gaming regulator in Nevada, home to the famous Las Vegas Strip.
Effective Regulation on the agenda
During the meeting, both sides focused on discussions about effective regulation within their respective jurisdictions. This update was shared via a social media post on the official LinkedIn account of the Nevada Gaming Control Board.
Key players at the meeting included the delegation from the Japan Casino Regulatory Commission – Chairman Michio Kitamura and Commissioner Hirofumi Kitamura are tasked with overseeing Japan’s emerging casino industry which currently has approximately 160 staff members.
The operational launch of any casino resort in Japan is not expected for a few years but Japan’s casino industry outlook has shifted recently.
Japan’s casino sector
As it stands, the operational launch of any casino resort in Japan is not expected for a few years. Osaka authorities, for instance, are planning to open an integrated resort with a casino in collaboration with U.S.-based gaming giant MGM Resorts International and Japan’s Orix Corp in the autumn of 2030. MGM Resorts has labeled this project as a multi-billion dollar endeavor. MGM Resorts is among the prime casino operators in the state of Nevada.
Controversial venture with high hopes
Japan is building its first casino complex in Osaka, featuring restaurants, shops, spas, and entertainment venues. The project, estimated at US $13.4 billion, was scheduled for completion in 2029 and is expected to promote development in the region. However there will be delays in the completion of this project.
The Japan Tourism Agency has confirmed receiving a revised version of the integrated resort (IR) development plan for Osaka, along with a request for approval of the project’s implementation plan. Osaka recently announced a one-year delay in the planned opening of the IR with a casino, along with an increased initial investment cost of JPY 1.27 trillion (US$1.29 billion), up by JPY 190 billion.
An expert panel responsible for assessing the IR development plan at the national level stated that the revised Osaka IR District Development Plan still did not meet the required criteria set by central authorities. The panel found no significant changes that warranted a re-examination of the plan’s compliance with evaluation criteria.
Osaka’s IR District Development Plan had received initial approval from national authorities in April this year. The Japan Tourism Agency is now evaluating the implementation plan, which involves private-sector companies such as MGM Resorts International and Japan’s Orix Corp, along with smaller investors, forming a consortium for the development of MGM Osaka.
Substantial growth in Japan’s gaming market
The gambling market in Japan, estimated at US $20 billion annually, could see substantial growth with three casino complexes. To address concerns about gambling addiction, Japanese citizens will be charged a 6,000 yen fee for every 24 hours spent in the casino, with a portion earmarked for addiction measures.
Despite mixed public reactions and opposition, the project recently received approval from Japan’s government. The Osaka complex, operated by MGM Resorts International and Orix, aims to create 15,000 jobs and attract up to 20 million visitors annually. While gambling has been restricted in Japan, it has a thriving market in horse racing, pachinko, and other forms of betting.
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