Speculation on Casino Gambling Legalization in Japan Continues
The closer Japan gets to legalizing casino gambling the more gambling patriarchs across the world salivate. New reports suggest that Japan is closer than ever to legalizing the adult entertainment industry and two cities are being predicted as the first to feature gaming resort destinations - Osaka and Tokyo.
The goal of lawmakers who support legalizing casino gambling in Japan is for casinos to be built by the 2020 Olympics which will be held in Tokyo.
One of the biggest players in the market is from a name CGW can't seem to get away from in the news the past several weeks, Las Vegas Sands owner, Sheldon Adelson.
With the enormous success of his Venetian casinos in both Las Vegas, and more importantly, China (Macau), and his other billion dollar success in Singapore with the Marina Sands, his company is the front-runner when it comes to getting approved for licensing in his estimated $10 billion bids in Japan.
His first goal is to build the first luxury resort casino in Tokyo.
Tokyo is one of the biggest cities in the world with a robust economy. However, Japan's economy overall is hurting and the gambling industry is seen as a possible savior, at least for two industries - the construction industry and the services industry.
While Adelson has expressed interest in Osaka, Tokyo is the city that revs his engines. Estimates suggest an industry to closely trail in Macau in revenue. However, Osaka is the city that just last month already suggested a site they wish to place their first casino.
So although Tokyo is the dream of Adelson, he might first be headed for a fight with fellow casino mogul Neil Bluhm, who owns casinos in three American states.
Unlike Adelson, Bluhm's first focus is on Osaka and he feels because he is so narrowly focused, and more than willing to make local partners in the city, he has an upper-hand in winning a bid.
Whatever the result, the news here is that Japan is inching ever so closer to passing legislation to legalize casino gambling.
Keep it tuned to CGW as we follow this story as it unfolds over the coming months. According to Reuters, legislation could come as early as this year.