Could Japan bee the latest country to legalize gambling? Japan is a country with a population of 128 million people of whom many have lots of spare cash to spend on entertainment. Currently almost all forms of gambling are banned in Japan.
There are no land based casino or online casinos operating out of Japan despite the fact that Japanese are big online players in online casinos.
Japan has a very attractive potential market for casino operators as it has the highest domestic product in Asia. Japan’s neighbors Macau and Singapore have benefited greatly after the opening of online and land based casinos in their countries.
In light of these factors there are moves by 150 Japanese legislators to introduce laws aimed at legalizing land based casinos.
Although past attempts have been made to pass legislation, the chances to succeed are much greater now as the government is in dire need of revenue sources in light of the recent devastating earthquakes. There are estimates that Japanese land based casinos alone could bring in a projected $44 billion in the coming years.
Many of the major gambling companies are watching closely for developments including industry giants such as MGM Resorts International and Genting Singapore.
Singapore is an excellent example of how legalized casinos can generate huge revenues for the government and at the same time limit the negative potential criminal activity associated with gambling.