A proposed new casino development in Tokyo, Japan is being lined up by Japan’s biggest property developer Mitsui Fudosan Co which has joined forces with media firm Fuji Media Holdings and builder Kajima Corp.
It has been over 10 years of lobbying from supporters of casinos in the country but next year it is believed that land based casinos will be allowed by the new government of the business-friendly Liberal Democratic Party.
Following Japan winning the 2020 Olympic Games bid it is strongly believed the government will legalise gambling to help pull in more desperately needed tax from the building of casinos.
The three companies want to build a complex in Odaiba, near Tokyo Bay, that would include a hotel, conference centre and a casino.
“Our role in this project would be to get involved and make a contribution to help Tokyo become a more attractive city,” said Masatoshi Satou, Mitsui Fudosan’s executive managing officer. “But it is totally up to what happens to the bill and the direction of the government.”
Gambling giants MGM Resorts International, Las Vegas Sands Corp, Melco Crown Entertainment and Wynn Resorts Ltd have also shown interest in developing casino resorts in Japan, which is the last untapped country where operators believe huge profits can be made from Japanese gamblers.
More than 100 lawmakers, many from the ruling Liberal Democratic Party, will meet on Tuesday next week to discuss and finalize plans for an initial bill which will then be submitted during the current parliament session that ends next month.
If the legislation passes as expected next year, the government will come up with concrete regulations within a year. Which would mean the first casino would open in Japan in time for the 2020 Olympics.