Japan legalized Las Vegas-style casinos last year in an effort to capture a potential casino gambling market with $40 billion. Data reported on by Bloomberg shows that $200 billion was bet on slot machines and Pachinko in 2015.
The already massive gambling market is helping fuel interest in the island nation as the next big hub for the casino industry, especially as Macau’s recovery moves along slowly.
Under the Japanese bill that legalized casinos, another piece of legislation must pass that spells out how the casino industry would be regulated there.
Despite additional hurdles to clear, the American Gaming Association called last year’s casino bill “truly historic.” Some of the largest casino developers in the world, including Las Vegas Sands and MGM Resorts International, want to build there.
The cities of Yokohama, Osaka and Tokyo are considered favorites to get a so-called “integrated resort.” Both Sands and MGM have said their respective projects could cost $10 billion.
