Japan casino bill clears panel, paving way for landmark legalisation
[TOKYO] A contentious bill to legalise casinos in Japan cleared a key parliamentary panel on Tuesday, essentially assuring its enactment into law, paving the way for high-stakes gambling in the world's third-biggest economy.
Brushing off concerns - even from within Prime Minister Shinzo Abe's ruling coalition - over gambling addiction and other social ills, lawmakers in an upper house committee approved the bill. It had failed repeatedly in previous parliaments to come up for a vote.
Domestic and international companies from MGM Resorts International to Japanese game-machine maker Sega Sammy Holdings Inc could benefit from legalised casinos in Japan, a market that brokerage CLSA estimates could be worth up to US$40 billion a year.
Given the Abe coalition's strong majority in the upper house, the bill is almost certain to be approved by the full chamber on Wednesday, the last day of this session. It previously cleared the lower house.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Oil prices steady after Iran plays down reported Israeli attack
G7 pledges swift aid for Ukraine, seeks to calm Middle East
H5N1 strain of bird flu found in milk: WHO
China moves to boost foreign investment in domestic tech companies
Xi orders China’s biggest military reorganisation since 2015
Warner Bros CEO earned US$49.7 million in strike-impacted year