“It’s still too early to say what economic benefits integrated resorts will generate, but I am personally hopeful they will eventually push up Japan’s GDP by 1 % or more, not just by hosting a slew of international conferences but by increasing the number of tourists from abroad,” said Iwaya in an opinion piece on Wednesday in the English-language media outlet Japan Times.
He added: “I also believe they will greatly contribute to the Japanese government’s target of attracting an annual 60 million foreign tourists by 2030.”
Japan’s central authorities will allow a maximum of three casino resorts in the first phase of market liberalisation, with the first property unlikely to open before 2025, according to several investment analysts.
“Japan needs the resorts because it’s a tool essential to the nation’s goal of establishing itself as a ‘tourism-oriented’ country,” Iwaya stressed in his opinion piece. “The casino law stipulates that envisioned integrated resorts be equipped with not just casinos but other facilities, including hotels, recreational areas and convention halls. This is critical for Japan, as the nation is fast lagging behind its rivals overseas in luring international conferences and exhibitions, partly due to a lack of spacious venues that can host large-scale events,” he added.
The lawmaker pointed out that casinos were needed because such facilities were an important contributor to the overall financial performance of any integrated resort in Japan. “The unfortunate reality is that it will be very difficult for such venues to be commercially successful without casinos.”
“Skeptics are of the opinion that Japan’s casino debut is less about invigorating local economies than it is about opening up the nation’s potentially lucrative market to foreign casino giants such as Las Vegas Sands Corp. But 30% of gaming revenue by these operators will be contributed to national and municipal coffers in Japan so they can be used to stimulate regional economies,” Iwaya concluded.
Source: GMB / GGR Asia
