Parliamentary panel approves Japan casino bill

A bill that would legalise casinos in Japan will now go before the country’s upper house after it gained approval from a parliamentary panel.

Backed by both the ruling Liberal Democratic Party and opposition Nippon Ishin no Kai, the bill sets out plans for large-scale integrated resorts (IRs) that will combine casinos with hotel, shopping and conference facilities.

Japanese Prime Minister Shinzo Abe has spoken about his support for the bill, stating that the IRs could be way to sustain inbound tourism after the 2020 summer Olympic and Paralympic Games, which are due to take place in the country’s capital of Tokyo.

News of the parliamentary panel approval boosted the share price of a number of major casino operators, who could open sites in the country should the bill come into law.

According to the BBC, Las Vegas Sands shares closed 3% higher, while Wynn Resorts and MGM Resorts both saw increases of 2%.

Although casinos are currently illegal in Japan, punters in the country are able to bet on horse, boat and bicycle races through government-backed bookmakers.

Proposed IR sites have been identified on Yumeshima, an artificial island in Osaka Bay, as well as in the cities of Sasebo, Yokohama and Hokkaido.

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