Today, on December 14, the upper house of the Japanese Diet has passed a casino bill that gives a green light to gambling legalization. Despite the opposition of the four parties trying to postpone the vote, the casino bill was approved at the plenary session of the House of Councillors with the full support of the Liberal Democratic Party.
The casino legalization bill was presented by the current Prime Minister Shinzo Abe, the President of the Liberal Democratic Party (LDP). On December 6, the bill was passed by the lower house, the House of Representatives, and put to the vote in the upper house, the House of Councillors. The bill will be enshrined in the constitution on the last day of the current Diet session.
The bill prescribes launching of gambling zones by 2020, before the start of the Tokyo 2020 Summer Olympic Games. The bill’s proponents are confident that the casino legalization would be economically beneficial due to increasing tax revenues, job creation, and the increase of tourist flows.
According to experts, the gambling market in Japan could amount to about $10 billion per annum.