The iconic luxurious hub of casinos and gambling can be found in the famous Monte Carlo and Las Vegas. A section of this ultra-posh principality is known to be the go-to place for every sophisticated gambler out there. Vegas has a greater number of casinos than anyone could ever dream of going to.
But might there be a newcomer to this lavish, elegant and luxurious life? Japan’s new IR bill will help to establish a domestic casino industry. This will help to propel them into pole position where high rollers are willing to go beyond and spend millions of dollars.
Japan has had a bit of an interesting history with gambling before the IR bill, domestic gambling in Japan was illegal but there was a bit of a loophole where online casinos were legal as long as their servers were not based in Japan. This led to a large selection of online casinos competing for the Japanese market before it was even legal to gamble in casinos on Japanese soil. If you are interested in finding out more about these online casinos Japan 101 breaks down some of the most popular ones in their article here.
How having a casino hotspot within a city/country can be beneficial?
Having a casino hotspot within a city or a country comes with a lot of benefits, so they are explained below.
Casinos can bring a lot of jobs to the area, from jobs at the casino to food vendors outside. From famous examples like Vegas, it is clear that tens of small businesses make millions of profits yearly thanks to casinos. This not only helps the locals to pay their bills, but it helps to stimulate the economy as the money is constantly flowing.
This might not be a main benefit, but it can help a lot of people in the area to wind down or have some fun. It also allows a lot of tourists to have fun on their holidays. Casinos provide a lot of different slot machines and table games to keep you entertained for hours. Which is an attraction in itself for tourist and locals.
Casinos generate massive tax revenues, so this is a major benefit for countries to license casino business. This is even better for newcomers like Japan as the industry in the country is growing with less restrictions as ever before the tax revenue will just continue to increase.
Casinos pay billions in tax revenues every year; they can afford it because they make a lot more money than that. The number of tourists that visit casinos is astonishing and so this is where the money is made. Most tourists are to the extravagant and lavish nature of casinos, so they are willing to splurge their cash inside casinos and outside.
This benefit of casinos helps to increase income per capita. Income per capita is an important measure of economic stability, so the faster income is increased the more benefits there are not just to the local economy, but the local residents gain benefits as well.
What Japan’s bill has changed and why
Japan’s IR bill has legalised integrated resorts and will be opening first legal casinos in a number of areas. This is allowed to advance the relationship with key stakeholders and create a coalition of Japanese business partners who collectively define a vision for a uniquely Japanese, world-class integrated resort.
There are many reasons why this bill has been passed but the idea of having casinos, is to stimulate the growth in inbound tourism. Which has a spill over effect of creating new infrastructure for events, conferences and hotel space using private investment rather than the public investments. This investment will create an economic multiplier is some places aside from the major areas.
So, trying to get the money flowing in the economy to stimulate economic growth.
How these beneficial changes can catalyse Japan’s tourism and popularity and place them in a strong position for the next luxurious casino spot
Japan is known for their technology and customer service so, to combine that and casinos will make it a perfect spot for tourists to come and enjoy themselves so, become the ultimate luxury casino destination in the world.
These changes have westernised the country a little bit more which will make more western tourists come and visit especially Americans. This will increase the popularity of Japan as a destination for a luxury casino.
Japan has a lot of potential to become the next luxury casino destination as gambling is not so much frowned upon anymore and going to a casino is associated with luxury. This means the popularity is increasing and so Japan is taking advantage of it to grow the economy and become the next luxurious casino spot.