Japan is taking bold steps forward towards the beginning of the construction of three integrated resorts, which would make a new era for the country, one where gambling has officially been legalized. The construction will start as soon as three areas are selected and awarded permission to build a property that would focus on gambling.
Moreover, there must be three casino operators that need to receive licenses from the Japanese officials to commence with the works.
However, to do all that, the Japanese government needs to have an official gambling regulatory body that would take care of everything and make sure all casinos follow the regulations. Although the Country of the Rising Sun still doesn’t have one such body, they have announced the creation of one which should be completed by Jan. 7, 2020.
In other words, in a little bit more than two months, we could see Japan taking big steps towards getting its first IR.
Setting A Date
The government officially stated on Friday that the final date for the management committee for a casino is set to be Jan. 7. The regulators will focus on two main areas.
The first one is supervising all the activities of operators that run IRs, which will be their primary focus. However, they will also focus on mitigating the potential social harms that could come with the fact that casino gambling was legalized in Japan.
The regulatory body will consist of five members, and each of them will serve for five years, after which their term will expire, and new ones will have to be chosen. Moreover, they will act as an independent agency which will be under the Cabinet Office.
Finally, they will be allowed to hire up to 100 people who will help them ensure maximum quality, protection and more.
The way it works is that there will be nominees for the committee who will have to undergo a parliamentary approval in order to form this regulatory body. Japanese officials are expected to announce the names of the candidates during the current session of the Diet and vote on which ones are the most eligible to form the gambling committee.
Drama in Japan — Who Gets a License?
The government is firing on all cylinders, but it still seems that it isn’t fast enough, as casino operators are growing impatient with the licensing process. Some of the biggest casino companies in the world have already invested a lot of money, time, and energy into sucking up to the government and forming local connections in order to be the ones to receive the licenses.
Although there are quite a few runners in the license race, only three are going to receive them, so it’s only natural that they are losing their patience a bit.
Nevertheless, we could see the first results very soon, as the primary focus of the government is to form the official casino committee that would act as a regulatory body in the future.