With the increasing boom in the online gambling business across the world, more and more nations are opening up to the lucrative nature of the industry.
Whether with brick and mortar casinos or online slot sites or bingo sites, gambling is certainly a big business in 2020.
Nowhere has the recent surge in gambling taken hold more than in Japan, a country where once stringent laws around gambling of any kind are gradually being relaxed. As the nation becomes aware of the economic benefits of legalized gambling, live casino sites such as conquercasino.com are booming as players from across Japan flock to sign up.
Recently, the Japanese government proposed a new Integrated Resorts (IR) bill, which is all but certain to change the face of gambling in the nation forever. The bill makes provisions for three brand new resorts based on Las Vegas-style models with a hotel, casino, and shopping mall all in the same venue.
In this article, we will take a look at how Japan’s IR bill could boom its economy. We will discover how prising open the East Asian country’s potential as a regional gambling tourism hotspot could lead to a serious flood of cash, boosting what is already a mighty economy.
So, without further ado, let’s take a look at how Japan’s IR bill could boom its economy.
What is the IR bill?
In recent times, the Japanese government has floated suggestions for building three new integrated resorts in hotspots across the nation.
A total of eight local governments have shown an interest in creating an IR in their area. These are Hokkaido, Chiba, Tokyo, Yokohama, Nagoya, the prefecture and the city of Osaka, Wakayama Prefecture and Nagasaki Prefecture.
Today, gambling is mostly carried out in pachinko parlors across Japan, which are able to circumvent strict laws around gambling using loopholes. Some estimates suggest that the annual market in pachinko across Japan could be worth up to $900 billion USD.
Traditionally, Japanese culture has looked down on luck-based gambling of any kind.
However, the building of three new IR’s will forge a new market for gambling across the nation, with many expecting Japan to become a fierce rival for Macau and Singapore’s mantle as Asian gambling hubs.
How the IR Could Boom the Japanese economy
Certainly, the new bill could prove to be a massive boost for the Japanese economy. Not only will the new casinos make millions of dollars per year in revenue, yet they will surely attract tourists from across Japan, Asia, and the world to come and experience these luxurious new resorts.
On top of this, the IRs will create thousands of jobs for ordinary Japanese folks and, if three are built as planned, the economic impact could b significant.
When it comes to discussing the Japanese economy in any way, there is an elephant in the room that needs to be addressed. In the face of increasingly stiff competition from China for economic control of the region, Japan knows it will need to expand its economy significantly. As a resource-poor nation, Japan has always relied on culture and innovation as its main exports. Gambling could prove the perfect way for the nation to prevent China from getting the upper-hand in the East Asian economic theatre.
Overall, if Japan decides to go ahead with the IR construction and open up the nation to gambling on a lavish scale, it can be said that there will be a significant economic impact throughout the nation. With tourist dollars as well as local money being plowed into the Japanese gambling industry, the sky is the limit for this exciting new development.