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Casino Images: – [1/2]The spinning wheel on a roulette table is seen at the Japan Casino School in Tokyo, Japan on August 4, 2018. Photo taken on August 4, 2018. /Toru Hanai/ File Photo
TOKYO, April 14 () — (This story dated April 13 was corrected to fix the initial investment amount to 1.08 trillion yen ($8.1 billion) from 1.8 trillion of yen ($13.5 billion) in the title and in paragraph 1)
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Japan on Friday approved a plan to build the country’s first casino in the western city of Osaka, paving the way for a 1.08 trillion yen ($8.1 billion) resort to open in 2029, with the purpose of attracting national and international tourist expenditure.
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The gigantic tourist complex located on Yumeshima, a reclaimed island in Osaka Bay that is expected to host the World Expo in 2025, will also include hotels, a convention center, a shopping center, a museum and a ferry terminal , while the high rollers will be. have access to an adjacent helicopter pad.
Casinos were previously illegal in Japan along with other private games, but a 2018 Integrated Resorts (IR) law provided an exception to casino games such as poker or baccarat in officially approved establishments as part of an effort to attract the tourists.
Japan is seen as a valuable market for casino operators because of its wealthy population of 126 million and proximity to wealthy Asian gamblers, although opinion polls have shown that many citizens are concerned about the Addiction and crime.
U.S. casino operator MGM Resorts International ( MGM.N ) and local partner Orix Corp ( 8591.T ) led the Osaka IR project, each owning a 40% stake in the company set up to manage the complex.
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Another 20 companies hold the remaining 20%, according to a local government filing, according to which MUFG Bank ( 8306.T ) and Sumitomo Mitsui Banking Corp ( 8316.T ) will provide 550 billion yen in project financing for the resort.
Prime Minister Fumio Kishida said on Friday that the project would contribute to the economic growth of the Kansai area around Osaka and Japan after Expo 2025, as the country aims for a post-pandemic recovery in tourist spending.
The resort is targeting 520 billion yen in annual revenue, mainly from the gaming industry, and is expected to attract 6 million international tourists and 14 million domestic visitors, the project document shows.
MGM Resorts, Orix, and the Osaka city and prefectural governments said they welcomed the approval and would work together to develop the project.
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The national government’s decision came after the pro-casino Japan Innovation Party retained the offices of the prefectural governor and city mayor in Osaka on Sunday.
A poll by the Mainichi newspaper of Osaka residents this month found that 45 percent of respondents were in favor of the casino, 38 percent against and 17 percent undecided, although women and the elderly they were more likely to be against it.
Japan’s casino plans have been hampered in the past by the coronavirus pandemic and a corruption scandal that led to the arrest of a high-profile lawmaker. Major casino operators Las Vegas Sands Corp ( LVS.N ), Caesars Entertainment Corp and Wynn Resorts Ltd ( WYNN.O ) have pulled out of planned projects.
The government on Friday said it would need more time to review the Nagasaki plan, led by Casinos Austria International. He did not give a reason.
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Kantaro writes about everything from Japan’s economic indicators to North Korea’s missiles to the global regulation of AI companies. His previous stories have been published in the Associated Press, Bloomberg, Japan Times and the Rest of the World. Born in Tokyo, Kantaro is a graduate of DePauw University in the United States and received the 2020 Overseas Press Club Foundation Scholar Award.