As the casino industry approaches, Japan has yet to release the IR Basic Plan (to outline regulations) but it could arrive before the end of the year.
Japan.- The Japanese casino industry will soon be a reality, as the government continues to discuss how to best launch it. According to local media, Japan’s IR Basic Plan could finally arrive next November.
The new plan would lay out further details on the requirements and processes to bid for an IR licence. As AGBrief quoted the Sankei Shinbun, the government plans to release further regulations before the end of the year. Furthermore, the authorities may advance on the Casino Management Board’s set up, which could be ready by January.
Once the regulatory framework goes public, prefectures like Osaka and international operators will finally get to work on their bids.
Japanese casino process
The Japanese casino industry is soon to arrive but the government still needs to outline regulations. That’s why it has createdthe new International Tourism Department, to oversee the casino bidding process.
Director Hiroshi Tabata will lead 73 people in the new body. It will report to the Ministry of Land, Infrastructure, Transport and Tourism. Furthermore, two counsellors will organise the IR industry, and provide outreach and cooperation to international organisations.
Delays in the Japanese casino industry
According to a new research brief released by Global Market Advisors (GMA), the 2025 opening target is far from reality. The establishment of Japan’s Casino Management Commission will be completed before 2020, but not by July 1 as officials planned. That would trigger “the process to move forward with the regulations and the RFP process” and “only delaying the process by a few months as opposed to a full year.”
“Even under the most aggressive timeline, it would have been a challenge to get an IR open on Yumeshima by 2025. That, should they be awarded one of the three coveted licences,” GMA said. “This is because of the challenges that would face any structure of this magnitude being built anywhere in Japan. Let alone a man-made island that may have its own challenges in construction.”