When Japan approved plans to build the country’s first casino in Osako last year, much hype was created around the idea. The excitement of this construction project is furthermore boasted for its 13.8 billion budget with partner MGM Resorts International.
Why Japan Has Approved Its First Casino
Japan’s decision to start construction of its first casino by 2030 marks a major shift in the country’s long-standing stance on gambling. This decision comes as Japan seeks to boost tourism and economic growth, while also focusing more on providing greater entertainment for both locals and tourists.
For many years Japan has been known for its strict regulation on gambling, with activities like gambling either online or offline being largely prohibited. However, recognizing the potential economic benefits and possible advancements into another technology-based industry, the Japanese government has finally taken the bold step to legalize casinos.
This decision will open up new opportunities for investors, and construction and architecture firms, as well as a vast number of job opportunities.
Overview of MGM Osaka Construction
As the construction of MGM Osaka progresses, the anticipation and curiosity surrounding the resort cone to grow. The project promises to be a blend of innovation, luxury, and cultural appreciation, drawing inspiration from both traditional and contemporary design elements.
The new MGM Resorts / Orix Corp casino ‘MGM Osaka’ will be built on a 49-hectare island on Yumeshima in Osaka Bay. The building site is currently only functioning as an industrial area. Construction of the casino resort was set to start in spring or summer when the zoning plans were approved by the government; however, construction of the facilities has now been delayed and moved to spring 2024.
With the site preparation alone having cost close to $173 million, the Japanese government has however pledged to reimburse Osaka IR Corp upon completion of the resort.
With 3 hotels offering 2,500 rooms on the resort and the casino featuring more than 400000 square feet of space and attractions, MGM Osako is foreseen to become one of the biggest attractions in the county.
The Gambling Regulatory Framework
With Japan’s long stance against gambling, the first and foremost step taken by the government was to establish a robust regulatory framework. Recognizing the need to ensure responsible gambling practices and prevent social issues associated with gambling addiction, the government introduced stringent regulations that govern the operations of the upcoming casino. The thoroughly planned regulations encompass various aspects including licencing requirements, taxation policies, measures to safeguard against potential negative impacts, and more.
Japan’s gambling regulatory framework is known as the Legislative Penal Code Framework. This regulatory system prohibits gambling activities as criminal offences. However, as an exception, the Penal Code will not be applicable to licenced casino business operators who are authorised to provide gambling activities under the IR Implementation Law.
With many popular online gaming platforms including BeeBet casino being a popular offshore option for players the new laws and regulations are still not inclusive of any virtual gambling activities.
The Future for MGM Osaka Construction
As the project continues to take shape, MGM Osaka is set to become a beacon of excellence, offering unparalleled experiences and contributing to the rich tapestry of Osaka’s cultural and entertainment landscape. The construction of MGM Osaka represents a convergence of vision, innovation, and poverty for job creation in the construction sector. With its promise of economic vitality, unparalleled experiences and commitment to community wellbeing MGM Osaka is undoubtedly a project that stands out not only as Japan’s first land-based casino but also as a beacon of moving forward in entertainment regulations.