Japan issues first casino approval – Osaka Integrated Resort hopes to create new tourism stream attracting domestic and other Asian tourists.
The Japanese government approved its first casino on Friday, taking a step toward developing a new source of tourism. The casino will focus on attracting domestic tourists as other Asian casinos struggle to recover from a drop in Chinese visitors after the pandemic.
The integrated resort, which is planned to include a casino, conference center, exhibition hall, hotel and theater, could open its doors as early as the fall of 2029.
An expert panel under the ministry is believed to have recently determined that the proposal from the Osaka city and prefectural governments meets all of the necessary requirements.
The two governments submitted a proposal in April 2020 for the facility, which sits on a site that measures approximately 492,000 square meters. It is expected to attract 20 million guests and generate 520 billion yen ($3.9 billion) in revenue a year.
The move comes as other major gambling destinations in Asia, notably Singapore and Macao, struggle with the fallout from China’s zero-COVID policy. Although the Chinese government abandoned the policy late last year, the number of wealthy Chinese businessmen visiting the cities has not returned to pre-pandemic levels.
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Prime Minister Fumio Kishida said in a meeting that the “integrated resort is important for attracting many tourists, both domestic and international, and to pursue the goal of being a tourism-oriented nation.”
The resort will employ a loyalty program to attract customers from around Osaka. The idea is to “work on consumption-promotion contributions in the regions of the integrated resort hinterland,” according to a report from Osaka prefecture.
The operator of Resorts World Sentosa, Genting Singapore, saw its net profit rise to $340 million Singapore dollars ($257 million) in 2022, up 86% on the year. While the worst seems to have passed, the company’s profits have only recovered to half of their pre-pandemic level.
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