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Serious Japs Learning LKY - Gambling is Good!

Pinkieslut

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cnbc.com
Abe's economic ace? Japan ready to bet on becoming Asian casino capital
Nyshka Chandran

Japan could finally pass a long-awaited bill with the potential to transform the country into an international gaming destination, providing a fillip for the stumbling economy.

Gambling is officially illegal in the world's third-largest economy but the betting culture is widespread, most visibly reflected in the pachinko halls—arcade-style outlets where players can win money depending on the games' outcome—that dot city streets.

Now, after years of being sidelined, a bill to introduce integrated resorts (IRs), with hotels, casinos, malls and other entertainment facilities, stands a chance of being debated in parliament before year-end.

"This time, it's 100 percent happening," Kotaro Tamura, a Milken Institute fellow, told CNBC's The Rundown.

The government's increased political capital and its goal of boosting inbound tourism are two key factors that distinguish this push from previous years, explained Tamura, a former senator and parliamentary secretary for economic and fiscal policy at Japan's Cabinet Office.

Three pro-casino officials were promoted to top spots when Prime Minister Shinzo Abe reshuffled the ruling Liberal Democratic Party (LDP) in August.

Toshihiro Nikai was appointed secretary-general, Hiroyuki Hosoda became General Council chairman and Toshimitsu Motegi was named policy chief. The three reportedly held a meeting Thursday in which they confirmed their intention to have the bill passed during the current parliamentary session, which ends on Nov. 30.
Customers play pachinko machines in a pachinko parlor in Tokyo.

Jonas Gratzer | LightRocket | Getty Images

Customers play pachinko machines in a pachinko parlor in Tokyo.

The bill was first submitted to parliament in 2013 but got scrapped the following year after an unrelated political scandal forced to the House of Representatives to dissolve. The bill was resubmitted last year but did not advance as the opposition and public were fiercely against it, citing fears of an increase in gambling addiction.

A 2014 government survey indicated 5 percent of the adult population, or 5 million people, suffered from the compulsive habit—considerably higher than the average 1 percent figure in other advanced economies.

Abe has openly supported the IR concept. In 2014, he called the developments a "key part of Japan's economic growth strategy" but had previously lacked the political clout to make progress on the matter. But now that the LDP has an overall majority across upper and lower houses of parliament, it can effectively guarantee the bill's passage when it comes to a vote.

Analysts have also noted that the timing was now right for the bill to be considered, given that Abe's previously busy legislative calendar was free, following a controversial security bill and parliamentary elections earlier this year.

As a result, LDP General Council chair Hosoda told Reuters last week that there was a near-certainty the bill would be debated in the current parliamentary session.

Steven Gallaway, managing partner at Global Market Advisors, said the chances of success were higher this time around because international companies with experience in conducting responsible gaming had been working to educate Japanese legislators and stakeholders on the benefits of casinos.

Japanese voters remain largely ill-informed about IRs, Grant Govertsen, co-founder of investment bank Union Gaming, agreed.

"If the public were to understand that there would only be a couple, or a few, casinos and that they would be massive entertainment destinations that extend well beyond gambling, there would be a favourable opinion," he said.
A punter writes down his picks on a form guide during the Keirin races at Kawasaki Velodrome on July 11, 2015 in Kawasaki, Japan. Keirin is a form of cycle racing developed in Japan around 1948 for gambling purposes and has since become extremely popular. It is one of only four sports that patrons are allowed to bet on.

Chris McGrath | Getty Images

A punter writes down his picks on a form guide during the Keirin races at Kawasaki Velodrome on July 11, 2015 in Kawasaki, Japan. Keirin is a form of cycle racing developed in Japan around 1948 for gambling purposes and has since become extremely popular. It is one of only four sports that patrons are allowed to bet on.

And the potential economic advantages could be massive. IRs could inject $40 billion a year into the economy, which is currently weighed down by weak consumption and spending, according to CLSA data. Not only would the economy from a new source of job creation and tax revenue, but legalized casinos would help Japan reach its goal of attracting 20 million visitors a year by 2020.

If approved, Japan's casino trajectory is likely to follow that of Singapore, where just two IRs have propelled the Southeast Asian nation onto the global gaming stage.

"While I don't ever see Japan becoming the next Macau or Las Vegas, it could likely become the next Singapore," Gallaway said. "Both countries are politically and economically stable, have diverse levels of international tourism, and are geographically on opposite sides of Asia."

Singapore also faced similar fears on gambling addiction, a concern that the government addressed by implementing an entry fee for locals to deter low-income individuals from gambling.

But unlike Singapore, VIP gamblers would only comprise a minority of revenues at a Japanese IR, according to Gallaway. He said Japanese IRs would likely be heavily weighted towards the mass market instead.

Only two IRS are expected at first, most likely in Tokyo and Osaka, but that would still be enough for Japan to quickly overtake Singapore as a gambling hub, according to Govertsen.

"We believe that two IRs in Japan would quickly surpass the revenue story in Singapore, which in turn would make Japan the second largest gaming market in the world behind Macau," he said.

—Follow CNBC International on Twitter and Facebook.
 

Pinkieslut

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IRs and casinos can be easily duplicated. There will be more IRs and more casinos in Asia, rendering RWS and MBS impotent

There is going to a major casino centre in Cheju Korea. This will be a huge magnet to pull the PRC tourists for shopping, tourism and gambling (Genting is building a huge complex there which is many times larger than RWS).

Cheju has way more natural beauty than Sinkieland plus the Koreans have many innovative and well marketed indigenous brands to sell to the PRCs (especially in cosmetics/beauty/plastic-surgery) than Sinkieland (BIG FAT ZERO!).

I suspect Genting will give up the lease of RWS and focus on their Cheju property once the time is up. Sentosa will once again sink back to its Malay roots (Palau Belakang Mati). I bet the government will be desperate enough to lower the criteria for local sinkies to gamble, meaning many families will MATI!
 
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ckmpd

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There is going to a major casino centre in Cheju Korea. This will be a huge magnet to pull the PRC tourists for shopping, tourism (lots of natural sights on the island) and gambling (Genting is building a huge complex there which is many times larger than RWS).

I suspect Genting will give up the lease of RWS and focus on their Cheju property once the time is up.

Yes, I hope gamblers are lured away from SG. Casinos and vices are some industries we shd not wish to have.

The online gambling ban exemption for SG Pools and Turf Club is another bad PAP decision. More Singaporeans will die and more SG families will suffer from this ban exemption. Does the pap stops at nothing just to make money?
 

Pinkieslut

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Yes, I hope gamblers are lured away from SG. Casinos and vices are some industries we shd not wish to have.

The online gambling ban exemption for SG Pools and Turf Club is another bad PAP decision. More Singaporeans will die and more SG families will suffer from this ban exemption. Does the pap stops at nothing just to make money?

Well the pysche in this cuntry is the peasants are just digits. Suffering? Who cares? These digits easily replaceable by the hordes of hungry young PRCs, Indians, Pinoys, and maybe even Angmos (given the rate of decline in western cuntries).

Well its all good. Time to refreshed the gene pool which has been damaged by the physically ugly mentally retarded coolies (applies to the Sinkie Indian and Chinese)!
 

ckmpd

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Well the pysche in this cuntry is the peasants are just digits. Suffering? Who cares? These digits easily replaceable by the hordes of hungry young PRCs, Indians, Pinoys, and maybe even Angmos (given the rate of decline in western cuntries).

Well its all good. Time to refreshed the gene pool which has been damaged by the physically ugly mentally retarded coolies (applies to the Sinkie Indian and Chinese)!

You hit the nail on the head! PAP doesnt care if ordinary Singaporeans suffer
 

Narong Wongwan

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There is going to a major casino centre in Cheju Korea. This will be a huge magnet to pull the PRC tourists for shopping, tourism and gambling (Genting is building a huge complex there which is many times larger than RWS).

Cheju has way more natural beauty than Sinkieland plus the Koreans have many innovative and well marketed indigenous brands to sell to the PRCs (especially in cosmetics/beauty/plastic-surgery) than Sinkieland (BIG FAT ZERO!).

I suspect Genting will give up the lease of RWS and focus on their Cheju property once the time is up. Sentosa will once again sink back to its Malay roots (Palau Belakang Mati). I bet the government will be desperate enough to lower the criteria for local sinkies to gamble, meaning many families will MATI!

SK already has many casinos since the first walker hill decades ago.....
But their locals are banned from the casinos unlike our greedy pap who charges $100.
 

Devil Within

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I will predict that more Japanese women will be going into porn industry to pay for their gambling debts.
 

Pinkieslut

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SK already has many casinos since the first walker hill decades ago.....
But their locals are banned from the casinos unlike our greedy pap who charges $100.

That Casino used to be targetting Japanese (during the 80s to 90s era when Japs were wealthy). Its getting pretty old and rusty by now.

The Cheju project's main target will be PRCs and rich ethnic Chinese from South East Asia. South Korea already has the largest Duty Free Business at the moment (due to PRCs and nearby Japanese). That is why even the Angmo company DFS (owned by LVMH and HQ in SG/HK) cannot tahan. They were pushed out of several airports including Changi by Shilla Group. The only market DFS is still doing fairly well is Okinawa in Japan. Singapore is practically dead. Just go to the DFS centre in Orchard Road which looks like a ghost town.
 
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