Japan’s plan to develop areas within the country as Integrated Resorts (IR) continues. The government is implementing policies relating to the operations. Japanese Prime Minister Shinzo Abe’s cabinet also recently has approval of a few regulations on the proposed IRs. The IRs will be bringing in millions in revenue, will aid job development, among others. Not only that, but these casino developments across Asia will help address the demand for casinos, sports betting, and entertainment centers.
In line with the plans by the government, there will be three regions that will earn the right to build an IR. Currently, prefectures are vying for this. Each prefecture, will parter with gaming companies to bring the casino development into a reality.
IR Development Updates
The cabinet has signed their approval on several gaming proposals this week. After the initial approvals, the numbers will be cut down to three. The first IR resort could open by 2024 or 2025. The selection of the locations has not been started yet. So is the process to select gaming partners.
Prime Minister Abe has said that the government wants to see IR’s that are high scale, and high quality. This is why in the conditions or the requirements for the IR, there are certain terms to be met. For instance, the hotel has to be a minimum of 100,000 square meters. The IRs must also offer exhibition and convention space. As for other features, there will be shopping and entertainment complexes as well. Casinos will technically not take up more than 3% of the total area, so the potential for amenities are pretty much unlimited. Each prefecture that wants to have an IR has been planning for this, and want to offer amenities that highlight their regions, such as ski resorts, for instance.
The market has such potential, that there are several US casino operators who want to enter partnerships with the potential IRs. Of course, big companies like Melco are also in the running.
