Japan legalized casino gambling and paved ways for opening of three casino resorts. It has also provided opportunity to companies such as Las Vegas Sands Corps and MGM Resorts International their first chance to open in the country.
Global casino operators have confirmed that they will be spending as much as $10 billion on each location under the legislation.
Prime Minister Shinzo Abe had introduced the bill as a measure for boosting the tourism industry of Japan.
The casino industry is eyeing a Japanese gaming market worth around $25 billion.
The casino industry of United States generates $70 billion annually and Japan is also eyeing to set its foot in the online gaming industry.
"Japan has taken a giant step for strengthening its economy, boosting tourism and attracting international tourism. It aims to implement some stringent gaming regulation which will protect consumers and eliminate criminal activity," the American Gaming Association said in a statement.
"Japanese communities will soon realize that many integrated resorts-related benefits will enhance dozens of major destinations around the globe."
"The gaming industry is keen for helping Japan in achieving its economic goals and excited to partner with the governments and people of Japan to build a world class gaming market.”
As per a report from Wall Street Journal, Japan hopes to grow its tourism industry to 60 million foreign visitors annually by the year 2030.
Casinos will require to pay 30 percent of their gambling revenues to the government.
In an effort to make sure the casinos are entertainment complexes and not simply gambling dens, the government will also impose a limitation on gaming floors, which could be set at no more than three percent of the square footage of the entire resort."