While many believe Las Vegas to be king when it comes to casino gambling profit, it is Asia that takes the lead for outstanding gaming revenue.
For example, in 2016, the Las Vegas Strip, the most famous avenue full of casinos in the world, reported a gaming revenue of $5.95 billion. While that figure is immense, when you compare it with figures from Asia for the same year ($27.9 billion), you begin to get a sense of the enormity of the Asian gaming market!
Japan Is Still Not A Part of This Thriving Industry
With such staggering revenue figures, you could be forgiven for thinking Japan’s gaming industry plays a huge part in such a success. However, you would be very wrong. Japan has only just legalized online casino gambling, and it is still in its very early stages.
Although Japan does not currently have any form of casino gambling, what it does have is pachinko. This game, which is similar to pinball, is hugely popular in the country and people are allowed to bet on it. To get a greater sense of the popularity of such a game, in 2013, the figures for pachinko were estimated near the $2.8 million mark!
Considering Las Vegas has a mere 170,000 slot machines on its Strip, it tells industry experts a lot about the possibilities of implementing a successful casino gambling bill in Japan.
Major Gaming Companies Line Up to Supply the Japanese Market
With such potential already in Japan, some of the biggest names in the gambling industry have expressed a desire to play a part in Japan’s casino gambling venture once it is all finalized.
Currently in the running are Melco, MGM Resorts, and the Las Vegas Sands Corp., to name just a few. With a potential for this market to offer $40 billion in revenue, many have been surprised at the speed of the companies to express their intentions considering there is still much work to be done before the sector even opens in Japan.
Excitement Is Fueling in The Gaming Industry and Beyond
Japanese politicians have already begun to make moves toward the implementation of casino gambling in the country. They have traveled to Singapore to study how Singaporeans manage to operate successfully in the sector and, above all, make such immense profits.
It has been suggested these trips have offered a clue as to what the Japanese are looking to implement in their country. There is a tendency to focus on the larger integrated resorts. This would mean a selection of nongaming amenities being favored, as well as meeting and convention spaces, hotels, shopping areas, and other entertainment sources.
Experts Still Need the Finer Details of Japan’s Venture
Although this new venture is hugely exciting to all those with interest in the gambling sector, there is still much that needs to be discussed, and many rules to be established before investors can look at the smaller print of entering Japan’s new casino gambling industry.
So far, very little is known about the technical stuff, including exactly how many licenses will be needed and where the casinos will be. There is also the question of game rules, the tax rate on all gaming revenues and the question of whether local players will have to pay any fees upon entering the establishments.
This current uncertainty makes it hard for investors to identify an estimate of potential revenue for the area. However, with predictions the necessary legislation could take many more years to finalize, it looks unlikely Japan will be opening its casino gambling doors until sometime in 2024, at least.