Japan Works on Basic Policy for Integrated Resort Complex

Japan is ready for the innovative integrated resort project. Lawmakers are working hard to define basic policy while taking into consideration all citizensˈ concerns. Only recently, the Council on Economic Fiscal Policy published a number of new guidelines for improving tourism in the whole country. As part of constant reforms, the Economic and Fiscal Management Fundamental Policy should also contribute to IR progress.

Policy Provisions

The policy prescribes:

“To achieve the goal of reaching 40 million annual visitors to Japan by 2020, 60 million by 2030 and realize Japan as a tourist destination, there will be a strategic easing of visa regulations, an expansion of duty-free outlets, speeding up entry to and exit from the country through the introduction of facial recognition systems and CIQ systems, enhancement of airport functions, promotion of commissioning direct flights to regional airports, and expansion of mutual exchange programs.”

Regarding IR operation, Basic Policy continues:

“There will be work on fundamental policies based on the Act on Promotion of Development of Specified Complex Tourist Facilities Areas to promote IR facilities that will be globally competitive and attractive for long-stay tourism.”

“A casino management committee will be established and world-class casino regulations implemented to mitigate and take measures against the concerns raised by casino development. There will also be the implementation of thorough and comprehensive measures against gambling and other addictions.”

Expectations

Basic policy should be implemented very soon, but the exact date is still unknown. Japan is working hard to place the IR industry on the top of priorities. It seems that Basic Policy will soon become a part of local provisions before regulators start to elect IR applications for future licenses. As a reminder, Melco Entertainment seems to have good chances for IR acquisition after the recent deal with Crown Resorts.

The Japanese Integrated Resort will probably be ready until 2024. IR complex will probably take position around Osaka Prefecture as one of the favourite areas. The opening will take place in 2024 which is perfectly timed with the World Expo event in 2025. If Osaka comes as first IR choice, the whole project will have to wait due to elections, regulations reforms and similar.

Source:

“Japanˈs new “Basic Policy“ addresses the future of integrated resorts“, Erik Gibbs, calvinayre.com, June 14, 2019.