Japan lawmakers take up casino bill

May 29, 2018 8:45 AM ET

The House of Representatives in Japan passed a bill on gambling addiction countermeasures seen as an important first step before the IR Implementation Bill is teed up to allow casinos in Japan.

The ruling Liberal Democratic Party has marked the IR bill as a priority on the current legislative agenda.

MGM Resorts (NYSE:MGM) CEO James Murren says action is going to start building up on Japan gaming with the Diet facing a June 20 deadline. He also reminds that the Japanese market will be "vastly largely" than Singapore, even with just three licenses awarded. Murren says casinos would be "economically feasible" in Japan even if they are limited to 3% of a resorts' total floor space and taxed at a 30% rate. Nikkei reports that Murren travels to Japan every two months and has visited 23 of the nation's 47 prefectures.

Development of integrated resorts in Japan is seen as a potential boon to overall tourism.

Related stocks: OTCPK:SGAMYOTCPK:SGAMFOTCPK:GIGNYOTCPK:GIGNFOTCPK:GXYEF,  MLCOOTCPK:SJMHYOTCPK:SJMHFLVSWYNN.

Casino ETF: BJK.

Japan ETFs: DXJEWJDBJPJPNLEZJJEQEWVHEWJJPXNFJPJPNHFXJDEWJ,  GSJYJPNH.

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