Japan Inc to chase casino stakes as key law passes -industry insiders [Reuters]
Sumitomo Mitsui Financial Group Inc Unsponsored American Depositary Shares (Japan) (SMFG)
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Source: Reuters
Japan Inc to chase casino stakes as key law passes: industry insiders | Reuters 4 Min Read TOKYO (Reuters) - Japanese firms are likely to pursue stakes in the country’s first casino resorts, after parliament on Friday enacted a law smoothing the way for large-scale gambling - a business expected to generate billions of dollars in revenue. Japan legalized casinos in 2016 but a further law was needed to lay out specific regulations before these resorts - complexes hosting casinos, retail and conference space - could be set up. The new law, which allows three licenses to be given out initially, calls for a 30 percent tax on gambling revenue and caps casino space at 3 percent of total resort size, provides the clarity that was missing. It will embolden local companies that have been wary of a sector that the Japanese public associates with addiction and crime, setting the stage for a race for stakes, casino executives and lobbyists told Reuters. The prize for Japan Inc is clear: these res
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