Japan is now to establish its Casino Administration Committee next year as the country which is emphasising that its land-based industry is to have the most stringent regulations in the world, reports Inside Asian Gaming.
After a number of concerns which has caused a delay to the original date of establishment which was set for July 1, 2019, the regulatory body is now to commence operations on January 7, 2020.
The company is now to have an oversight of casino licensing and operations, and is also set to be comprised of one committee chair and four members, who will serve terms of five years.
The group will have the responsibility for a plethora of administrative procedures, this includes revoking licenses when violations of the law have incurred.
Afforded full review and regulatory powers to upload the strict standards, the Casino Administration Committee is also utilising leading global casino jurisdictions. An example is Nevada as a reference point for how background investigations will be conducted, which included background checks for key personnel.
This has come as the city of Yokohama officially launches its RFC process, with the region moving to secure one of three highly sought after licences which are to be awarded to host one of Japan’s first integrated resorts.
The proposals for those who are seeking to develop an IR located at the city’s Yamashita Wharf area are now being accepted, while overseas operators and Japanese developers are able to submit until late December.
It has been said that Yokohama is to use proposals and hearings as reference materials to draft an implementation policy by 2020, while it has also been hoped that a chosen operator will be appointed by 2021 and the IR in question opening by the late 2020s.
Should the Japanese City of Yokohama triumph in the race to secure one of three integrated resort approvals up for grabs, it has been reported that it will also come at a big cost for operators.
A request for information conducted by Yokohama City revealed that capital investment could reach JPY 1.3tn (US$11.9bn).
