Like every other country, Japan was also affected by the Covid-19 pandemic, which disrupted various industries, especially tourism. Integrated Resort Casinos are some of the ways the country chose to recover economically, to say the least. With the Japanese government now accepting bids for Integrated Resort Casinos, we should expect the ailing tourism industry to recover sooner.
Local companies and overseas investors now have a really tight schedule to meet as far as bidding for IRs is concerned. The Japanese government considers the completion of the first Integrated Resort as a means to an end in boosting local tourism.
The first Integrated Resort in Japan is set to open its doors sometime in 2025. Its initial investment is valued at about $14 billion, which will help boost tourism in Japan by a fair margin.
According to Joji Kokuryo, the Managing Director at Bay City Ventures, Japan will put much focus on the ambitious IR processes to ensure the tourism industry is boosted.
The IR process currently ongoing in various major cities across Japan began way back in 2016 when Prime Minister Shinzo Abe and his government allowed for the introduction of Casinos.
Aside from Tourism, the Integrated Resort Casinos in Japan are also meant for regional development to boost local economies.
Whetting The Appetite Of Overseas Investors
Everyone, even the initial investors suffered major blows to their cash liquidity and flow. Not least, the tight application period set earlier was sufficient for investors to understand and fully appreciate the local market’s needs. This could have led to various complications in the long haul.
Boosting ailing tourism is no walk in the park. The process needs all hands on deck, especially for the involved persons.
With the suspension and interruption of global air travel, officials, local companies, and overseas investors found it hard to efficiently communicate. This in turn affected the initial plans to set up Integrated Resort Casinos all over Japan.
The government has therefore revised the period for the IR process to ensure that overseas investments are also catered for on top of overseas online casinos, like VeraJohn, that are already operating from outside of Japan). Bids for Integrated Resorts casinos are now accepted in Japan to help various industries recover, especially tourism.
Final thoughts
In summary, the tourism industry in Japan has suffered great losses since the beginning of the Covid-19 pandemic. With the Integrated Resorts project with the aim to provide land based casinos taking place across the country, the Japanese people can only hope that the tourism industry will pick up and even do better than ever before.
