Japan’s Integrated Resorts / Casinos Client Alert Vol.1: Japan’s parliament approves the Integrated Resorts Promotion Act
On December 15, 2016, after many years of planning and discussions, the Act on the Promotion of the Development of Integrated Resort Areas (Tokutei Fukugo Kanko Shisetsukuiki no Seibi no Suishin ni Kansuru Houritsu) (the “IR Promotion Act“) was finally approved with some last minute modifications by Japan’s parliament.
The IR Promotion Act for the first time formally lifts the ban on casinos and contemplates allowing the private sector to develop and operate casinos as an integral part of larger integrated resorts. The modified IR Promotion Act includes measures against gambling addiction and a provision requiring a review of the legislation within five years of coming into effect. The IR Promotion Act will promote the development of new types of leisure and business resorts in Japan which will certainly have an impact on a variety of legal issues involving, gaming (including licensing thereof) real estate, corporate, tax, regulatory, banking and other issues.
This Client Alert Vol.1 is the first of a series of Client Alerts to follow which will address various legal issues we consider most relevant under the IR Promotion Act just enacted and the IR Implementation Act to be enacted.
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