Miyagi Prefecture considering whether to enter Japanese casino license race

In Japan and the government for Miyagi Prefecture is reportedly contemplating whether it should enter the already crowded race in hopes of securing one of the nation’s coming trio of integrated casino resort licenses.

According to a report from Inside Asian Gaming citing an earlier story from the local Kahoku Shimpo newspaper, the northern Honshu jurisdiction has already conducted an official survey that is said to have looked at the possibility of bringing such a gambling-friendly venue to an area on the outskirts of the local capital city of Sendei.

Long-term plan:

This enquiry was conducted by 77 Research and Consulting Company Limited and had determined that it would cost approximately ¥330 billion ($2.73 billion) to realize Miyagi Prefecture’s intended integrated casino resort plan, which calls for the Las Vegas-style development to sit adjacent to Sendei Airport. Although this evaluation purportedly established that such a venue could be opened by 2025, it moreover concluded that it may take the jurisdiction up to 46 years to recover the entirety of its initial investment.

Economic advantages:

Miyagi Prefecture reportedly serves as the economic heart of Japan’s Tohoku region, which occupies the northern third of Honshu, and local officials are said to be interested in continuing to explore whether the premier of a casino could help the area as it attempts to further recover from the devastating earthquake and subsequent tsunami that struck in 2011. The official survey purportedly also determined that the premiere of such a facility could attract between 2.85 million and 5.39 million visitors over the course of its first five years and generate an overall economic windfall worth around ¥510 billion ($4.22 billion) as well as annual benefits of about ¥150 billion ($1.24 billion).

Delayed determination:

The Governor for Miyagi Prefecture, Yoshihiro Murai, is now likely to wait until the Japanese government publishes the full text of its ‘Basic Policy’ criteria before deciding whether to officially join the race to secure one of the lucrative casino licenses. It furthermore detailed that this release is now expected to occur over the course of the next few months although up to eight communities including the giant cities of Osaka, Yokohama and Nagasaki have already expressed an interest in taking part in this contest.