Japan lawmakers finally passed a law to allow legal gambling, with global casino operators keen to enter a new market which could be worth up to US$30 billion.
Japan’s parliament approved the operation of integrated casino resorts, with gaming alongside hotels and entertainment.
Up to US$10 billion profit could be made from just three casinos, according to a report by the Daiwa Research Institute.
Investment bank CLSA recently said the market could be worth about US$30bn a year.
Las Vegas Sands, Wynn Resorts and MGM Resorts had all lobbied lawmakers and discussed potential partnerships with local firms in the months leading up to the passing of the law, but no gaming facility is likely to open until 2022 at the earliest.
"The reason why everyone’s spending the time on this is that the potential is absolutely enormous," said James Murren, chairman of MGM Resorts International. Japan.
"It would dwarf the Singapore market in size and could be extraordinarily lucrative for all the investors, real estate and operators alike."
Analysts believe it has the potential to become the second largest gaming market in the world behind Macau.
"Quite simply it represents the next and perhaps only other large opportunity to develop large-scale integrated resorts in Asia for a lot of these companies," said Grant Govertsen, analyst at investment firm Union Gaming.
However public opposition to legal casinos still remains strong.
A recent consumer survey by TV station NHK showed just 12% were in favour.
