Asia Embraces the Casino Economy

After the earthquake, tsunami, and nuclear meltdown in northeastern Japan, what could possibly lure tourists to Fukushima? Masayoshi Oiwane has an answer: gambling. President of the Tokyo-based Japan Casino School, which trains students to be croupiers, Oiwane hopes Japan’s Parliament will soon allow casino gambling in the hard-hit northeast region, not to mention the rest of Japan. Currently, Japanese gamblers who want to try their luck in casinos usually have to hop on the plane for Macau, Singapore, or other Asian destinations (the graduates of Oiwane’s school work in casinos overseas, and on cruise ships). “Now is the moment when casinos are most likely to be legalized,” says Oiwane. “Casinos would lead to a burst of rebuilding.”

Asia is upping its bets on casinos, with the gaming industry hoping to expand in Japan, South Korea, the Philippines, and Taiwan. The recent enthusiasm stems from the impressive financial success of Macau and Singapore, where recently built, high-end gaming halls are flourishing. Asia’s newly affluent have also transformed the area’s leisure industry by flocking to deluxe destinations embodied best by the Vegas-style gambling palaces in Macau and Singapore. Regional governments also need revenue—and the taxes levied on legalized gambling can be fat indeed. Asia, of course, is already a gambler’s paradise, whether it’s the pachinko halls of the Ginza or the horse tracks of Hong Kong. In the world of gambling, Asians are ready for the next step.