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TOKYO, April 14 (Reuters) - (This April 13 story has been corrected to fix initial investment amount to 1.08 trillion yen (.1 billion) from 1.8 trillion yen (.5 billion) in the headline and paragraph 1)Japan on Friday approved a plan to build the country's first casino in the western city of Osaka, paving the way for a 1.08 trillion yen (.1 billion) resort set to open in 2029, aimed at attracting domestic and international tourist spending. T) have spearheaded the Osaka IR project, with each owning a 40% stake in the company set up to manage the complex. The giant resort complex located on Yumeshima, a reclaimed island in Osaka Bay due to hold the World Expo in 2025, will also include hotels, a conference centre, shopping mall, museum and ferry terminal, while high-rollers will have access to an adjacent helicopter pad. Another 20 companies hold the remaining 20%, according to a local government document, which said MUFG Bank (8306. T) would provide 550 billion yen of project financing for the resort.

Japan approves plan to open its first casino - BBC News

Casinos were previously illegal in Japan along with other private gambling, but a 2018 integrated resort (IR) law provided exception to casino games such as poker or baccarat at officially approved establishments as part of an effort to attract tourists. Prime Minister Fumio Kishida on Friday said the project would contribute to the economic growth of the Kansai area around Osaka and greater Japan after World Expo 2025, as the country aims for a post-pandemic rebound in tourist spending. Japan is seen as a prized market for casino operators because of its affluent population of 126 million and proximity to Asia's wealthy gamblers, although opinion polls have shown many citizens worry about addiction and crime. The resort is targeting 520 billion yen of revenue annually, mostly from the gaming business, and forecasts it will attract 6 million international tourists and 14 million domestic visitors, the project document showed.

MGM Resorts, Orix and Osaka's city and prefecture governments said they welcomed the approval and would work together to develop the project. The national government's decision came after the pro-casino Japan Innovation Party retained the prefectural governor and city mayor offices in Osaka on Sunday.

A Mainichi newspaper poll of Osaka residents this month found 45% of respondents in favour of the casino, 38% against and 17% undecided, although women and the elderly were more likely to be opposed. Japan's casino plans were hampered in the past by the coronavirus pandemic and a bribery scandal that led to the arrest of a high-profile lawmaker. N), Caesars Entertainment Corp and Wynn Resorts Ltd (WYNN. Only Osaka and the southwestern prefecture of Nagasaki submitted bids by an April 2022 deadline.

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The government on Friday said it would need more time to review the Nagasaki plan, led by Casinos Austria International. The issue of casino gambling first appeared on a ballot for New Jersey voters on November 5, 1974.

This initial referendum was defeated in 19 of New Jersey's 21 counties, with about 60% of votes cast against it. A revised referendum, limiting gambling exclusively to the city limits of Atlantic City, was placed on the ballot November 2, 1976.   The second referendum was approved by a slim margin, with approximately 1.5 million voters in favor of it and 1.14 million opposed.  

Atlantic City's first casino, Resorts International, opened on May 26, 1978.

In 2012, the casino industry in New Jersey employed more than 34,145 people, not including those workers who work in leased stores and restaurants within the casinos. Casinos purchased over

In 2012, the casino industry in New Jersey employed more than 34,145 people, not including those workers who work in leased stores and restaurants within the casinos. Casinos purchased over $1 billion in goods and services from 1,808 New Jersey businesses.

billion in goods and services from 1,808 New Jersey businesses.

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Casino finances are usually reported in terms of gross revenue which is the amount casinos win from gamblers after all payouts have been made. The state's 8 percent tax on casino gross revenues is devoted to the Casino Revenue Fund which funds programs that provide resources and services to disabled and senior citizens. Casinos are also required to invest 1.25 percent of their gaming revenues into projects screened and approved by the Casino Reinvestment Development Authority (CRDA). With a mandate to revitalize urban centers throughout the state, CRDA has funded a wide array of infrastructure, housing, economic, cultural and social development projects.

The CRDA has invested more than $1.8 billion in these projects to date. Study of the "social dislocation and personal hardship connected with the revitalization" of Atlantic City following the legalization of casino gambling.