Japan Casino Regulatory Commission sees 2.2% year-on-year increase in allocated annual budget

The approved annual budget of the Japan Casino Regulatory Commission for the fiscal year 2024 has grown by 2.2% annually.

From JPY3.62 billion in the previous fiscal year to JPY3.70 billion (US$26.0 million), the budget has been raised. Due to current currency rates, the budget is much lower in US dollars, but it still shows the commission’s ongoing efforts as it moves closer to the implementation stage of licenses and rules pertaining to casinos.

The commission oversees the development of MGM Osaka, the nation’s first casino resort, which is a joint venture between MGM Resorts International, Orix Corp. of Japan, and a few other smaller investors. The Osaka resort is expected to need an initial investment of JPY1.08 trillion and open no earlier than autumn 2030.

The integrated resort (IR) including a casino proposed by Nagasaki has not yet received approval from the national government.

The Japan Casino Regulatory Commission has allocated JPY2.85 billion for staffing and operating expenses in its 2024 budget. Additionally, JPY360 million will be used to provide oversight for casino operators and other pertinent stakeholders, and JPY220 million will be used for inspections to determine if casino operators are eligible for licenses.

Funding for the commission’s personnel, which is anticipated to increase to 167 employees—three more than the previous year—is also included in the budget. Additionally, the commission will provide JPY540 million to digitization projects for businesses, government, and society; this amount was announced by Japan’s Digital Agency but is not included in the budget.

Original story by: GGRAsia