Japanese inflation hits four-decade high
RTDec 24, 2022
The Facts
A group that includes US-based MGM Resorts and Japan's Orix Corp. won approval from Japanese officials on Friday to build the country's first-ever casino, a 5.3 million-square-foot resort in the city of Osaka that's estimated to cost ¥1.08T ($8.2B) by 2029.
The resort — in which MGM and Orix will each have a 40% stake, with the other 20% divided among local companies — will include a hotel, conference center, shopping mall, and museum.
The Spin
Narrative A
Japan should invest in business and job growth, but not to enrich casino corporations at the expense of its traditional culture and values. Companies always overestimate the financial gains resorts will bring to the economy, so those projections should be taken with a grain of salt. Besides, any potential economic growth won't outweigh the costs of organized crime and gambling addiction that the majority of Japanese citizens have expressed concerns over time and time again.
Narrative B
Osaka was one of only two prefectures to submit a bid for this resort, which means the city desperately wants to add the newly-legalized casino business to its economy. Its residents — who approve of the casino far more than they disapprove — have every right to welcome new economic opportunities to their city. Japan has been looking to boost its tourism economy for some time, and now that they have investors, that goal shouldn't be hindered just because other parts of the country oppose it.
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