The gambling industry is in great spirits after hearing that Japan is very likely to legalize casino gambling and make the pastime available to its masses.  Bloomberg News recently reported that the ruling party of Japan has been in talks with casino pioneers Las Vegas Sands and Harrah's Entertainment on how Japan should go about introducing casinos possibly by the year 2010.

So far the talks reveal that Japan is considering issuing two or three casino operating licenses (one guess as to who the first two casino licenses will go to), with overall costs of the casino resorts themselves to be slightly under the $3 billion, which was about the amount that Sands Las Vegas invested in their recently built Singapore Sands Casino Resort.

Toru Mihara, who is the Chief Adviser to the Japan's Liberal Democratic Party's casino study group, said his party is very interested in bringing casinos to Japan, and that it will not be tough to make Japan one of the most lucrative casino gambling destinations in the world.  Considering the size of Japan's population, not to mention their thriving economy, the prospects of a profitable gambling industry with selective casinos looks very bright.

Mihara commented on Japan's current state of gambling affairs, citing that officials have taken note of the fact that Japan's horse racing, pachinko and lottery industry has been suffering as of late.  With a lifting of the ban on casinos and gambling resorts, taxes and fees from betting revenue and casino licenses is sure to exceed all past revenue totals - possibly even giving a boost to the other industries.