Macau-linked stocks boosted after Japanese casino bill clears first legislative stage
Niraku GC Holdings, a Japanese operator of pinball-like pachinko parlours, soars 139pc while peer Dynam Japan Holdings Co gains 44pc
Japanese gaming shares skyrocketed in Hong Kong after the country’s ruling Liberal Democratic Party took a step further to push ahead with the legalisation of casino gambling in Asia’s second largest economy.
Niraku GC Holdings, a Japanese operator of pinball-like pachinko parlours, shot up as much as 139 per cent to HK$1.67 in morning trading in Hong Kong, while its peer Dynam Japan Holdings Co also soared as much as 44 per cent to HK$14.70 on the city’s bourse.
The sharp rally came as the legislation to legalise casino gambling in Japan passed a lower house committee in parliament last Friday following just six-plus hours of debate, amid the backing of Prime Minister Shinzo Abe’s government that is expected to fuel a tourism boom in casino resorts.
The casino bill was pushed forward by the governing Liberal Democratic Party which attempted to get it passed in a plenary session of the lower house of the parliament as early as Tuesday, according to reports by the Kyodo news agency.
Members of the opposition Democratic Party walked out the committee vote in protest, while those of the Liberal Democratic Party’s coalition partner Komeito Party gave a green light to the bill for consideration by the full membership of the lower house, which could not reach a consensus on concerns over worsening gambling addiction, the news outlet said,
