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When asked which operator will be willing to take the risk and ultimately win Japan’s next “licence lottery”, Klebanow contends that it depends on how restrictive – or attainable – the regulations and requirements imposed by the government will be.

“If policymakers once again impose onerous policies that limit a property’s profit potential, then most developers will not take the risk of investing upwards of $10 billion in an IR development,” says Klebanow.

One exception, he notes, could be the Seminole Tribe of Florida and their proposed Hard Rock Resort Casino in Tomakomai, Hokkaido.

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“More women should be shortlisted for positions,” she suggests. “There shouldn’t be a case of going, ‘Oh, let me tick a box here’ or ‘This person is an anomaly to the rule.’

“I think it’s about businesses evolving to understand that having more women inside their businesses will aid and abet the success of their businesses, not hold it back.”

Yaxley adds: “The most meaningful measure of progress is not simply who joins an organisation, but whether opportunities, development and leadership pathways are accessible to everyone.”

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There is a second complication. The relentless flow of Commission statements may eventually make enforcement less damaging rather than more.

“The regulatory failures are unhelpful but perhaps the sheer number and regularity of them has made them less remarkable, such that they become ‘wallpaper’,” Waugh says.

He argues that some lawyers and licensees believe the Commission’s presentation of cases is detached from the operational reality but feel they have little option other than to accept the “regulator’s truth” when settling.