Shares of Genting Singapore extended a more than month long rally as Japan took another step toward legalizing casinos.
The stock was up 2.55 percent at 1.005 Singapore dollars ($0.71) at 9:48 a.m. HK/SIN, totting up a nearly 35 percent gain since the beginning of November as Japan's legislative push gained steam.
The lower house of Japan's parliament voted Tuesday in favor of legislation to promote casinos, sending it to the upper house, which will begin deliberations on the bill on Wednesday, where it was expected to quickly pass. It's the culmination of years of efforts, with Prime Minister Shinzo Abe advocating for the measure since taking office in 2012.
That's despite newspaper polls finding a majority of Japanese oppose legalizing casinos.
Genting Singapore, or GENS, which operates one of Singapore's two integrated casino-resorts, has long been touted as a likely beneficiary, standing ready to enter the Japanese market.
Countries across Asia have eyed Singapore's integrated casino-resort model as a template for allowing casino gaming as it can help to attract a larger variety of tourists than merely gamblers.
Kotaro Tamura, a Milken Institute Asia Fellow and a former senator and parliamentary secretary in charge of economic and fiscal policy in Japan's Cabinet Office, told CNBC on Wednesday that the aim of an integrated resort wasn't to make money from the casinos.
He said the bill would likely increase the number of visitors to Japan as well as bring in more, higher-spending tourists.
"We try to improve the quality of the tourists, quality of the travelers to Japan. Not only numbers," he told CNBC's "The Rundown," on Wednesday. "Japan now has finally found that as a tourist destination we have everything: culture, nature, food, climate, security, hygiene and infrastructure."
Because tourism is a key growth strategy for the country, the economic benefits from the integrated-resorts bill will be sizable, he added.
Nomura noted that GENS was likely to step up if Japan opens up to casinos.