Taiwan thinks it has found the answer to its economic woes according to numerous reports—gambling.

On Monday, the Taiwanese parliament voted to allow casinos on outlying islands and according to an AFP report it passed by a count of 71-26. Casinos would only be built if residents gave approval through a referendum.

According to the bbcnews.co.uk, "The decision will open the way for casinos to be built on the outlying archipelago of Penghu."

The bill, which still needs a "John Hancock" from president Ma Ying-jeou before it becomes official, is expected to breathe life into the struggling economy.

"If the casinos are built there, Penghu would attract half a million tourist visits each year, generating 100 billion Taiwan dollars (3.0 billion U.S.) worth of revenues in gambling and tourism, according to an evaluation study prepared by Taiwan's top economic planning body Council for Economic Planning and Development," reported the AFP.

It is thought that up to 50,000 jobs would be created for local residents.

While there could be an economic windfall from the proposed bill, there could be some negative aspects as well.

The BBC says that opponents, including numerous religious groups, were picketing outside parliament and worry that casinos and gambling would lead to moral decline and social problems.