Banking on casino, expo
No casino sites have yet been selected by the Japanese government, which approved legal casino gaming last December. But that hasn’t stopped Osaka city officials from planning an integrated resort it hopes will be located on the man-made island of Yumeshima in Osaka Bay.
The Diet has yet to complete the two-part gaming legislation; the first bill approved the concept of casino gaming. The second will lay out a regulatory framework, taxation structure and other details.
According to the Japan Times, the Osaka government is looking to opening a casino by 2024, in time for the World Exposition in 2025. Along with Paris, Osaka has been named a leading contender to host the expo.
In a development plan announced February 7, a 70-hectare (173-acre) parcel on the island would be turned into an integrated resort facility with a casino, hotels, shopping arcades, galleries and convention center. An additional 60 hectares would be set aside for the expo. Total construction costs are expected to reach about 824 billion yuan (US$120 billion).
A chief barrier to the development is the estimated 70 billion yuan needed to extend the city subway from Osaka to the island. Osaka Mayor Hirofumi Yoshimura has said “some of the cost burden for the subway” would be placed “on those on the island who will be making a profit.”
The expo host will be chosen in November 2018.
