MGM Resorts International once hoped to open a proposed integrated resort (IR) in Osaka, Japan by 2025. The Covid-19 pandemic took care of those plans, and now the global gaming company and its local partner, Orix Corp. look forward to a grand opening sometime in the fall or winter of 2029.
According to Asia Gaming Brief, the partners will be licensed to operate for 35 years. The resort, to be developed on Yumeshima Island, is expected to attract 20 million visitors a year, with 6 million of those from abroad. The projected annual economic impact will be about Y1.14 trillion (US$9.98 billion), a report from the partners said.
MGM and Orix will each own 40 percent of the IR, with the remaining 20 percent going to Osaka companies such as railway operators Kinetsu Group and Hankyu-Hanshin. Orix previously announced it would invest $1.8 billion into the proposed $9.5 billion casino. The consortium was also approved for financing of up to $4.8 billion.
Osaka is one of three Japanese cities that will apply to host an IR. Nagasaki is working on an IR bid with Casinos Austria, and plan to develop their IR at the Huis Ten Bosch theme park in the city of Sasebo. Operating partner Casinos Austria has until the end of January to present the financing plan for the $3.09 billion proposal.
Wakayama has partnered on its IR project with Clairvest Neem Ventures.
