Osaka IR Corp., a joint venture of MGM Resorts International and Japan’s Orix Corp., has signed a loan agreement with a coalition of Japanese banks giving it JPY530 billion (US$3.4 billion) in funding for a planned integrated resort (IR) in Osaka.
The complex on Yumeshima Island in Osaka Bay will include the country’s first legal casino; three hotels totaling 2,500 rooms; 730,000 square feet of meeting and convention space; and other non-gaming attractions. The price tag at buildout will be approximately $8.18 billion; the IR is expected to open sometime in 2030.
Sources say MUFG Bank Ltd., Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corp. will invest in the project, possibly alongside companies associated with Hankyu Hanshin Holdings and as many as 22 minority investors. The arrangement is said to be Japan’s largest bank-led co-financing deal ever.
Last year at this time, Asia Gaming Brief reported that financiers were wary of the potential risks of building an IR on the manmade island in Osaka Bay, with soil contamination and liquefaction considered potential threats.
In December, prep work began to address these concerns, with concrete poured to prevent liquefaction and set a firm foundation for the complex. This phase is expected to continue throughout the World Expo in Osaka in 2025 and be completed by early 2027 at a cost of $173 million.
