Ichiro Matsui, mayor of Osaka, says the annual land lease for an integrated resort (IR) in the Japanese prefecture would probably come in at around JPY2.52 billion (US$18.3 million) per year. Matsui based the estimate on appraisals from four real estate companies, according to GGRAsia.
Osaka’s partners in the venture are U.S.-based gaming resorts MGM Resorts International and Japanese financial services firm Orix Corp. In April, they submitted a proposal for an $8 billion project to be developed on Yumeshima Island in Osaka Bay.
Nagasaki also bid on an IR with its partner, Casinos Austria International. Its $3.8 billion property, if approved, would be located at the Huis ten Bosch amusement park in Sasebo City. Results of the bidding were expected by the end of 2022, but have been delayed to early 2023.
Matsui said Osaka IR promoters would pay about JPY210.6 million (US$1.6 million) per month to lease the land on Yumeshima, a manmade island.
Osaka Governor Hirofumi Yoshimura has said that “at this moment” the proposed IR plan would still be able to open “between autumn and winter of financial year 2029,” and the planned opening has “not been affected by the prolonged examination” by the central government.
