The city of Osaka has signed two deals designed to launch Japan’s first casino by the fall of 2030. [Image: Shutterstock.com]
Work, finally
For MGM Resorts International and Orix, there may finally be some action after endless delays, rising construction costs, and bureaucracy in the consortium’s attempt to bring an integrated resort (IR) to Japan for the first time.
Thursday, Japan Times It was reported that the Osaka Prefectural Government (OPG) signed a good deal with the consortium. The MGM group, called Osaka IR, will see its casino doors open in Japan by the fall of 2030.
Osaka IR has the right to withdraw from the project by the end of September 2026
If certain conditions, such as the initial investment amount exceeding 1.27 trillion yen ($8.5 billion), come into play, Osaka IR has the right to withdraw from the project by the end of September 2026.
The boxes are checked
MGM also secured OPG’s signature on a fixed-term lease for a planned IR construction site on Yumeshima, an artificial island in Osaka Bay.
According to the GTgovernment officials He envisioned the Osaka resort would boost the regional economy Following the 2025 World Expo scheduled to be held in the province.
Take a big hit
While OPG had originally scheduled the Osaka IR project to open around the fall or winter of 2029, it was forced to announce the postponement earlier this month due to rising material costs.
MGM agreed to take the hit and pony up to $8.5 billion
To get the investor relations project moving again, MGM agreed to take the hit and pony of up to $8.5 billion. At $1.3 billion above the previous estimated cost of 1.08 trillion yen ($7.2 billion), it’s a significant increase.
Now all that remains is for Osaka IR to apply for a license from the central government in Japan. Get that done and CEO Bill Hornbuckle and his company’s Japanese partners will be on their way to opening the country’s first IR.
