The company has partnered with the Japanese government to build a $9 billion casino in Osaka. The project will create jobs and help revitalize the country’s economy.
The pachinko is a form of gambling that originated in Japan. MGM Resorts has announced plans to build a $9 billion casino in Japan.
After pandemic-related delays, MGM Resorts MGM 4.80 percent International officially proposed constructing a $9 billion casino complex in Osaka, reviving its quest to establish Japan’s first casino gaming facility.
Since Japan legalized casinos in 2018, international casino operators have been searching for chances, but the process has been lengthy and several firms have withdrawn their bids.
Osaka, the heart of Japan’s second most populated region after Tokyo, has been a driving force behind casino proposals. Yumeshima, or “dream island,” is a man-made area in Osaka Bay that the city has proposed for a casino-centered resort.
Gov. Hirofumi Yoshimura of Osaka said Wednesday that the city has received a proposal from MGM and Orix Corp., a Japanese financial services company, to spend 1 trillion yen ($9 billion) on a casino resort. They are the sole group in Osaka working on this project.
Mr. Yoshimura praised the consortium’s proposal, even though the Osaka government hasn’t formally approved it. Mr. Yoshimura stated, “I would want to welcome the world’s finest integrated resort to Yumeshima, where many people from Japan and across the globe may come and enjoy Osaka once the epidemic is gone.”
If all goes according to plan, Osaka intends to apply to the national government by April 2022 to be chosen as one of three casino sites throughout the country. If Osaka is chosen, the city would give over the property to the operators in 2023, and the resort will open in the second part of the 2020s, according to Mr. Yoshimura.
Orix said that it and MGM own equal interests in the consortium, although it did not specify how much of each they own. Mr. Yoshimura said that he expects local businesses to participate in the initiative.
MGM Chief Executive Bill Hornbuckle said the firm talked with Osaka officials to scale down certain aspects of the resort, such as meeting and convention space, during a Bernstein investors’ conference in June. The adjustments, he added, will “center us more on our core business of gaming” and increase project returns.
According to polls, the majority of Japanese people reject casino gambling. The facilities are referred to as integrated resorts by proponents of the concept, who claim that casinos are just a minor component of them.
After delays in the licensing procedure, several businesses have abandoned their plans to open a casino in Japan. In May 2020, Las Vegas Sands Corp., previously headed by the late Sheldon Adelson, said that it had withdrawn its application for Yokohama, south of Tokyo, because to worries over the license’s 10-year duration. The decision was not made in response to the epidemic, according to the firm. Sands’ casinos in Macau and Singapore have longer-term licenses.
Gov. Yoshimura expressed confidence that Osaka, which was a major tourist destination in Asia before the Covid-19 epidemic, would soon rebound after illnesses subsided. MGM and Orix “agreed to invest because they believe in it as well,” he said.
Megumi Fujikawa and Katherine Sayre may be reached at [email protected] and [email protected], respectively.
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