Las Vegas casino company MGM Resorts International and its Japanese partner Orix Corp. submitted a proposal to build a $ 9 billion integrated casino resort in Osaka.
The consortium that the two companies formed a few years ago to obtain one of the three submitted casino licenses was selected as the sole bidder to participate in the request for proposals (RFP) process in Osaka. The city is one of the leaders in the race to host one of the first three multi-purpose resort complexes in Japan with a Las Vegas and Macau-style gambling zone.
Osaka Prefecture recently received RFP submissions from MGM and ORIX. Regional casino news portal GGRAsia reported that the two companies have attracted 20 firms from nearby regions to acquire a stake in the consortium, according to reports.
In addition, according to RFP documents, MGM and its local partner are planning to invest one trillion yen, or about $ 9.08 billion, in the planned resort.
The Osaka City and Prefectural authorities are expected to approve the consortium as the preferred partner for the development of an integrated resort on the artificial island of Yumeshima in Osaka Bay in September. Osaka is also expected to submit its development plan to the central government of Japan in April 2022. The country’s legislators must decide which three proposed schemes will be given the go-ahead and which casino license will be given to operate slot machines and table games will be issued.
The resort will be launched no earlier than 2028
In their RFPs, MGM and Orix also indicate that their resort will not open until 2028, if not by 2030.
Opening in 2028 will meet Osaka’s expectations. Last summer, the mayor of the metropolis said:
We plan to open a functioning casino resort in the second half of 2027 or 2028.
According to the latest city and prefecture renovations, the first phase of the upcoming Osaka casino resort should include an event center of at least 20,000 square meters. In the first 15 years, real estate operators will have to expand the event space to 100,000 square meters.
At the time of opening, the resort is expected to have at least 100,000 square meters of hotel space. Ultimately, it should have over 3,000 hotel rooms and suites.
Japan legalized casino gambling at the end of 2016, and in the summer of 2018 approved the initial rules and regulations under which casinos will operate in the country.
Lawmakers plan to approve up to three integrated resorts in the first phase of a national casino expansion effort as they seek to boost international tourism following the Tokyo Olympics.