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Image Source https://www.asgam.com/index.php/2023/09/06/osaka-reveals-us1-3-billion-initial-ir-development-cost-blowout-as-opening-date-pushed-back-to-2030/

Opening date delayed to 2030 as Osaka discloses original IR development cost blowout of US$1.3 billion

September 6, 2023 Japan Emerging Markets

Officials reported on Tuesday that the initial investment required to establish an integrated resort in Osaka is expected to increase by approximately $1.3 billion due to the escalating prices of construction materials.

As per The Japan Times, the modifications to Osaka’s regional development plan have also resulted in a one-year postponement of the integrated resort’s opening date, which is being developed by a consortium led by MGM Resorts and its local partner, ORIX, shifting from the fall of 2029 to the autumn of 2030.

Officials attribute the delay to the central government’s initial one-year requirement for approving the Osaka-MGM proposal. Another proposal from Nagasaki, in collaboration with its chosen partner Casinos Austria, is still in progress, with the federal government reportedly seeking additional funding details.

While MGM Resorts had initially announced an investment of nearly $10 billion for the creation of its Osaka integrated resort, Osaka officials announced on Tuesday that the initial investment estimate had risen from JPY 1.08 trillion ($7.31 billion) to JPY 1.27 trillion ($8.60 billion).

Before Osaka and the MGM-ORIX partnership can finalize a long-awaited implementation agreement, the revised proposal has been submitted to the central government for approval.

The delay in the resort’s opening had been anticipated, as MGM Resorts CEO and President Bill Hornbuckle had previously stated in May that he did not expect the Osaka integrated resort to open until 2029. In July, Osaka Governor Hirofumi Yoshimura acknowledged that a 2029 opening would be “challenging.”

Original Story by Ben Blaschke for IAG

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