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Osaka, MGM-Orix agree to deploy IR

September 29, 2023 Japan Casino & HotelEmerging Markets

By signing an implementation agreement with its private-sector partners, the Osaka prefectural government has made a substantial progress towards the creation of an integrated resort (IR), Japan’s first casino-inclusive complex. The cooperation between the prefectural government and Osaka IR KK, a project including MGM Resorts International from the United States, Japan’s Orix Corp., and other smaller investors, is established by the agreement, which was signed on Thursday.

A leasing agreement for the property on Yumeshima, an artificial island allocated for the resort’s development, has also been signed by officials of the city of Osaka and the project’s organisers. Both agreements were verified by Osaka IR KK in a statement posted on its company website.

Hirofumi Yoshimura, the governor of Osaka, expressed confidence in the integrated resort’s ability to spur regional economic growth. During the signing ceremony, Bill Hornbuckle, the CEO and President of MGM Resorts, expressed this excitement and described Osaka as a top travel destination with the IR at its core.

Mr. Hornbuckle defined the occasion as crucial for MGM Resorts since it signalled the conclusion of the certification procedure and the start of their collaboration with Orix to develop a premier integrated resort in Osaka.

However, earlier this month, the Osaka authorities did declare a delay in the project’s schedule. The IR’s opening, which was initially scheduled for 2029, has been delayed one year to “autumn 2030.” Additionally, it is now anticipated that the first investment cost would increase by JPY 190 billion (about US$1.29 billion), rising to JPY 1.27 trillion.

Original story by: GGRAsia

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