MGM Consortium Unveils Plans for $9bn Casino in Osaka
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MGM Resorts International has put forward its plans for a casino resort project in the Japanese prefecture of Osaka. The project will involve an investment of more than $9bn.
MGM Resorts International and Orix Corporation have submitted their proposal for a casino in Osaka, Japan. The local government hasn't approved it yet, but if it goes ahead it will see the consortium spend $9.08bn to build the integrated resort. Osaka will apply to the national government by April 2022. Then, officials will choose one of three locations across the country to host casinos. Construction is expected to begin in 2023 and the casino is forecast to open in the latter half of the decade.
MGM Consortium Unveils Plans for $9bn Casino in Osaka. Osaka government has offered man-made island Yumeshima as the casino's location. Governor expects local businesses to have a role in the development. MGM CEO Bill Hornbuckle has revealed that the company agreed with Osaka officials to scale back some aspects of the resort earlier this year.
Japan legalized gambling in 2018. Osaka, Nagasaki, Wakayama, and Yokohama are all competing for the integrated resort permits. MGM consortium announced its interest in gaining an Osaka casino resort license in May 2019. Genting and Melco remain as contenders in Yokosuka. Wakaysama's government is further ahead in the process, having backed plans for a $4.3bn casino from Canadian private equity management firm Clairvest Group.
