MGM-Orix Venture Won Bid to Build $10bn Project in Osaka

MGM-Orix Venture Won Bid to Build $10bn Project in Osaka

MGM and its Japanese partner Orix won its bid to become Osaka’s integrated resort partner. MGM Japan announced the breakthrough development in a press release last Tuesday.

 

MGM Japan’s Yumeshima island Project

MGM, the global casino and hotel giant, confirmed the report that Osaka has chosen its joint venture with Orix as the region’s integrated resort partner. 

Bill Hornbuckle, MGM Resorts CEO & president, highlighted the significance of the announcement as the company takes a step closer to realizing the proposed $10bn project. 

MGM plans to build the hotel and real-money casino complex along the pristine shore of Yumeshima – an artificial island off the coast of Osaka. On a grand scale, the group envisions the project would help launch Osaka and Japan into becoming one of the top tourist destinations in the world. 

The entertainment conglomerate first showed interest in expanding into the Land of the Rising Sun after Japan passed the Integrated Resort Implementation Act in 2018. 

With its selection as Osaka’s integrated resort partner, the MGM Japan-Orix venture cleared the first hurdle to secure a license. 

The joint entity will be working closely with Osaka’s officials to draft and submit an area development plan to Japan’s central application. The application window opens from October 2021 through April 2022.

MGM is eyeing to inaugurate the Osaka project in the second half of this decade, pending the issuance of license in 2022.

Quotes from the Press Release

Bill Hornbuckle, MGM Resorts CEO & president, commented: “It is an honor to be selected as Osaka’s partner in developing an integrated resort.

“I commend the city for undertaking a comprehensive and thoughtful process to meet its goal of developing a world-class integrated resort in Osaka. 

“We will work closely with prefectural/city municipal governments to deliver an iconic, uniquely Japanese destination warranting Osaka’s selection as home to one of Japan’s first integrated resorts.”

“Nowhere in the future of tourism and hospitality is more exciting than Japan, and Osaka is the perfect location for that future to begin.

“We couldn’t be more excited for the opportunity to help enhance and grow Osaka’s reputation as a world-class destination and gateway for the world to the wonders and rich history of Japan.”

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About Lou De Aguila

Lou Ramon Aguila is a contributor for Golden Casino News. He has a degree in BSBA Legal Management with great interest in high-profile legal cases involving sports personalities. An ultimate sports junkie, he covers just about everything in the sporting world with an emphasis on the NBA, NFL, and MLB. In his past time, Lou loves to read manga, watch anime and critique pro-wrestling matches.