Japan expected to approve Osaka casino resort plan
Osaka’s IR plan will be the first approval for a casino in Japan.
Japan.- It’s expected that prime minister Fumio Kishida and relevant ministers will approve Osaka’s integrated resorts plans at a task force meeting on Friday (April 14). It will be the first approval for a casino resort in Japan.
Osaka has bid to host an integrated resort with MGM Resorts International and ORIX as its IR partner. MGM-Orix has proposed to invest JPY1.08tn (US$8.38bn) with a target opening date is 2029.
The proposal includes three hotels providing approximately 2,500 rooms, a MICE facility measuring 68,000 square meters, a 3,500-seat theatre and various Japanese cultural experiences and retail facilities. It would employ about 15,000 people.
It is expected to attract around 20 million visitors annually and bring JPY1.14tn (US$8.5bn) in annual economic benefits to the western Japan region centring on the prefecture.
See also: Osaka: pro-IR governor wins re-election
Nagasaki casino resort
The only other region to apply for permission to build an integrated resort by the April 2022 deadline for the first round of gaming liberalisation was Nagasaki. However, it’s been reported that a decision on its IR District Development Plan is likely to come at a later date as the government task force needs more time to assess further details.
There have been questions about funding for the project since Credit Suisse Group had been cited as one of several potential “financial arrangers”.
Nagasaki chose Casinos Austria International Japan Inc as its partner for its bid and expects its IR to open in 2027. The planned cost for the development of the IR is JPY438.3bn (US$3.8bn), including JPY175.3bn in equity costs.
