MGM-Orix have confirmed that their planned Osaka IR would not open before 2028, and possibly only in 2030.
Japan.- MGM Resorts International and ORIX (MGM-Orix) have officially submitted their IR proposal to the Osaka Prefecture and has confirmed that the resort would not launch until at least 2028, and possibly not until 2030.
According to the request-for-proposal (RFP) received by the Osaka Prefecture, around 20 firms from the surrounding Kansai region have agreed to take an equity stake in the consortium that will develop the planned resort.
MGM-Orix has proposed to invest JPY1tn (US$9.1bn). Authorities are expected to approve the company as a private partner for Osaka’s IR bid in September. The Osaka Prefecture is expected to submit its IR development plan to the national government in April 2022.
Osaka had wanted its operators to add more MICE facilities beyond the requirements of national legislation but, according to Bill Hornbuckle, MGM president and CEO, the company’s IR may have less MICE space and fewer hotel rooms than expected.