MGM Resorts puts back expected opening of Osaka IR
MGM Resorts has cited delays in completing the land lease and other agreements.
Japan.- MGM Resorts has put the expected opening date for its integrated resort (IR) in Osaka, Japan, back to the first half of 2030. The company had hoped to open it in 2029. Bill Hornbuckle, MGM Resorts CEO, cited the need to finalise land lease and other agreements with Osaka authorities as the reason for the delay.
The governor of Osaka prefecture, Hirofumi Yoshimura, reaffirmed his intention to target a 2029 opening after his re-election. However, MGM Resorts had already warned of a possible delay due to the time central government took to approve Osaka’s plans. The JPY1.08tn (US$8.38bn) project was only approved by the Japanese government last month.
MGM Resorts has partnered with Orix Corp, a Japanese company, for the resort and casino. During an investor conference call following the company’s first-quarter results announcement, Hornbuckle said MGM Resorts plans to break ground on the project late this year or early in 2024, assuming the necessary agreements are completed this or next quarter.
About 20 million people a year are expected to visit the resort, including 6 million visitors from abroad, generating sales of approximately JPY520bn annually, with JPY420bn from gambling revenue.
