Osaka chooses Deloitte to oversee IR project
Deloitte will monitor Osaka’s casino development consortium, providing support in financial, legal, and technological aspects.
Japan.- Osaka prefecture has chosen business consultancy Deloitte Touche Tohmatsu to provide support services for the monitoring of its integrated resort (IR) development consortium. Deloitte will oversee financial, legal, and technological aspects of the special-purpose company established by private investors for the construction of a casino complex on Yumeshima Island in Osaka Bay.
The consultancy’s responsibilities will cover the monitoring of the consortium’s business activities during the financial year 2023-24. The proposed fee is just over JPY84.9m (US$593,000), inclusive of consumption tax.
Osaka’s IR project is worth JPY1.08tn (US$8.38bn) and is backed by a consortium that includes MGM Resorts International and Orix. MGM holds a 40 per cent equity stake in the development, with Japan’s Orix Corp also having a 40 per cent share. The remaining 20 per cent is distributed among various Japanese investors.
In May, the governor of Osaka prefecture announced that a draft project implementation agreement would be prepared by September. MGM Resorts CEO Bill Hornbuckle has said that construction will commence late this year or early in 2024, with the resort to open in the first half of 2030.
