Osaka IR project agreement extended
The local government and the MGM-Orix consortium have put back the get-out date for the basic agreement for an IR.
Japan.- The prefectural and city authorities of Osaka, Japan, announced on Friday (July 14) that they have extended the period within which they would be able to terminate the basic agreement for an integrated resort (IR) with the MGM-Orix consortium. The agreement was signed in February last year.
In April, national authorities provisionally approved Osaka’s IR District Development Plan. The parties involved were required to reach further agreements on the IR’s construction within 90 days. That period has elapsed, leading the basic agreement’s termination deadline to be moved to the end of September.
The implementation agreement is expected to define the specific rights and responsibilities of the Osaka government and their private-sector partners in detail. The IR project is expected to be worth JPY1.08tn (US$8.38bn) and to feature hotels, shops, an international convention centre and a casino. About 20 million people a year are expected to visit, including 6 million visitors from abroad, generating sales of JPY520bn annually, with JPY420bn coming from gambling revenue.
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.
