Osaka’s IR project backed by 20 major companies

Osaka announced MGM-Orix as its IR partner in September.
Osaka announced MGM-Orix as its IR partner in September.

Osaka Prefecture has revealed that plans to develop an integrated resort will be backed by 20 major companies.

Japan.- According to the Osaka Prefecture, its planned IR development will be backed by 20 major companies including Panasonic Corp., Suntory Holdings Ltd. and West Japan Railway Co.

The prefecture’s operator partner, the MGM-Orix consortium has proposed to invest JPY1tn (US$9.1bn) in the planned IR proposed for an artificial island, named Dream Island, in Osaka Bay. According to the plan, the city will need to assume approximately JPY79bn (US$692m) for soil improvement measures, including site purification and soil liquefaction control measures.

The prefecture has said that the MGM-Orix integrated resort development could generate JPY430bn (US$3.87bn) in annual gaming sales and JPY110bn non-gaming sales. Authorities expect it would attract 20.5 million visitors per year, of which 14 million would be domestic tourists and 6 million foreigners.

The Asahi Shimbun reported part of the income will be used for measures to fight gambling addiction and the establishment of a police station on Dream Island. Osaka Prefecture is expected to submit its IR development plan to the national government in April 2022. The target opening date for the IR has been pushed back to 2029.

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