{"id":32915,"date":"2022-08-24T05:34:45","date_gmt":"2022-08-24T08:34:45","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=32915"},"modified":"2026-04-23T05:34:10","modified_gmt":"2026-04-23T08:34:10","slug":"mgm-expects-osaka-ir-to-contribute-us774-7m-in-gaming-taxes","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/mgm-expects-osaka-ir-to-contribute-us774-7m-in-gaming-taxes","title":{"rendered":"MGM expects Osaka IR to contribute US$774.7m in gaming taxes"},"content":{"rendered":"\n<p>Ed Bowers, MGM president of global development, made the remarks in a keynote speech on the opening day of G2E Asia 2022.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Japan.-\u00a0<strong>MGM\u00a0<\/strong>has outlined its expectations for its <a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/mgm-expects-news-on-osaka-ir-licence-by-september\" target=\"_blank\">first integrated resort in Japan<\/a>\u00a0at the opening day of G2E Asia 2022.\u00a0<strong>Ed Bowers<\/strong>, president of golbal development, said he was confident the IR could contribute about JPY106bn (US$774.7m) a year through gaming taxes.<\/p>\n\n\n\n<p>MGM Resorts International\u00a0is part of a consortium with ORIX that was\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/osaka-announces-mgm-orix-as-ir-partner\" target=\"_blank\">selected as Osaka\u2019s IR partner<\/a>\u00a0for its bid to host an IR. MGM-Orix has proposed to invest JPY1tn (US$9.1bn). Bowers said this would make the IR the most expensive ever built in Asia.<\/p>\n\n\n\n<p>He said: &#8220;After we receive approval from the central government, we will move into our detailed design work with a view to commencing site work by mid-2023. If approved, we are hopeful to complete the construction and open the IR by the end of 2029.&#8221;<\/p>\n\n\n\n<p>The Osaka IR project is set to<strong> include three hotel products providing approximately 2,500 rooms<\/strong>, a MICE facility measuring 68,000 square meters, a 3,500-seat theatre, as well as various Japanese cultural experiences and retail facilities. It will also employ about 15,000 people.<\/p>\n\n\n\n<p><a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/osakas-prefectural-assembly-rejects-call-for-ir-referendum\" rel=\"noreferrer noopener\">A public referendum<\/a>&nbsp;was rejected earlier this month by the Osaka prefectural assembly on whether or not to allow proposals for an integrated resort.&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/osaka-citizens-continue-to-push-for-ir-referendum\" rel=\"noreferrer noopener\">An anti-IR group<\/a>&nbsp;was seeking a vote on Osaka\u2019s IR plan after surpassing the necessary threshold of 2 per cent of voter signatures.<\/p>\n\n\n\n<p>Following the prescribed procedure, Osaka prefecture\u2019s governor&nbsp;<strong>Hirofumi Yoshimura<\/strong>, a pro-casino member of the Osaka Revival Association, submitted a local ordinance on the issue for a vote in the prefectural assembly. However, the proposal was opposed by the Osaka Restoration Association and Komeito, the two main political groups.<\/p>\n\n\n\n<p>During his keynote speech, Bowers also referred to the upcoming gaming concession tender in Macau. He said the company would provide a strong submission to the government to secure a new licence. Casino operators must submit their proposals\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/macau-announces-deadline-for-gaming-concession-tender-process\" target=\"_blank\">before September 14<\/a>.<\/p>\n\n\n\n<p><strong>MGM China<\/strong>&nbsp;has recently shared its financial results for the second quarter of the year, posting&nbsp;<strong>revenue of HK$1.12bn (US$143m)<\/strong>. That\u2019s a drop of 46.4 per cent quarter-on-quarter and down 53.5 per cent when compared to last year<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pansy Ho to remain as the managing director of MGM Grand Paradise<\/h2>\n\n\n\n<p>MGM China has announced that&nbsp;<strong>Pansy Ho Chiu King<\/strong>&nbsp;will remain as managing director of MGM Grand Paradise SA for at least another 10 years. The company also announced that she will increase her stake in the casino operator from 10 per cent to 15 per cent.<\/p>\n\n\n\n<p>According to MGM China, the transaction was conducted to comply with&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/macau-publishes-framework-for-gaming-concession-retender-process\" rel=\"noreferrer noopener\">a requirement of Macau\u2019s new gaming law<\/a>, which states that the managing director of gaming concessionaires must be a Macau SAR resident and hold at least 15 per cent of the company\u2019s equity.<\/p>\n\n\n\n<p>MGM Grand Paradise will issue and allocate 4,070,000 A shares and 730,000 B shares to MGM China, of which 730,000 MOP B shares will be transferred to Pansy Ho Chiu King. After the transaction is completed, MGM China will hold&nbsp;<strong>84.6 per cent of the voting rights<\/strong>&nbsp;in MGM Grand Paradise. Ho will hold 15 per cent and MGM Resorts International 0.4 per cent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ed Bowers, MGM president of global development, made the remarks in a keynote speech on the opening day of G2E Asia 2022.<\/p>\n","protected":false},"author":176,"featured_media":32940,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"MGM has detailed its JPY1tn Osaka Integrated Resort project, projecting JPY106bn in annual gaming tax contributions and a 2029 opening, despite local political opposition. Concurrently, MGM China is preparing for Macau's gaming concession tender, with Pansy Ho increasing her stake to 15% and retaining her Managing Director role to comply with new regulatory requirements.","focusai_entities":"Ed Bowers, MGM, MGM Resorts International, ORIX, MGM-Orix, Osaka prefectural assembly, Hirofumi Yoshimura, Osaka Revival Association, Osaka Restoration Association, Komeito, MGM China, Pansy Ho, Pansy Ho Chiu King, MGM Grand Paradise, MGM Grand Paradise SA","focusai_location":"Japan, Osaka, Asia, Macau, Macau SAR","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.9), operator_casino (0.9), investor_analyst (0.95), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Osaka IR Risk Mitigation","query":"What specific governance frameworks and risk mitigation strategies is MGM implementing to navigate the persistent local political opposition to the Osaka IR project, particularly given the rejected public referendum?"},{"label":"Macau Concession Impact","query":"Beyond the 15% equity requirement for the Managing Director, what are the broader implications of Macau's new gaming law on MGM China's operational autonomy and capital allocation strategies for its upcoming concession tender?"}],"footnotes":""},"categories":[157,16338,158],"tags":[23632,24020],"class_list":["post-32915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","category-slider-home","tag-integrated-resorts","tag-mgm-orix"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=32915"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32915\/revisions"}],"predecessor-version":[{"id":32918,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32915\/revisions\/32918"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/32940"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=32915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=32915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=32915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}