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\n\n\n\n
Japan.-\u00a0MGM\u00a0<\/strong>has outlined its expectations for its first integrated resort in Japan<\/a>\u00a0at the opening day of G2E Asia 2022.\u00a0Ed 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 MGM Resorts International\u00a0is part of a consortium with ORIX that was\u00a0selected 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 He said: “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.”<\/p>\n\n\n\n The Osaka IR project is set to 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 A public referendum<\/a> was rejected earlier this month by the Osaka prefectural assembly on whether or not to allow proposals for an integrated resort. An anti-IR group<\/a> 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 Following the prescribed procedure, Osaka prefecture\u2019s governor 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 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\u00a0before September 14<\/a>.<\/p>\n\n\n\n MGM China<\/strong> has recently shared its financial results for the second quarter of the year, posting 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\nPansy Ho to remain as the managing director of MGM Grand Paradise<\/h2>\n\n\n\n