{"id":777001138,"date":"2022-12-16T13:06:55","date_gmt":"2022-12-16T16:06:55","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777001138"},"modified":"2026-04-23T01:58:21","modified_gmt":"2026-04-23T04:58:21","slug":"osaka-ir-land-lease-set-at-us18-3m-per-year","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/osaka-ir-land-lease-set-at-us18-3m-per-year","title":{"rendered":"Osaka IR land lease set at US$18.3m per year"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The mayor of Osaka says the sum is based on reports from four real estate appraisal companies.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">Japan.- <strong>Ichiro Matsui<\/strong>, the mayor of Osaka, has said that land leases for the proposed integrated resort could cost<strong> JPY2.52bn<\/strong> (US$18.3m) a year.&nbsp;Speaking at a press conference, the mayor said the sum was based on reports from four real estate appraisal companies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Osaka submitted its IR bid for a proposed site on Yumeshima, an artificial island in Osaka Bay in April. It&#8217;s selected <a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/osaka-announces-mgm-orix-as-ir-partner\" target=\"_blank\">MGM Resorts International and ORIX as partners<\/a>. In comments on Thursday, Matsui said they would pay JPY428 per square metre of land, totalling about JPY210.6m per month.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He said that ahead of the bidding process, several operators had asked the city to lease the land rather than sell it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Osaka governor confident that IR could open by 2029<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Earlier this week, Osaka governor Hirofumi Yoshimura told press that he remains confident an integrated resort could still open \u201cbetween autumn and winter of financial year 2029\u2033. That&#8217;s despite a \u201cprolonged examination\u201d of the IR District Development Plan by the national government.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There have been fears that&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/osaka-and-nagasaki-ir-developments-could-open-later-than-expected\" rel=\"noreferrer noopener\">if approval for Osaka and Nagasaki\u2019s integrated resort plans is delayed<\/a>&nbsp;beyond 2022, the IRs may not meet their respective opening targets of 2029 and 2027.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The mayor of Osaka says the sum is based on reports from four real estate appraisal companies.<\/p>\n","protected":false},"author":176,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Osaka's mayor announced the annual land lease cost for the proposed Integrated Resort on Yumeshima, estimated at JPY2.52bn, based on appraisal reports. This development occurs amidst a \"prolonged examination\" of the IR District Development Plan by the national government, though the Osaka governor remains confident in a 2029 opening despite potential delays.","focusai_entities":"Ichiro Matsui, MGM Resorts International, ORIX, Hirofumi Yoshimura","focusai_location":"Japan, Osaka, Yumeshima, Nagasaki","focusai_target_profile":"ceo_executive (0.9), regulator (0.9), compliance_legal (0.75), operator_casino (0.95), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.85)","focusai_suggestions":[{"label":"IR Approval Impact","query":"What specific regulatory or governance framework complexities are contributing to the national government's \"prolonged examination\" of the Osaka IR District Development Plan, and how might these influence the project's financial viability and projected GGR?"},{"label":"Financial Implications","query":"How does the JPY2.52bn annual land lease cost, coupled with potential delays, impact the projected ROI and capital expenditure for MGM Resorts International and ORIX, particularly concerning their long-term strategic positioning in the Japanese market?"}],"footnotes":""},"categories":[157,16338],"tags":[23632],"class_list":["post-777001138","post","type-post","status-publish","format-standard","hentry","category-business-news","category-east-asia-news","tag-integrated-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001138","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=777001138"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001138\/revisions"}],"predecessor-version":[{"id":777001149,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001138\/revisions\/777001149"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777001138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777001138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777001138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}