Osaka City Council has voted in favour of a resolution to proceed with the city’s IR policy.<\/p>\n\n\n\n\n\n\n\n
Japan.- Members of the city council of Osaka voted on Friday (June 9) on a resolution to move forward with the\u00a0Osaka IR District Development Plan<\/strong>. The decision aims to clarify the stance of the city council’s elected representatives regarding the IR policy.<\/p>\n\n\n\n The resolution received support from Osaka Innovation, the leading political group in the council, as well as Komeito and a major faction of the local Liberal Democratic Party (LDP). However, another section of the local LDP and the Japanese Communist Party opposed the resolution.\u00a0<\/p>\n\n\n\n According to GGRAsia, the main LDP bloc shifted in its stance to support the project after a local election held on April 9. This would appear to fit the party stance at the national level, as successive LDP-led coalition governments have backed the liberalisation of casinos.<\/p>\n\n\n\n In April, national authorities\u00a0gave their initial approval to Osaka’s IR District Development Plan<\/a>. The project is worth JPY1.08tn (US$8.38bn) and is backed by\u00a0a consortium<\/a>\u00a0that includes MGM Resorts International and Orix. MGM Resorts CEO\u00a0Bill Hornbuckle\u00a0<\/strong>confirmed that construction is slated to commence late this year or early in 2024, with the resort to\u00a0open in the first half of 2030<\/a>\u00a0\u2013 a slight delay from the previously targeted 2029 launch.<\/p>\n\n\n\n In May, Osaka\u2019s governor\u00a0Hirofumi Yoshimura<\/strong>\u00a0expressed confidence that the delay in approving Japan\u2019s first casino resort project won\u2019t hamper its success.<\/p>\n","protected":false},"excerpt":{"rendered":" Osaka City Council has voted in favour of a resolution to proceed with the city’s IR policy.<\/p>\n","protected":false},"author":176,"featured_media":14694,"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 City Council has formally approved the Osaka IR District Development Plan, reinforcing the national government's prior endorsement of the JPY1.08tn integrated resort project. This decision, supported by key political factions, paves the way for construction by the MGM Resorts International and Orix consortium to commence late 2023 or early 2024, targeting a H1 2030 operational launch.","focusai_entities":"Osaka City Council, Osaka Innovation, Komeito, Liberal Democratic Party (LDP), Japanese Communist Party, GGRAsia, MGM Resorts International, Orix, Bill Hornbuckle, Hirofumi Yoshimura","focusai_location":"Osaka, Japan","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.75), operator_casino (0.98), investor_analyst (0.97), supplier_vendor (0.85), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Funding Structure Details","query":"What are the specific debt-to-equity ratios and financing mechanisms being utilized by the MGM Resorts International and Orix consortium for the JPY1.08tn Osaka IR project, and what are the implications for shareholder returns?"},{"label":"Regulatory Compliance Milestones","query":"Beyond the city council's approval, what are the remaining critical regulatory compliance milestones and governance framework requirements that must be met before the Osaka IR project can commence full-scale construction and secure its operational license?"}],"footnotes":""},"categories":[157,16338],"tags":[23911,23632],"class_list":["post-777006215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-gambling-regulation","tag-integrated-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006215","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=777006215"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006215\/revisions"}],"predecessor-version":[{"id":777006224,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777006215\/revisions\/777006224"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/14694"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777006215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777006215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777006215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}