{"id":777007327,"date":"2023-07-17T09:02:56","date_gmt":"2023-07-17T12:02:56","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777007327"},"modified":"2026-04-22T19:59:45","modified_gmt":"2026-04-22T22:59:45","slug":"osaka-ir-project-agreement-extended","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/osaka-ir-project-agreement-extended","title":{"rendered":"Osaka IR project agreement extended"},"content":{"rendered":"\n<p>The local government and the MGM-Orix consortium have put back the get-out date for the basic agreement for an IR.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Japan.- The prefectural and city authorities of Osaka, Japan, announced on Friday (July 14) that they have extended the period within which they would be able to terminate<strong>&nbsp;the basic agreement&nbsp;<\/strong>for an integrated resort (IR) with the MGM-Orix consortium. The agreement was signed in February last year.<\/p>\n\n\n\n<p>In April, national authorities provisionally&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/japanese-government-approves-osaka-casino-resort-plan\" target=\"_blank\">approved Osaka&#8217;s IR District Development Plan<\/a>. The parties involved were required to reach further agreements on the IR&#8217;s construction within 90 days. That period has elapsed, leading the basic agreement&#8217;s termination deadline to be moved to the end of September.&nbsp;<\/p>\n\n\n\n<p>The implementation agreement is expected to define the specific rights and responsibilities of the Osaka government and their private-sector partners in detail. The IR project is expected to be worth JPY1.08tn (US$8.38bn) and to feature hotels, shops, an international convention centre and a casino. About&nbsp;<strong>20 million people<\/strong>&nbsp;a year are expected to visit, including 6 million visitors from abroad, generating sales of JPY520bn annually, with JPY420bn coming from gambling revenue.<\/p>\n\n\n\n<p>MGM Resorts CEO&nbsp;<strong>Bill Hornbuckle&nbsp;<\/strong>has said that construction will commence late this year or early in 2024, with the resort to&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/mgm-resorts-puts-back-expected-opening-of-osaka-ir\" rel=\"noreferrer noopener\">open in the first half of 2030<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The local government and the MGM-Orix consortium have put back the get-out date for the basic agreement for an IR.<\/p>\n","protected":false},"author":176,"featured_media":12505,"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 authorities and the MGM-Orix consortium have extended the termination deadline for their Integrated Resort (IR) basic agreement to the end of September, following the lapse of the initial 90-day period for construction agreements. This JPY1.08tn project, provisionally approved by national authorities, includes a casino and is projected to generate JPY420bn annually from gambling revenue, with an anticipated opening in H1 2030. The extension allows for further definition of specific rights and responsibilities in the implementation agreement.","focusai_entities":"MGM-Orix consortium, MGM Resorts, Bill Hornbuckle, Orix","focusai_location":"Japan, Osaka","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), compliance_legal (0.85), operator_casino (0.95), investor_analyst (0.95), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"IR Agreement Details","query":"What specific contractual or regulatory hurdles led to the extension of the basic agreement's termination deadline, and how might this impact the project's JPY1.08tn budget and H1 2030 operational launch?"},{"label":"Financial Impact Analysis","query":"How will the delay in finalizing the implementation agreement affect the capital expenditure schedule for the MGM-Orix consortium and the projected JPY420bn annual GGR from the casino vertical?"}],"footnotes":""},"categories":[157,16338],"tags":[23632],"class_list":["post-777007327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-integrated-resorts"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777007327","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=777007327"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777007327\/revisions"}],"predecessor-version":[{"id":777007352,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777007327\/revisions\/777007352"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/12505"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777007327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777007327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777007327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}