Osaka speeds up IR process
Osaka Governor Hirofumi Yoshimura announced they will launch the IR RFP process in 2019 and plan to select the operator by next boreal spring.
Japan.- The Japanese government recently released the draft of its IR Basic Plan and surprised the industry. However, regional authorities won’t waste their time and continue to work towards their future bids.
For that matter, Osaka Governor Hirofumi Yoshimura advanced they will launch the IR RFP process before 2020. Moreover, he says the government plans to select Osaka’s IR operator by next boreal spring.
Amid a race to land one of three licences for an IR in Japan, Osaka wants to be ready first. That’s why the authorities have rushed to get their own processes completed first.
MGM targets Osaka
According to chairman and CEO of MGM Resorts Jim Murren, it would be hard but not impossible to launch an Osaka IR by 2025.
Mr. Murren said back in June it would take “almost surgical precision” by the private sector and the local government working together to achieve it. During the Strategic Decisions Conference 2019, hosted by brokerage Sanford C. Bernstein he referred to the request for proposal stage.
“Whoever wins is going to have their work cut out because the goal is to try to get the Osaka IR open in time for the World Expo in 2025,” he said.
“It requires almost surgical precision, not just by the developer, but by the government; from a permitting perspective, from an infrastructure perspective. It’s certainly not impossible,” he was quoted saying by GGRAsia.
IR Basic Plan
In an unexpected move, the Ministry of Land, Infrastructure, Transport and Tourism of Japan published the IR Basic Plan. The 46-page draft has no illustrations or charts but aims to make rules for the segment clearer, AGBrief reports.
The primary target for the government seems to be boosting tourism and the MICE industry. They intend them to enhance Japan’s international competitiveness. The Japan IR Basic Plan specifically states that developments must help the government reach its tourists goal. Such is to attract 60 million foreign tourists annually by 2030.
Still, even as it’s a step forward, there’s no timeline for the bidding process yet, as it’s still under consideration.
Japan’s IR Basic Plan kicks off a public comments period that will run through October 3.
