The Japanese Ministry of Land, Infrastructure, Transport and Tourism has certified the integrated resort (IR) area development plan in Osaka.
US-based casino operator MGM Resorts International and local partner ORIX are leading the IR project and have established a joint venture (JV) Osaka IR KK to manage the complex.
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MGM and ORIX each own a 40% stake in the JV while the remaining 20% stake is held by 20 firms, including Panasonic, Kansai Electric Power and West Japan Railway.
The development plan was submitted by Osaka Prefecture/City and by Osaka IR KK during the application period between October 2021 and April 2022.
Announced by Japanese Prime Minister Fumio Kishida, the certification will allow the partners to finalise the proposed $10bn development of the IR.
Kishida said: “IR is an important initiative in promoting Japan to become a tourism-oriented nation as it attracts a large number of tourists from both inside and outside Japan.
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By GlobalData“It is expected to contribute to the development of the Kansai region and the growth of Japan after the Osaka-Kansai Expo in 2025, and to become a tourist base that spreads the charm of Japan to the world.”
The project, which is proposed to be located along the water on Osaka’s Yumeshima island, aims to bring entertainment and resort experience to Japan.
MGM’s vision is to deliver MGM Osaka, MGM Villas, and MUSUBI Hotel, totalling 2,500 guest rooms, 400,000ft² of conference facilities, 330,000ft² of exhibition space, including an Innovation Laboratory, and Yumeshima Theatre with nearly 3,500 seats.
The Osaka project’s opening date is expected in the second half of the 2020s.
