The developer of the MGM Osaka integrated resort (IR) with casino in Japan, and the prefectural and city governments of Osaka, have been working “vigorously” on the project and “meeting the requirement criteria”.
That is according to a statement by the Japan Tourism Agency, a body under the country’s Ministry of Land, Infrastructure, Transport and Tourism, citing a report by the ministry. The tourism agency has been coordinating implementation of Japan’s IR policy.
The judgement regarding the progress of the JPY1.27-trillion (US$8.61-billion currently) MGM Osaka was given under an evaluation result of the implementation status of Osaka IR District Development Plan for financial year 2024. The property (pictured in an artist’s rendering) – at Yumeshima, an artificial island in Osaka Bay – is due for completion by the summer of 2030.
MGM Osaka’s commercial-sector developer is MGM Osaka Corp – a venture involving United States-based MGM Resorts International, Japan’s Orix Corp, and with backing from a number of minority domestic corporate investors.
According to the memo reviewed by GGRAsia’s Japan correspondent, the document outlines among other things: “The IR developer (MGM Osaka Corp) and Osaka governments have been working on the project vigorously.”
The document also said: “All the aspects… have been meeting the requirement criteria.”
It added: “The IR developer has almost completed the detailed design of the IR construction according to the plan.”
Japan’s IR Act – enabling legislation for Japan’s IR sector – requires the Ministry of Land, Infrastructure, Transport and Tourism to evaluate the implementation status of IR District Development Plans every year.
So far, MGM Osaka is the only approved and under-construction IR in the country.
Recently a Japanese media organisation – citing people familiar with the matter – said a location at Yokosuka, within Kanagawa prefecture, has been mentioned as a potential IR site for any fresh round of applications.
In June this year, a Japanese government official had said the opening of a new round of IR hosting applications was “not far off”.
