Japan govt assessing MGM-Orix, Osaka govt IR draft deal

Sep 11, 2023 Newsdesk Japan, Latest News, Top of the deck  

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The Japan Tourism Agency confirmed on Friday having received a revised version of the overall plan to develop an integrated resort (IR) in Osaka, as well as a request for approval of the implementation plan for such a project.

The authorities in the Japanese metropolis of Osaka had confirmed last week that the planned timetable for opening an IR with casino (pictured in an artist’s rendering) has been delayed by one year, and that the initial investment cost will rise by JPY190 billion (US$1.29 billion), to JPY1.27 trillion.

On Friday, the Japan Tourism Agency – one of the bodies coordinating the IR approval process at the national level – confirmed that it had received the revised “Osaka IR District Development Plan”, according to GGRAsia’s Japan correspondent.

On the same day, an expert panel helping the agency to assess the IR development plan at the national level issued a statement saying there was no change in the revised Osaka IR District Development Plan that “did not meet the requirement criteria” from the central authorities.

The expert assessment panel also said there was “no change large enough that required the panel to re-examine whether the plan meets the evaluation criteria”.

Osaka’s IR District Development Plan was approved in principle in April by the national authorities.

The Japan Tourism Agency also said on Friday that it received a request from the Osaka authorities for approval of the implementation plan to be signed with the private-sector companies that will develop the casino resort. The implementation plan “is now being assessed” by the central authorities, the agency added.

The private-sector partners are MGM Resorts International and Japan’s Orix Corp, as well as smaller investors, in a consortium for development of MGM Osaka.

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