• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

MGM links to finance group Orix for Osaka bid: reports

Mar 25, 2019 Newsdesk Japan, Latest News, Top of the deck  


MGM links to finance group Orix for Osaka bid: reports

A senior executive from Japan’s Orix Corp, a financial services group, says the firm has reached an agreement with United States-based casino operator MGM Resorts International, to form a consortium to make a play for an Osaka casino resort.

MGM Resorts is the parent of Macau casino operator MGM China Holdings Ltd.

Makoto Inoue, the chief executive of Orix, a firm with its main operations in Tokyo and in Osaka (pictured in a file photo), gave the news in a Friday briefing, according to local media accounts.

The reports said the agreement was actually made in December.

Also according to the accounts of Friday’s briefing, the thinking is that Orix and MGM Resorts should have the same amount of equity in such a consortium, with “Osaka corporations” holding the rest.

The accounts gave no indications of the proposed size for Orix’s and MGM Resorts’ holding in the venture.

The U.S. company had previously been on record as saying it would have liked – if possible – to have a majority equity position in any consortium.

The formation of a consortium might be the basis for a response by MGM Resorts and local partners to an anticipated “request for proposal” from the Osaka prefectural and city authorities.

Jim Murren, chairman and chief executive of MGM Resorts, said in comments in Tokyo last week, that he anticipated Osaka would make a decision by this time next year regarding which private-sector partners it would like to work with when pitching to the national government for the right to host a casino resort.

A maximum of three will be permitted in the first stage of market liberalisation.

Osaka is due on April 7 to hold elections for the post of Osaka city mayor and Osaka prefectural governor, which could see a change of control to the Liberal Democratic Party, which also holds the balance of power at national level.


  • tweet
Related articles
  • Casino op MGM China to pay most staff discretionary bonus
    Casino op MGM China to pay most staff...

    Jan 18, 2021  

  • Wakayama casino RFP deadline affirms still 2 suitors
    Wakayama casino RFP deadline affirms...

    Jan 18, 2021  

More news
  • Casino op Silver Heritage to issue 53mln new shares
    Casino op Silver Heritage to issue...

    Jan 18, 2021  

  • Grand Korea extends Seoul, Busan casino closures to Feb 1
    Grand Korea extends Seoul, Busan casino...

    Jan 18, 2021  


Latest News

Casino op MGM China to pay most staff discretionary bonus

Casino op MGM China to pay most staff discretionary bonus

Jan 18, 2021  

Macau casino operator MGM China Holdings Ltd announced on Monday that it was to pay a “discretionary bonus” to “eligible non-management” staff, adding that “over 90 percent” of its...
Read More
Casino op Silver Heritage to issue 53mln new shares

Casino op Silver Heritage to issue 53mln new shares

Jan 18, 2021  

Grand Korea extends Seoul, Busan casino closures to Feb 1

Grand Korea extends Seoul, Busan casino closures to Feb 1

Jan 18, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

"The most worrying [thing] is whether [mainland] China will again tighten the issuance of travel visas [for visits to Macau]"

Luiz Lam Kai Kuong

Macau junket investor



Most Popular

  • Sheldon Adelson, self-declared casino industry iconoclastSheldon Adelson, self-declared casino industry iconoclast January 13, 2021
  • CNY 2021 unlikely to boost Macau casinos, say observersCNY 2021 unlikely to boost Macau casinos, say observers January 15, 2021
  • Quality fake chips sold online found at Macau casinoQuality fake chips sold online found at Macau casino January 13, 2021
  • Casino entrepreneur Sheldon Adelson dies aged 87Casino entrepreneur Sheldon Adelson dies aged 87 January 12, 2021
  • Police find US$11m of missed Landing cash, suspects soughtPolice find US$11m of missed Landing cash, suspects sought January 14, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us