Osaka concludes agreement with MGM, Orix on IR plan

Feb 17, 2022 Newsdesk Japan, Latest News, Top of the deck  

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The governments respectively of Japan’s Osaka prefecture and Osaka city reached on Tuesday what they termed a ‘Basic Agreement’ on an integrated resort (IR) with United States-based casino group MGM Resorts International and its Japanese partner Orix Corp. The announcement was made on Wednesday by the two governments.

The Basic Agreement includes a pledge by the casino group and its local partner to spend JPY20.25 billion (US$175 million) on an extension of the Osaka subway system to link it to Yumeshima, the artificial island in Osaka Bay, where the casino resort (pictured in an artist’s rendering) would be located.

The agreement on such a venue includes outlining the responsibilities of the parties involved, for submitting the Osaka IR District Development Plan – the local plan for an integrated resort – to the national government, according to GGRAsia’s Japan correspondent.

April 28 is the deadline for local governments to make a submission to the national authorities on a tilt for an integrated resort or IR, as large-scale casino complexes with tourism facilities, are known in Japan.

Up to three such facilities will be permitted across the country, under the liberalisation plan. The other contenders currently, are Wakayama and Nagasaki.

Should Osaka’s scheme be submitted and selected, the prefecture and city would then make an implementation agreement with MGM Resorts and Orix.

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