Osaka confirms partnership with MGM Resorts for casino resort
The Osaka Prefecture is set to partner with MGM Resorts International and Orix Corp for an integrated resort. The aim is to construct a casino resort in Japan under the loosening of its gambling laws.
The Japanese financial services company and US consortium have planned their initial investment to open a complex in Osaka Bay. This investment totals around 1.1tn yen ($9.7bn) with a predicted timeframe of the late 2020s if successful in becoming one of the three integrated resorts granted by the Japanese Government.
For some time, global casino operators have searched for ways to expand Japan’s touristic features since the outset of the legalisation of casinos in 2018. The predicted Osaka casino resort is expected to attract around 21 million visitors per year, with the ripple effect hoping to bring in more than 760bn yen a year.
However, the outbreak of the coronavirus has postponed plans to accept applications to host the intended integrated resorts, and cities have since withdrawn their bid as time progressed.
Yokohama is one city that withdrew due to local concerns about gambling addiction and the deterioration of public safety; the consortium is now the only bidder for the Osaka project. It hopes to promote tourism in the Kansai region in western Japan, through the use of world-class hotels and facilities.
In terms of competitors for the resort, Osaka Prefecture sees competition in the Marina Bay Sands casino resort, established in Singapore with an investment of 500bn yen.
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