Osaka IR Corporation, a joint venture between MGM Resorts and Orix Corporation, has signed an agreement with Osaka Prefecture and Osaka City for an integrated resort plan in Yumeshima, Osaka.
While the casino has already been approved, this meeting was conducted to agree upon the exact location and development of the Osaka-Yumeshima area-specified complex tourist facility area.
The agreement was signed in the Osaka Prefectural Sakishima Government Building, with executives from all companies present.
The three signatories included Hirofumi Yoshimura, Governor of Osaka Prefecture, Hideyuki Yokoyama, Mayor of Osaka City, and Bill Hornbuckle, MGM Resorts International CEO and President.
In a statement, Hornbuckle said: "This is a significant moment for our company as we officially close the certification process and begin to focus on executing our vision, in partnership with Orix, to build a world-class integrated resort in Osaka.
"We remain passionately committed to this project and look forward to bringing Japan and Osaka best-in-class gaming, entertainment, dining and retail experiences.
“Our vision is to bring MGM's 'wow' DNA from Las Vegas to Osaka and build a resort that will be a source of great pride in the community."
Currently known as the Specified Integrated Resort Facilities Area Development Plan, this venue would be the first of its kind in Japan.
The gambling industry in Japan has seen a lot of attention recently, despite legislation being passed a few years ago, the country only approved plans to open its first casino back in April.
It’s believed that the casino will have JPY¥1.8 trillion ($13.5bn) invested into it, with both MGM and Orix having a 40% stake in the company each.
The remaining 20% will be split between local, Osaka-based companies, including the railway and electric power companies.
