Key points:
- Construction work has officially begun at MGM Osaka
- The groundbreaking ceremony has been held at the site of Japan’s first integrated resort
- The resort is scheduled to open in the autumn of 2030
MGM Osaka has celebrated its groundbreaking ceremony for the $8.9bn property which will serve as Japan’s first integrated resort.
The project is spearheaded by MGM Resorts International and Orix Corp, with representatives from both present at the groundbreaking ceremony.
The Governor of the Osaka prefecture, Hirofumi Yoshimura, was also in attendance.
MGM Osaka will have around 2,500 hotel rooms, 400,000 square feet of conference facilities, 330,000 square feet of exhibition space and a theatre with 3,500 seats.
It is expected to be completed and open by Q3 2030, although local media has reported that the construction will be scaled back this year due to the international Expo 2025 Osaka event.
This includes delaying the use of heavy machinery until 13 October, which is when the event is due to end, and reducing activity at the site on days when large numbers of visitors are expected to attend.
Good to know: The company formed an ‘Osaka IR Construction Organised Crime Group Elimination Council’ in November last year to prevent damage and unreasonable demands from organised crime groups and ‘eliminate antisocial forces from the IR business’
A press release from MGM Osaka’s promoters said: “The Osaka IR is scheduled to open in the fall of 2030, and in co-operation with Osaka prefecture and Osaka City, will contribute to the development of Japan’s tourism industry and the growth of the Kansai region through the first-of-its-kind project in Japan.”
Also, MGM China has secured a new revolving credit facility worth up to HK$23.4bn (US$2.99bn), intended to refinance existing loans and provide support for working capital and general corporate purposes.
