MGM and local partner Orix chosen to open Osaka Integrated Resort


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n On Tuesday, Hirofumi Yoshimura, Governor of Osaka Prefecture, announced at a press conference that the Osaka Prefecture Government and Osaka City Government allowed MGM Resorts International and Orix Company the right to operate a integrated casino-centric complex on an artificial island of Osaka Bay, Yuhemina Island.

The approval of Supply of $ 9.1 billion was widely expected as no other consortium chose to challenge MGM-Orix in the last call for tenders.

According to a summary of the consortium’s plan that the governments have released, the proposed complex will have a casino, a conference room with a maximum capacity of over 6,000 people, an exhibition hall of 20,000 m² and an accommodation facility with 2,500 rooms.

The proposal foresees to create approximately 15,000 new jobs, receive approximately 20.5 million visitors per year, of which 14 million will be domestic visitors, while 6.5 million will come from abroad. The station should produce annual turnover of approximately US $ 4.9 billion.

Bill Hornbuckle, President and CEO of MGM Resorts International, said, “Osaka Prefecture and Osaka City have implemented a comprehensive and thoughtful selection process to achieve the goal of developing a world-class integrated resort in Osaka, and I am honored that we have been selected as Osaka partner. No other place has a brighter and happier future for tourism and hospitality than Japan, and Osaka is a good place to launch that future.

MGM and Orix will be equal partners in the consortium with around 40% stake each. The remaining 20% ​​will likely be absorbed by a wide range of smaller partners.

The three candidate prefectures, Osaka, Wakayama and Nagasaki, have now selected their IR consortium partners. The next step is joint requests for authorization from the national government, reports Akihabara News.


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