Japan and the city of Osaka have reportedly chosen a consortium led by MGM Resorts International as the preferred operating partner for its desire to win one of the country’s upcoming three licenses to create integrated casino resorts.
Although most gambling is currently illegal in Japan, in July 2018, the coalition government of former Prime Minister Shinzo Abe passed a law according to which the country with a population of about 126 million people licenses three integrated casino resorts with hotels, exhibition areas and large gamingsites. To participate in the race to host one of these Las Vegas-style schemes, and local candidates are first required to select a foreign firm to work at their proposed location before submitting their completed license applications to a group of federal selectors before the deadline of April 28, 2002.
According to the GGRAsia report, Osaka eventually hopes to get permission to create a gambling-friendly development on the 121-acre artificial island of Yumeshima . The source said that the group, led by MGM Resorts International, was the only participant who officially submitted the application to the city with a population of about 2.7 million people after numerous competitors, including Genting Singapore Limited, Galaxy Entertainment Group Limited, Las Vegas Sands Corporation, Melco Resorts and Entertainment Limited and Wynn Resorts Limited withdrew from the game.
An expensive event:
The Osaka government has reportedly explained that it now plans to release more details about the final offer from the MGM Resorts International consortium, which also includes the local financial services company Orix Corporation, later this month, but expects the entire project to have a price. – the mark is in the region of 9.1 billion dollars . In addition, the city allegedly said that the first stage of this development could begin as early as 2028 and will include at least 215,278 square feet of exhibition space, which is expected to exceed 645,800 square feet by the end of 2043.
Obligations of the operator:
In July, MGM Resorts International announced that it intends to own a 40% stake in any future integrated development of a resort complex with a casino in Osaka, with an equal share controlled by Orix Corporation . Such a facility would allegedly be required to offer at least 3,000 hotel rooms spread across a minimum of one million square feet of aggregated space and pay about $ 182 million to cover the costs of local infrastructure improvements, including the expansion of the community metro system to Yumeshima Island.
Source: World Casino Directory