Osaka IR Corporation, the joint venture between MGM Resorts International and local partner ORIX Corporation, has officially signed with Osaka Prefecture and Osaka City the Implementation Agreement for development of an integrated resort on Osaka’s Yumeshima island.
Signing of the agreement marks the final step in the certification process and paves the way for the consortium to begin construction works.
As reported by Inside Asian Gaming, the revised Implementation Agreement – which included a higher initial investment forecast of JPY 1.27 trillion (US$8.60 billion) and a 12-month delay to completion until 2030 – was approved by Japan’s central government last week.
“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,” said Bill Hornbuckle, President and CEO, MGM Resorts.
“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.”
Once complete, the IR is projected to include 2,500 hotel rooms across three hotel brands, 730,000 square feet of MICE space and tourism facilities to showcase the best of Osaka and Japan.
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