The Japanese government has approved a plan develop the Osaka integrated resort (IR), which is estimated to cost around $13.5 billion.
According to local reports (via GGRAsia), Fumio Kishida, the Japanese prime minister, announced the approval of the IR plan in Osaka after hearing from ministers.
Kishida said the IR would “not only help develop the Kansai region further after the 2025 World Exposition in Osaka and contribute to our country’s economic growth, but also become a tourist attraction that spreads Japan’s charm to the rest of the world”.
Hirofumi Yoshimura, the governor of Osaka prefecture, has revealed plans to open the Osaka IR in 2029.
Osaka integrated resort to open in 2029
In 2020, Genting Singapore and Galaxy Entertainment exited the race to develop the IR, leaving just MGM Resorts in the competition.
“After careful consideration of the opinions of many shareholders, we regret that we will not continue our participation in the Osaka IR project going forward,” Genting said in a statement.
An executive for Galaxy Entertainment said: “We decided at this time that our focus should be on other potential locations in Japan, including among others, Yokohama.”
Additional operators to abandon plans for the site include Wynn Resorts, Las Vegas Sands Corp, and Melco Resorts & Entertainment.
MGM Resorts will develop the Osaka IR on Japan’s artificial island of Yumeshima in partnership with Japanese group Orix Corporation.
The Japanese government is also expected to approve the Nagasaki integrated resort bid in the coming months.
Casinos Austria International was chosen to develop and operate the Nagasaki IR on 31 hectares at Huis Ten Bosch, Japan’s largest theme park.
“By passing this milestone in the award process in Japan, Casinos Austria International has once again demonstrated the kind of excellent reputation that the company enjoys abroad,” said Casinos Austria CEO Bettina Glatz-Kremsner.
“We picked the company because it gives us the best prospects for turning our plan into a reality,” a prefectural official said.
