MGM US$9bln Osaka IR Ready Early 2028: RFP Info

MGM Resorts International and its partner in Japan, Orix Corp, said the current $9 billion Osaka casino resort in Japan will not open before 2028 and could open by 2030.

On Tuesday, the Osaka Prefecture said it had received Request for Proposal (RFP) data from MGM Resorts and Orix, according to information gathered by GGRAsia’s Japan correspondent.

RFP data also confirmed that about 20 companies in the surrounding Kansai region had agreed to acquire a stake in the consortium.

The RFP data stated that an investment budget of 1 trillion yen (approximately $9.1 billion) and an initial opening is possible from 2028 to 2030 at the earliest.

In June last year, a senior Osaka official noted in a commentary that the metropolitan city aims to open such a venue as early as the second half of 2027, or 2028.

The MGM Resorts-Oriks partnership was the only qualified consortium for Osaka’s RFP process with regard to the city’s tilt at the integrated resort, or IR, as a large casino complex with relevant tourism facilities is known in Japan.

In September, the Osaka Prefecture will approve the MGM-Orix consortium as the city’s private partner for IR development.

Currently, the Osaka Prefecture is expected to submit an IR development plan to the country in April 2022.

Japanese communities wishing to hold IRs must first find private sector partners, then bid for the government to be chosen. In the first phase of casino legalization, up to three IRs will be allowed in Japan.

According to the latest requirements from the Osaka authorities, at launch, the Osaka IR must contain more than 20,000 square meters (215,278 square feet) of event space.

Within 15 years of opening, these event facilities must exceed 60,000 square meters, eventually extending to 100,000 square meters.

For hotel space at Osaka IR, room area must be at least 100,000 sq m when opened, in accordance with the latest requirements from local authorities. The property will ultimately have to accommodate at least 3,000 hotel rooms.

BY: 토토사이트

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