Osaka IR Corporation, a joint venture between MGM and Orix Corporation, has received certification approval from Osaka Prefecture and Osaka City for its “Specified Integrated Resort Facilities Area Development Plan.” This certification marks a significant milestone in the development of the Osaka Integrated Resort (IR).
A Landmark Project for Japan
The project, approved by Japan’s Ministry of Land, Infrastructure, Transport, and Tourism in April, has now received confirmation of its location and development plans. The integrated resort is set to be constructed in Yumeshima, Osaka.
This groundbreaking endeavor will make history as the first land-based casino to open in Japan. MGM and Orix are committed to its success and believe it will contribute to the sustainable growth and development of Osaka and the broader Japanese economy.
Bill Hornbuckle, President, and CEO of MGM Resorts, expressed his enthusiasm, saying, “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.”
A Vision of Excellence
Hornbuckle continued, “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. We remain passionately committed to this project and look forward to bringing Japan and Osaka best-in-class gaming, entertainment, dining, and retail experiences.”
Years of Preparation
The Osaka IR project is the culmination of years of work. In 2018, Japan’s Diet parliament enacted legislation to pave the way for the construction of integrated resorts in the country. After several delays, the law finally came into effect in July 2021.
MGM secured the contract to develop the site and formed a partnership with the Japanese business Orix two years ago. The estimated cost of the entire project is approximately JPY 1.8 trillion (£9.88 billion/€11.42 billion/$2.09 billion).
The IR will be situated on Yumeshima, an artificial island near Osaka, which is also set to host the World Expo in 2025. Governor Ichirō Matsui of the Osaka prefecture initially proposed the site as a potential location for IR development in 2014.
While an official opening date is yet to be confirmed, Japanese media reports suggest it may not be ready until 2030.