Japan Approves Implementation Plan for MGM Osaka Casino Resort Project
The revised "Osaka District Development Plan" was presented to the national government on September 8 of this year. It included previously confirmed changes regarding the casino resort, notably the postponement of the opening date to 2030 (a one-year delay) and an increase in investment costs to 1.27 trillion yen (approximately $8.22 billion).
The Japan Tourism Agency is one of the bodies coordinating the approval process for the resort at the national level. According to their statement, the approved implementation plan will be signed between the Osaka authorities and the private companies involved in the project. Once both parties sign the implementation agreement, a summary of the deal will be made public by the Osaka Prefecture in accordance with Japan's international relations law.
Among the private companies responsible for the construction of the casino resort are American operator MGM Resorts International and Japan's Orix Corp. Additionally, smaller investors are also participating in the project.
Bill Hornbuckle, CEO and President of MGM Resorts, stated earlier this month that he plans to visit Japan on September 29. The purpose of the visit is to sign the final two agreements related to the casino: one for implementation and the other for leasing.
On September 8, a group of experts assisting the Japan Tourism Agency in evaluating the Osaka IR Development Plan at the national level released a statement. It noted that there were no changes in the revised plan that "did not meet the criteria" set by the central government.
It is worth mentioning that the construction of the Inspire Entertainment Resort in South Korea is nearing completion.
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