The resort, set to be located on Yumeshima, a manmade island in Osaka Bay, will include Japan’s first casino
MGM Resorts has officially forfeited its right to withdraw from the ambitious casino project in Osaka, Japan, which was initially allowed under certain conditions outlined in the original contract.
Over a year after securing Japan’s only casino license, MGM Resorts International has shown its full commitment to the ¥1.27tn (£6.72bn/€8bn/$8.89bn) integrated resort (IR) project, opting not to exercise the withdrawal option. The US gaming company will now face penalties if it pulls out.
“We are in the ground as we speak,” said MGM president and CEO Bill Hornbuckle during a 31 July earnings call.
“We hope to start piling by May or June of next year, with a target date still middle of 2030 for opening.”
The resort, set to be located on Yumeshima, a manmade island in Osaka Bay, will include Japan’s first casino, 2,500 hotel rooms, a convention center, a shopping mall, and various other amenities. It’s projected to generate ¥520bn in annual gross revenue, with 80% expected to come from gaming activities.