MGM Resorts Partners With Orix To Develop Osaka Casino Resort
MGM Resorts International recently announced that it has entered into a partnership with Japanese company’s Orix in order to submit an official casino license application to develop an integrated resort (IR) in Osaka, Japan.
Japan plans to initially issue three major IR licenses in the first round of applications. Top gaming operators around the world including Las Vegas Sands Corp, Galaxy Entertainment and the Genting Group are very keen on getting their hands on a casino license as the Japanese market is expected to be one of the most lucrative gambling markets in the world and provide stiff competition to Macau.
MGM Resorts International is one of the biggest casino operators in the world who is willing to invest billions into the Japanese market.
Gaming regulations require international casino operators to partner with local companies in order to establish operations in the newly regulated market.
Bloomberg Markets and Finance
MGM was happy to partner with Orix and confirmed that it will send in an official license application but did not disclose any more information regarding the submission deadline or any details as to the size and investment of the potential IR. The plan is to target the Kansai region and develop an IR that is both impactful and excitement.
In a statement, Ed Bowers, CEO of MGM Resorts Japan said
We are hoping to see many Kansai corporations participate in our business effort, regardless of their size, in order to express the local flavour. Orix are an excellent company deeply rooted in Kansai. Their passion really stood out in their research and study of an IR which makes them an ideal partner.
Developing An IR Together
MGM Japan is hosting a lengthy discussion which started on May 14 and will end on May 31. The discussions are being held at the Grand Front Osaka where MGM is looking to educate Osaka locals of what they can expect from an IR and the benefits that it will bring to their city. They will also use this time to collect feedback from local residents so that they can fine tune their IR development.
Osaka plans to have its first IR open before the end of 2024. Interested casino operators have been asked from April 24 to submit a concept for the IR and will have time till 24 May to do so. Formal submissions will be done by fall and the shortlisted operators will be confirmed by Spring.
David WalkerAuthor
David is our resident 'down under' contributor, letting us know what is going on in the southern hemisphere, he is also keen blackjack player
