Osaka Prefecture has signed an enforcement agreement with private sector partners to develop an integrated resort (IR) in the metropolis, Japan’s first casino-related property.
The agreement was signed Thursday by representatives of current authorities and U.S.-based casino operator MGM Resorts International, Japan’s Orix and other small investors in the venture, Osaka IRK.
Also Thursday, representatives of Osaka City signed a lease agreement with the project’s promoters regarding land on the artificial island of Yume-Shima, where the resort is scheduled to be built.
Osaka IRK confirmed the signing of the two agreements through data published on the company’s website.
Jiji Press quoted Hirofumi Yoshimura, the governor of Osaka, as saying it expects the integrated resort to “act as an engine of economic growth” in the region.
“Osaka could be an international destination for tourism and IR could be at the center in the future,” Bill Hornbuckle, chief executive and president of MGM Resorts, said at the signing ceremony, the news agency reported.
In a separate statement, Mr Hornbuckle said: “This is a significant moment for our company to officially end the certification process and begin to focus on implementing our vision to build a world-class integrated resort in Osaka in partnership with Orix.”
Osaka authorities confirmed earlier this month that the planned opening of IR (artist rendering photo) was delayed by a year to “Autumn 2030,” and the initial investment cost would increase by N190 billion ($1.29 billion) to N1.27 trillion.
The Japan Tourism Organization under the Ministry of Land, Infrastructure and Transport approved the implementation plan submitted by the Osaka authorities last week.
Mr. Hornbuckle of MGM Resorts said earlier this month that he was due to travel to Japan to sign “the final two contracts” for casino plans.
The Osaka IR district development plan was submitted to the national authorities in April 2022 and approved in principle on April 14.