MGM Osaka held a ceremony to celebrate the start of construction on an $8.9 billion development that will serve as Japan’s first integrated resort (IR).
The project is led by MGM Resorts International and Orix Corp. Both were present at the event with their representatives. In addition, Osaka Mayor Hirofumi Yoshimura was also on site.
MGM Osaka will have about 2,500 hotel rooms, and about 120,000 square meters of conference facilities, as well as 100,000 square meters of exhibition space and a 3,500-seat theater.
The expected completion and opening date is the third quarter of 2030. Although the local press warns that construction may be brought forward to 2025. This is due to the international event Expo 2025 Osaka.
Due to the event, work with heavy machinery will be reduced, at least until October 13, when the event is expected to end. Activity at the site is also expected to decrease significantly on days when a large number of visitors are expected to attend.
In a press release from MGM Osaka, it said: “The Osaka IR is scheduled to open in the second half of 2030 and, in cooperation with Osaka Prefecture and Osaka City, will contribute to the development of Japan’s tourism industry and the growth of the Kansai region through the first project of its kind in Japan.”
In addition, up to HK$23.4 billion (US$2.99 billion) is earmarked to refinance existing loans and provide support for working capital and general corporate purposes.
Gambling in Osaka
For a long time, games of chance in Japan were limited to the popular “Patchinko” parlors. However, since 2018, a bill has been in force that allows up to 3 integrated resorts on site.
