Osaka Prefecture has signed a contract with private sector partners to develop Japan’s first casino-related real estate, Integrated Resort (IR).
Current authorities and representatives of U.S.-based casino operator MGM Resorts International, Japan’s Orix and other small investors, Osaka IRKK, a venture firm, signed the agreement on Thursday.
Also Thursday, Osaka city representatives signed a lease with project promoters regarding land on Yumeshima, an artificial island where the resort will be built.
Osaka IRKK confirmed the conclusion of the two agreements through data released on the corporate website.
The Jiji Press Agency quoted Osaka Governor Hirofumi Yoshimura as saying it expects the integrated resort to “serve as an engine for economic growth” in the region.
“Osaka could be an international destination for tourism and IR will be at the epicenter in the future,” Bill Hornbuckle, MGM Resorts’ chief executive and president, reported the news agency.
“This is an important moment for our company as we officially end the certification process and begin to focus on implementing our vision of building a world-class integrated resort in Osaka in partnership with Orix,” Mr. Hornbuckle said in a separate statement.
Earlier this month, the Osaka city authorities confirmed that the IR (filmed by artist rendering) scheduled to open was delayed by a year to fall 2030 ″, and that the initial investment would rise 190 billion yen ($1.29 billion) to 1.27 trillion yen.
Japan’s Ministry of Land, Infrastructure and Transport approved the implementation plan submitted by the Osaka authorities last week.
Mr Hon Buckle of MGM Resorts said earlier this month he was due to travel to Japan this month to “sign the last two contracts” for casino planning.