Post Date: December 26, 2024, 11:38h.
Last Update: December 26, 2024, 11:38h.
MGM Osaka, the inaugural integrated resort (IR) casino slated for Japan, will commence construction on the primary structure of the massive complex in April 2025.
MGM Osaka is a JPY1.27 trillion (US$8 billion) venture led jointly by MGM Resorts International and Orix Corporation, a Japanese financial conglomerate. The two entities are collaborating under the name Osaka IR Corporation.
Beginnings of the artificial Yumeshima Island preparations started in late 2023. The Japanese business news outlet, Kensetsu Tsushin Shimbun, communicates that the construction of the permanent resort is set to commence in earnest come April 2025.
It is anticipated that in the next few months, workers will ready the encompassing 52-acre site for significant construction projects. Given that Yumeshima is a manmade island that spans nearly 1,000 acres, the developers needed to fortify the land initially by installing steel beams reaching over 200 feet down to bedrock.
MGM Osaka
MGM and Orix hold equal 42.5% stakes in MGM Osaka, while the remaining 15% is divided among various Japanese companies including Panasonic, Kansai Electric, and West Japan Railway.
MGM Osaka’s indoor floor space will approach nearly nine million square feet, housing the casino, hotel accommodations, dining venues, convention center, theater, retail outlets, and a variety of other resort amenities. Japan’s casino legislation of 2018 limits the gaming area to 3% of the overall indoor space of the resort.
MGM Osaka is set to feature 2,500 hotel rooms, a retail complex, a 3,500-seat theater, a spa and gymnasium, a conference center, and a facility promoting tourism across Japan. Specifics concerning the casino are yet to be revealed, though it is anticipated to offer over 200 table games and 2,000 slot machines.
Our goal is to bring MGM’s ‘wow’ factor from Las Vegas to Osaka and construct a resort that will be a source of immense pride for the community,” stated Bill Hornbuckle, MGM’s President, and CEO.
MGM Osaka is aiming for completion by 2030.
Yumeshima Investment
Yumeshima is one of three artificial islands constructed by the Osaka government in the 1980s, with the intention of city expansion and utilizing the islands for special functions.
The endeavor has seen limited success, as Osaka’s bid for the 2008 Summer Olympics, which included plans to host the Olympic Village on Yumeshima, ultimately lost to Beijing. Commercial development on Yumeshima has been largely nonexistent.
Yumeshima has primarily functioned as a hub for shipping containers and a logistics center. As Japan’s National Diet contemplated the introduction of casinos to the country under then-Prime Minister Shinzo Abe in 2017 and 2018, the Osaka government promptly expressed interest in hosting an IR on Yumeshima.
MGM and Osaka joined forces to bring a Las Vegas-style resort to Yumeshima. The objective was to launch the property in time for Osaka’s hosting of the 2025 World Expo, but the project faced numerous delays as Japanese lawmakers took time to finalize regulations.
MGM and Orix were officially granted a license for MGM Osaka in April 2023, almost five years after the Diet approved the 2018 gaming law permitting up to three casino resorts. MGM Osaka is the sole recipient of a casino license among all submissions.