Casino Construction Gets Underway For First Casino In JapanGovernment Predicts Billions In Revenue For MGM Property |
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After several years of delays, construction on Japan’s first casino has now begun in Osaka. The $8.1 billion project is being built on the reclaimed island of Yumeshima, located in Osaka Bay.
The country awarded the project to a joint venture between MGM Resorts and Orix Corporation, a Japanese financial services firm, earlier this year. The massive resort is expected to open in 2029 and will include hotels, a conference center, shopping mall, museum and ferry terminal, a helicopter pad, and more.
Details On Japan’s First Casino
The island is currently undergoing site preparation for the new resort. The casino will encompass 52 acres of the 700-acre island, which had previously been used mostly as a shipping container port.
“Full-scale construction of the resort is scheduled for the spring of next year,” Osaka Gov. Hirofumi Yoshimura told the Japan Times on Monday.
Gambling beyond the country’s popular pachinko parlors has long been illegal in Japan. That changed in 2018 when the country legalized up to three “integrated resorts,” with Osaka as the first to get on board. Tokyo, Yokohama, or others are also being considered.
However, regulatory wrangling, the extended bidding process, and the COVID-19 pandemic delayed the plan for years. The MGM/Orix project was ultimately chosen and is now finally seeing construction get off the ground.
“It is an honor to be selected by the government of Japan to develop a tourism project of this scale," MGM CEO and President Bill Hornbuckle said after the joint venture was awarded the license. “We couldn’t be more excited to get started on the development of one of Japan’s first Integrated Resorts in the great City of Osaka, and we look forward to working with our partner Orix and Osaka prefecture/city to realize this long-held goal.”
Government officials believe adding the casino resorts can produce additional revenue and jobs. That includes generating $3.9 billion in annual revenue, along with bringing in six million international tourists and 14 million domestic visitors annually. Japanese Prime Minister Fumio Kishida said that the casino “will become a tourism base that promotes Japan’s charms to the world.”
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