Osaka IR Corporation signed an agreement with Osaka Prefecture and Osaka City to implement the Specified Integrated Resort Facilities Area Development Plan for Yumeshima, Osaka, MGM Resorts International announced on September 28, 20231. The signing closes the certification process for the project, which MGM described as a first-of-its-kind in Japan1.
Osaka IR Corporation is a joint venture with ORIX Corporation, established to develop the Osaka IR Project1. MGM and ORIX, together with Osaka IR Corporation, said they will contribute to the sustainable growth and development of tourism and the economy of Osaka and the Kansai region, as well as Japan1. MGM Resorts International trades on the New York Stock Exchange under the ticker MGM1.
Bill Hornbuckle, President and CEO of MGM Resorts, said the agreement marks the end of the approval stage and the start of delivery:
"This is a significant moment for our company as we officially close the certification process and begin to focus on executing our vision, in partnership with ORIX, to build a world-class integrated resort in Osaka."
Hornbuckle added that the company remains committed to the project and looks forward to bringing Japan and Osaka what he described as best-in-class gaming, entertainment, dining and retail experiences, with a vision to bring MGM's Las Vegas approach to Osaka and build a resort that will be a source of pride in the community1.
MGM's portfolio encompasses 31 unique hotel and gaming destinations globally1. The company said it is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan1. Its 50/50 venture, BetMGM, LLC, offers U.S. sports betting and online gaming through brands including BetMGM and partypoker, and its subsidiary LeoVegas AB offers sports betting and online gaming through brands in several jurisdictions throughout Europe1.
The announcement did not include an opening date, construction schedule, cost figures, gaming floor size, or the number of tables and machines planned for the Yumeshima site. Those details have not been reported in the announcement1. MGM directed readers to the Osaka Prefectural Government's IR Promotion Bureau, Promotion Division website for more information, which is published in Japanese only1.
What it means for players
The agreement is a procedural step, not an opening. No casino at Yumeshima is operating, and the announcement gives no date on which it will1. Gambling rules in Japan are unchanged by the signing: the country's existing legal casino gambling remains limited to the integrated resort framework, and the practical questions for locals, expats and visitors, such as entry conditions, fees for Japanese nationals, and which games will be offered, are not addressed in the announcement1. Background on how integrated resorts in the region handle entry and play is set out in Casinos and Integrated Resorts in Asia: Who Can Enter, What You Can Play and the Rules Inside, and the current legal position in the country is covered in Can I Gamble in Japan?.
What happens next
The certification process is closed and Osaka IR Corporation says it will focus on executing the project1. No timeline for construction, licensing of individual games, or opening has been announced in the release1. Updates on the Osaka project are expected through the Osaka Prefectural Government's IR Promotion Bureau, Promotion Division, whose site is in Japanese only1. For the project's status and expected timing, see When Will the Osaka Casino Resort Open?.
