US gaming operator MGM Resorts International has increased its equity commitment for the upcoming integrated resort in Osaka, Japan to JPY428 billion ($2.96 billion) as the project moves forward following a groundbreaking ceremony held on April 24th, 2025.
Jonathan Halkyard, Chief Financial Officer and Treasurer of MGM Resorts International, revealed the updated investment figures during the company’s first quarter 2025 financial results conference call.
“In Japan, MGM’s equity commitment has increased to JPY428 billion of which we now have remaining about JPY392 billion to invest for our future 43.5 percent ownership stake,” Halkyard stated. “Despite the increase driven by updated spend estimates as we finalized our negotiations with contractors, we still have a high conviction and a high teens percentage return on this project and remain on time to open in 2030.”
The increased commitment represents MGM’s confidence in the Japanese market despite rising costs. According to Halkyard, the company expects to contribute approximately $600 million to $700 million per year over the next four years through 2028.
The Osaka integrated resort represents a significant expansion of MGM’s international footprint. The company is partnering with Japanese financial services group ORIX, with various minority shareholders comprising the remainder of the ownership structure.
Financing for the development includes a JPY530 billion ($3.53 billion) credit facility that will support construction.
The Osaka integrated resort, slated to open in 2030, comes after years of careful planning and negotiations following Japan’s legalization of casino gambling in 2018. According to planning documents, the facility will feature 2,500 hotel rooms, a shopping mall, a 3,500-seat theater, spa and fitness center, convention facilities, and diverse dining and entertainment options. Japanese law limits the gaming floor to 3 percent of the total indoor space.
