Osaka IR KK, the entity tasked with developing an integrated resort (IR) featuring a casino in the bustling Japanese city of Osaka, has finalized a loan agreement worth JPY530 billion ($3.4 billion) with a consortium of banks.
Notable participants in this consortium include Japanese financial giants Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Banking Corp.
According to the latest update, Japan’s premier law firms, Nagashima Ohno & Tsunematsu, Nishimura & Asahi, and Mori Hamada & Matsumoto, have provided counsel on this syndicated loan agreement.
The deal was described by news outlet Nikkei as Japan’s most extensive co-financing endeavor to date.
Founded in December 2021, Osaka IR represents a collaborative effort between US-based casino operator MGM Resorts International and Japanese financial services firm ORIX Corporation.
In April, it was revealed that Japanese conglomerate Hankyu Hanshin Holdings Inc., along with another domestic conglomerate, Hanwa Co Ltd, opted to join a consortium of minority domestic investors in the Osaka IR project, increasing the total number of minority stakeholders to 22.
In September of last year, the Osaka Prefectural Government inked a deal with Osaka IR to develop an integrated resort featuring Japan’s inaugural casino on Yumeshima Island in Osaka Bay, slated for opening in autumn 2030.
