Wednesday, June 19, 2024

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MGM-Orix Osaka IR project facing possible further delays due to the construction of the Osaka 2025 pavilion

According to the Japan Times, preparatory works for developing the Yumeshima artificial island in Osaka Bay started less than 500 days before the expo is due to open in spring, 2025.

Osaka IR in line with government vision, Wakayama approves Clairvest

MGM Resorts and Orix Corp.'s $9 billion Osaka IR in are in line with what the government had envisaged. Wakayama has officially approved Clairvest Neem Venture’s plans to develop an integrated resort in the city.

Japan’s top law firms assist Osaka IR’s with $3.4B loan from bank consortium

Osaka's integrated resort developer consortium has secured a $3.4 billion loan from a bank consortium, to further the development of the country's first casino.

Japan Gov’t could restart IR application tender in summer – Analyst

The Japanese government could start considering opening another integrated resort concession application tender around July to August, a Japan-based gaming professional stated.

“Overtourism” concern leads Osaka to consider taxing inbound tourists 

The governor of Osaka Prefecture stated on Wednesday that they are considering implementing a fixed fee for foreign visitors, potentially aligning it with the commencement of the World Expo in western Japan in April 2025.

Japan Osaka IR already attracting new hotel investment plans 

International investment companies have set their sights on new hotel investment plans, aiming to capitalize off Osaka's casino plans.

MGM Resorts reaches agreement for IR project in Osaka

MGM Resorts says that it has finally reached an implementation agreement for its massive IR project in Osaka, Japan.

Osaka IR opening delayed to autumn 2030, costs rise $1.3bln

The Osaka prefectural and municipal governments announced on Tuesday that the opening of MGM's casino resort on Yumeshima artificial island in Osaka Bay has been postponed to the autumn of 2030. This delay is attributed to the protracted process of gaining central government approval and an unexpected surge in construction material costs.

Osaka to hold IR monopoly for quite some time, Nagasaki bid may be in peril

Osaka is likely to remain Japan's only integrated resort location for some time, as the evaluation of the plan approved by authorities barely passed the minimum certification criteria – ranking at just 65.79 percent from a minimum of 60 percent, notes analyst Daniel Cheng.

Macau faces competition as Osaka IR expects approval soon, says local gaming expert

If Japan proceeds with its IR plans, it will become a strong competitor to Macau and have an impact on the city’s gaming revenue largely due to its proximity to China, warns a local gaming expert.