MGM Osaka IR Confirms Commitment to Official 2030 Launch
Osaka IR KK, the consortium leading the development of the MGM Osaka integrated resort (IR) in Japan, has chosen to waive its right to cancel the agreement for developing the project.
MGM logo, MGM Osaka set to open in 2030.
LISTEN TO THIS ARTICLE:According to Japanese media, an official announcement confirming the decision is expected on Tuesday, September 10.
Osaka IR KK consists of MGM Resorts Japan LLC, a subsidiary of MGM Resorts International in the U.S., alongside Japan-based Orix Corp and other local stakeholders. The planned resort, valued at JPY1.27 trillion (approximately USD 8.9 billion), is projected to open in 2030. It will be situated on the man-made island of Yumeshima in Osaka Bay.
Consortium Could Have Withdrawn under Specific Conditions
The original agreement with the Osaka authorities gave the consortium the option to withdraw from the project without any financial policy under specific conditions. These conditions involved matters such as tax policy, investment obligations, land improvements, and expected tourist numbers.
However, according to reports, a representative from Osaka IR KK confirmed on Saturday that the consortium had “decided to waive the right to terminate the implementation agreement because all the major business conditions have been established.”
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Construction to Progress According to Schedule
Following this decision, Osaka authorities will hand over the land to the consortium, allowing construction to continue as planned.
The developer’s representative also noted, “Now that the decision has been made, it is almost certain that Osaka Integrated Resort will be able to open in autumn 2030.”
Both the Osaka authorities and the consortium expect that this announcement will alleviate concerns from associated businesses, including construction firms and financial backers.
In late July, during MGM Resorts’ second-quarter earnings call, CEO and President Bill Hornbuckle said that progress was on track.
I just recently returned from Japan, and that is moving along nicely. We are in the ground as we speak and we hope to start piling by May or June of next year, with a target date still of middle of 2030 for opening.
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