Certification paves way for MGM Japan and its joint-venture partner ORIX to finalize development of $10 billion integrated resort in Osaka
MGM Resorts International today announced that Japan’s Ministry of Land, Infrastructure, Transport and Tourism has officially certified the Area Development Plan submitted last year by Osaka Prefecture/City and by Osaka IR KK, a joint venture between MGM Resorts Japan and ORIX Corporation (“ORIX”). The certification is one of the final steps in the licensing process under Japan’s Integrated Resort Development Act and paves the way for MGM Resorts Japan and ORIX to finalize agreements with Osaka Prefecture/City on the construction of a new approximately $10 billion development project.
“It is an honour to be selected by the Government of Japan to develop a tourism project of this scale,” said MGM Resorts CEO & President Bill Hornbuckle. “We couldn’t be more excited to get started on the development of one of Japan’s first Integrated Resorts in the great City of Osaka, and we look forward to working with our partner ORIX and Osaka Prefecture/City to realize this long-held goal.” Details of the proposed development in Osaka were unveiled last year as part of the licensing submission process and showcase MGM’s vision to bring a world-class resort experience to Osaka. The proposed development is designed to transform the region into one of the world’s top entertainment and hospitality destinations and to serve as a hub for tourism across Japan.