Osaka details the proposed MGM Resorts International casino
The Japanese city of Osaka is said to have revealed more information about the winning proposal less than a week after choosing the consortium led by MGM Resorts International to act as the preferred operating partner for its attempt to secure an integrated casino resort licence.
The syndicate won after earning 788.5 out of the 1,000 points that could have been awarded under the scoring system, according to a report from Inside Asian Gaming, which represents a community of about 2.7 million users. The source clarified that this proposal was the only one under consideration, as other contenders including Galaxy Entertainment Group Limited, Las Vegas Sands Corporation, and Wynn Resorts Limited withdrew before the deadline of April 6.
Course on cooperation:
Despite the fact that the majority of gambling is currently prohibited in Japan, the coalition government of former prime minister Shinzo Abe passed legislation in July 2018 that will allow the country's 126 million people to licence three integrated casino resorts with hotels, exhibition spaces and sizable gaming floors. Before submitting their completed licence applications to a panel of federal selectors before the end of an April 2022 deadline, applicants for one of these Las Vegas-style developments and locations must first choose a foreign company to run their proposed gambling-friendly venue.
An enthusiastic undertaking
Now, according to reports, Osaka is hoping that its proposal to build an integrated casino resort on a 121-acre chunk of the artificial Yumeshima Island in collaboration with MGM Resorts International and local financial services company Orix Corporation will be successful in obtaining one of these 40-year licences in order to support the local economy through an anticipated increase in tourism.
Apparently read a statement from Osaka's government
"Although the coronavirus pandemic's global spread is now having a negative influence on socioeconomic and tourism-related businesses, the proposal from MGM Resorts International and Orix Corporation demonstrates a thorough comprehension of the project's goals. We will slowly go forward with the project in the future in full collaboration with Osaka Prefecture, Osaka City, and relevant parties to establish Yumeshima Island as a base for international tourism and revitalise the Osaka Bay region.
Expensive project
According to GGRAsia, Osaka also forecast that the planned integrated casino resort will generate revenues of roughly $4.85 billion annually, with $3.87 billion of those coming from gaming. According to this source, the Honshu city also allegedly estimated that the entire project would cost slightly more than $9.69 billion to complete even though it would employ about 15,000 people full-time and draw upwards of 20.5 million tourists annually, including roughly 6.5 million from abroad.
