MGM Resorts International prioritises the Osaka integrated casino complex
According to reports, the head of American casino operator MGM Resorts International's subsidiary in Japan, MGM Resorts Japan, has stated that his business is still dedicated to bringing a sizable Las Vegas-style gaming complex to the city of Osaka.
The statement from the subordinate's chief executive officer, Ed Bowers, came after local financial services business Orix Corporation voiced worries about the appropriateness of the location for the proposed multi-billion-dollar project, according to a story from Inside Asian Gaming. According to the source, this second business had previously committed to spending a minimum of $2.4 billion to assist MGM Resorts International in developing an integrated casino resort on a 121-acre section of Yumeshima Island, a man-made island near Osaka.
Significant partner:
A development agreement between Orix Corporation, based in Osaka, and MGM Resorts International apparently had an escape provision that could be used up to 30 days after the planned project's certification. The former business may allegedly carry out this clause if it believes that the market has changed or if regulations put in place by the Japan Casino Management Board regulator have rendered the entire plan financially undesirable.
In relation to capacity:
According to Inside Asian Gaming, should local officials fail to solve soil pollution problems on Yumeshima Island, which now houses two container ports, the partnership between MGM Resorts International and Orix Corporation may also be terminated. Both companies were reportedly queried about the likelihood of this latter clause being activated at a recent Osaka City Council committee meeting.
Bowers allegedly said...
"We have been working on this for years, and simply giving up is not an option. We have already made significant financial and human resource investments and will do so again.
Submerging location
Toyonori Takahashi, the chief executive officer of Orix Corporation, allegedly indicated that, if Yumeshima Island were determined to be an undesirable location for the proposed integrated casino resort, the matter may be taken out of his company's hands.
Apparently read Takahashi's remark...
"Yumeshima Island is already sinking, therefore we're doing more dull surveys right now. The next phase is to determine if we can construct a building that the island can support based on the expert findings. Although we don't want to give up, there may be a point when it is inevitable.
Cutting off soon:
According to reports, Japan's 126 million-person population would provide licences for three different towns to operate integrated casino resorts for 40 years as a result of legislation that was purportedly enacted in the summer of 2018. The deadline for runners to submit their final proposals to a panel of federal selectors is reportedly April 28. Osaka, Wakayama Prefecture, and Nagasaki Prefecture are thought to be leading contenders for one of these certificates.
