Japan Tourism Agency Shows Optimism on Timeline for MGM Osaka Completion
The Japan Tourism Agency has expressed optimism regarding the timeline for completion of the MGM Osaka integrated resort, citing steady progress on the project and compliance with all required criteria. The agency, which operates under the Ministry of Land, Infrastructure, Transport and Tourism, released its evaluation as part of the fiscal year 2024 assessment of the Osaka IR District Development Plan.
LISTEN TO THIS ARTICLE:The MGM Osaka project carries an estimated investment of JPY1.27 trillion (US$8.61 billion). The large-scale development is being built on Yumeshima, an artificial island in Osaka Bay, and is scheduled to be completed by the summer of 2030. The site is designed as a major integrated resort, featuring a casino, hotels, conference facilities, and entertainment venues, intended to boost international tourism and economic activity in the Kansai region.
According to the government report, MGM Osaka Corp, the project developer, and both the Osaka prefectural and city governments have been actively advancing the initiative. The report emphasized that the stakeholders have been pursuing the development vigorously and that all aspects of the project have been meeting the required criteria set by regulators. The agency also noted that the detailed design work for the construction phase is nearly complete, marking a significant milestone in the project's implementation.
MGM Osaka Corp is a consortium led by MGM Resorts International and Japan's Orix Corporation, with support from a group of minority domestic investors. This collaboration represents one of the largest foreign investments in Japan's hospitality and tourism sector, reflecting both international and domestic confidence in the project's long-term success.
The evaluation process for integrated resorts in Japan is a statutory requirement under the country's IR Act, which mandates that the Ministry of Land, Infrastructure, Transport and Tourism review the progress of approved district development plans annually. This system is intended to ensure that projects remain on schedule, follow regulatory guidelines, and achieve the goals outlined in their initial proposals.
More Business News
MGM Osaka Still the Only Planned IR
Currently, MGM Osaka is the only approved integrated resort under development in Japan, giving it a unique position in the country's tourism landscape. The project has been closely watched by both domestic policymakers and international investors, as it will serve as Japan's first large-scale integrated resort with a casino component, a model that could be replicated in other prefectures in the future.
While Osaka remains the central focus of Japan's IR policy at present, there are ongoing discussions about potential future sites. Reports from Japanese media earlier this year indicated that Yokosuka in Kanagawa prefecture has been mentioned as a possible candidate should another round of applications for IR development be opened. Government officials have previously suggested that the start of a new application process is not far off, though no firm timeline has been set.
RELATED TOPICS: Business
Review this New Post
Leave a Comment
User Comments
Comments for Japan Tourism Agency Shows Optimism on Timeline for MGM Osaka Completion