MGM-Backed Osaka Casino Resort Complex Cost Could Rise to $15 Billion
The overall cost of developing the MGM Osaka integrated resort (IR) and additional entertainment and leisure facilities on Yumeshima Island in Osaka could climb to approximately $15 billion. This estimate factors in an anticipated $6.67 billion investment for non-gaming attractions and infrastructure, in addition to the previously announced $8.49 billion earmarked for the MGM Osaka resort itself.
LISTEN TO THIS ARTICLE:Takenaka Corp chairman Masato Namba underscored the investment estimate, stating that the second phase of Yumeshima's development, known as Yumeshima Phase 2, could require funding as high as JPY1 trillion ($6.67 billion). Takenaka Corp is among the firms participating in proposals to establish the supporting infrastructure surrounding the casino resort.
Related: MGM Osaka's Resort Faces Possible Delays Due to World FairOsaka's officials have presented a concept for Yumeshima Phase 2 that aims to enhance the MGM Osaka IR with various tourism and leisure amenities. Reports suggest that this phase will span around 123.6 acres and will be divided into four distinct sections.
Plans for the development include a hotel and an exhibition center to complement the IR, alongside facilities dedicated to advanced medical care and life sciences. Other attractions under consideration include a motorsport track and a high-end water park.
Namba described the combined efforts of Yumeshima Phase 1, which encompasses the MGM Osaka IR, and Yumeshima Phase 2 as a potential large-scale entertainment destination. He emphasized the goal of transforming Yumeshima Island into a key access point to the Seto Inland Sea.
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Namba also stressed the importance of including attractions in Yumeshima Phase 2 that would be equally as engaging as those within the MGM Osaka resort. As part of the development, discussions are underway to bring internationally recognized luxury hotel brands to the project.
Takenaka Corp, a leading Japanese firm specializing in real estate engineering and construction, has directly invested in the Osaka IR project. Its subsidiary, Takenaka Civil Engineering & Construction Co Ltd, is actively pursuing involvement in the expansion of tourism infrastructure on Yumeshima Island.
Kenji Hasuwa, CEO of Obayashi Corp, another prominent construction firm and investor in the MGM Osaka consortium, also weighed in on the potential of Yumeshima Phase 2. He noted that incorporating a motorsport circuit into the development would create a unique attraction that could set the area apart from other entertainment hubs. He described the planned racetrack as a strong investment opportunity due to its convenient location near a major urban center.
Hasuwa also pointed out that the extensive scope of construction required for Yumeshima Phase 2 would make it difficult for a single company to handle the entire project. He explained that, much like the construction of the MGM Osaka IR, multiple contractors would likely need to collaborate to complete the initiative.
The groundbreaking ceremony for the MGM Osaka project is set to take place on April 24. The resort is projected to open in 2030, aligning with the expected completion timeframe for Yumeshima Phase 2.
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