MGM Osaka’s Resort Faces Possible Delays Due to World Fair
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This potential pause could significantly impact the project’s timeline, with the most immediate concern being another cost increase, possibly exceeding the $9.1 billion that MGM Resorts International and its local partner have committed to so far.
Financial Pressures Not Insurmountable
This latest setback adds to a series of challenges that might affect the financial performance and delay the timeframe for recouping the investment. Despite these issues, MGM Resorts International remains in a strong position, securing the first integrated resort in Japan and preparing to benefit from it in the long term.
Other integrated resort projects in Japan face lengthy regulatory processes, construction hurdles, and substantial initial costs, making them unlikely to start soon. Opposition from local residents has also been a factor in the delays.
MGM initially aimed to have the Osaka resort ready by the time Expo 2025 commenced, capitalizing on the expected surge in tourism. However, this timeline has been hampered by various delays, including a global economic downturn, geopolitical tensions, and the COVID-19 pandemic.
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Publicly, MGM Resorts International continues to express confidence. During the company’s Q2 earnings call, CEO and President Bill Hornbuckle mentioned that the project in Japan was “moving along nicely” and anticipated the resort’s launch around 2030, possibly a year sooner or later.
However, Hornbuckle’s comments were made before reports surfaced that the BIE might propose a construction hiatus. This pause likely aims to prevent the noise and disruption of construction from interfering with the World Fair. If enforced, this delay could present new strategic opportunities.
Meanwhile, discussions about fees to improve local infrastructure have been ongoing, addressing the inevitable wear and tear that increased tourism will bring.
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