The development of the landmark casino and leisure property for the Yumeshima island near Osaka has reached another milestone. Following the recent approval of the central Japanese governmental authorities, the implementation plan for the Osaka Integrated Resort project (IR) has now been signed by the Osaka province government and the investors led by MGM Resorts International and Oryx Corp.
Signing the Implementation Plan:
As GGRAsia reports, the agreement was signed in Osaka during a dedicated ceremony held on September 25, 2023. It was the same day that the Osaka city officials signed a lease agreement with the aforementioned partners for the land of the Yumeshima island where the resort will be built. The source also reports that the Osaka representatives publicly confirmed the signing of these two agreements.
IR to Drive Economic Growth:
In addition, Osaka governor Hirofumi Yoshimura reportedly commented that he expected that the integrated resort will drive the economic growth of the region. At the same time, Bill Hornbuckle, chief executive and president of MGM Resorts, availed of the ceremony to say that “Osaka can and will become an international destination for tourism and the IR can be at the epicenter,” as reported by GGRAsia.
In a separate statement, Hornbuckle reportedly added: “This is a significant moment for our company as we officially close the certification process and begin to focus on executing our vision, in partnership with Orix, to build a world-class integrated resort in Osaka.”
Completing Certification Process
Following the recent approval of the Japan Tourism Agency, the September 25 signing of the implementation plan represents the final milestone for the certification process for the first Japanese resort that will integrate a casino facility. The fact makes the development subject to constant pressure to launch at the earliest opportunity.
Awaiting the 2030 Launch:
The implementation plan represents an integral part of the IR District Development Plan for Osaka, which was reportedly approved by the national competent authorities earlier in 2023. Now that the certification process is over, the investors can focus on the further steps to head to the deadlines impatiently monitored by the stakeholders and the community.
After the initial announcements targeted 2029 as the year of the grand opening, Osaka authorities recently confirmed that the property will be opened in the fall of 2030. According to the source, the development of the integrated resort on Yumeshima island will require a total investment of around JPY1.27 trillion ($8.5 billion). But it seems that money don’t matter, Osaka just cannot wait to start rolling dice.