The development of the landmark casino on Yumeshima Island near Osaka has achieved another significant milestone. Following the recent approval from the central Japanese governmental authorities, the implementation plan for the Osaka Integrated Resort project (IR) has been officially signed by the Osaka provincial government and the investors led by MGM Resorts International and Oryx Corp.
Implementation Plan Signing
As reported by GGRAsia, the agreement was formalized in Osaka during a dedicated ceremony on September 25, 2023. This was the same day when Osaka city officials inked a lease agreement with the aforementioned partners for the land on Yumeshima Island, where the resort is set to be constructed. The source also notes that Osaka representatives publicly confirmed the signing of both agreements.
IR Driving Economic Growth
Additionally, Osaka Governor Hirofumi Yoshimura expressed his anticipation that the integrated resort would stimulate the economic growth of the region. Meanwhile, Bill Hornbuckle, Chief Executive and President of MGM Resorts, stated during the ceremony that “Osaka can and will become an international destination for tourism, and the IR can be at the epicenter,” according to 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.”
Certification Process Completion
Following the recent approval from the Japan Tourism Agency, the signing of the implementation plan on September 25 marks the final milestone in the certification process for the first Japanese resort incorporating a casino facility. This development puts the project under constant pressure to launch at the earliest opportunity.
Anticipating the 2030 Launch of First Casino on Yumeshima Island
The implementation plan is a crucial component of the IR District Development Plan for Osaka, reportedly approved by national competent authorities earlier in 2023. Now that the certification process is concluded, investors can concentrate on the subsequent steps, closely monitored by stakeholders and the community.
Although initial announcements aimed for a grand opening in 2029, Osaka authorities recently confirmed that the property will open 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). However, it appears that money is no object, as Osaka eagerly awaits the commencement of this exciting venture.