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MGM Resorts International and ORIX Corporation Joint Venture to Develop a Multi-billion Dollar Integrated Resort in Osaka Prefecture

Monday, October 4, 2021, 13:24 Hrs  [IST]
HBI Staff | Hyderabad

Osaka Prefecture and Osaka City have announced a consortium comprising US-based hotel and casino company, MGM Resorts International (“MGM”), and Japan-based ORIX Corporation (“ORIX”) as the preferred partner to develop and operate an Integrated Resort (“IR”) on Yumeshima Island in Japan. The IR will be sitting on a 390-hectare artificial island located alongside Osaka Port and site of the 2025 World Expo. According to the President of MGM Resorts International, William Hornbuckle, the initial investment for the MGM-ORIX IR development is estimated to be JPY1.08 trillion (USD9.7 billion) and the investment plan with ORIX is 40-40-20, where a consortium of other Japanese companies will fill up the last 20%. If not, both MGM and ORIX will take up 50% each. Osaka Prefecture is the last of the three cities to have confirmed its IR partner, with Wakayama Prefecture naming Clairvest Neem Ventures in June and Nagasaki Prefecture choosing Casinos Austria in August.

 

 
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