MGM Osaka targets autumn 2030 opening as Japan’s first casino resort???

Jenny Ortiz September 10, 2024

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MGM Osaka targets autumn 2030 opening as Japan’s first casino resort???

MGM Osaka is progressing towards an anticipated opening in autumn 2030 according to local reports. The project, which has a budget of JPY1.27 trillion (€8 billion), is being developed on a 492,000-square-metre site on Yumeshima, an artificial island in Osaka.

Preparatory work, including the installation of fences, offices, and power lines, is due to begin this month and is expected to be completed by spring 2024. Once finished, the resort will feature a casino, 2,500 hotel rooms, an international convention centre, a shopping mall, and various other facilities.???

The MGM Osaka project is being developed by a consortium that includes MGM Resorts International and Japan-based financial services group Orix Corp, both holding a 40 percent stake. In addition, there are 22 minority shareholders involved in the development, including major companies such as Panasonic Holdings and West Japan Railway. This group is committed to delivering a world-class destination, designed to boost both the local economy and Japan’s tourism industry.

Waiving the exit clause

Based on the reports, an important development in the project has been the decision by the consortium to waive the right to withdraw from the project without penalty, a clause included in the agreement with the Osaka prefectural and city governments.

This exit clause, valid until September 2026, would have allowed the developers to step away under specific conditions, such as the slow recovery of Japan’s tourism industry, site complications, or rising costs. However, the consortium has chosen to forfeit this option, signalling its commitment to the project despite previous uncertainties surrounding tourism and construction.

Impact of Expo 2025 and construction concerns

MGM Osaka’s development is taking place amid preparations for Expo 2025, which is scheduled to occur on the same island from April to October 2025. Concerns have been raised by the Bureau International des Expositions (BIE), the organisation overseeing World Expos, regarding potential noise and environmental impacts during the construction phase of the resort. These concerns had prompted discussions about possibly pausing construction during the Expo. Despite this, the project continues to move forward, with the developers expressing confidence in their ability to meet the projected 2030 opening.?

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