Groundbreaking ceremony for Osaka's casino establishment, targeting a 2030 launch.
Getting the ball rolling on the hot new casino project in Osaka, Japan! 🎃🙌 Threw a shovelful of dirt on Yumeshima – that's right, an artificial island in the city – last Thursday.
MGM Resorts International and local partner ORIX are spearheading the casino's development, with a mouth-watering $3.4bn loan from Japanese banks. This is the humongous co-financing agreement banks have ever made in Japan, with a whopping estimated project cost of $8.5bn. Grab a seat for the grand opening – the casino-hotel will feature a to-die-for 2,500 rooms, plus 22,000 square-feet of gaming floor. 🏎️💰
Casinos became a green light in Japan back in 2018, when the government rolled out a vision for three integrated resorts, aka hotel-casino complexes in Asia. In 2022, Osaka applied for one of those sweet licenses. Yep, you guessed it – the COVID-19 pandemic slowed things down. But, the government and MGM finally sealed the deal in 2023!
Initially, MGM hoped to unveil the casino in 2029. But, alas, rising material costs forced the American operator to announce an awkward delay until 2030. Sadly, this has jacked up the price tag from $7.2bn to a hefty $8.5bn. C'est la vie! 😉
- The casino project in Osaka, Japan is being led by MGM Resorts International and ORIX, with a massive $3.4bn loan from Japanese banks.
- This co-financing agreement is the largest ever made in Japan, as the estimated project cost is a staggering $8.5bn.
- The casino-hotel, scheduled to open in 2030, will boast an impressive 2,500 rooms and a 22,000 square-feet gaming floor.
- Casinos were given the green light in Japan back in 2018, with the government's vision for three integrated resorts, or hotel-casino complexes, in Asia.
- Osaka applied for one of these licenses in 2022, but faced delays due to the COVID-19 pandemic and didn't seal the deal until 2023.
- The initial plan was to unveil the casino in 2029, but rising material costs forced an awkward delay until 2030, increasing the price tag to $8.5bn.
- The casino industry is looking forward to trends in Japan, with Las Vegas and casino personalities serving as points of reference for the emerging casino culture.
- Responsible gambling is a crucial part of the casino-and-gambling industry, with a focus on promoting a safe and enjoyable environment for all players.
