Japan’s inaugural casino is now progressing from vision to reality. Several months after the Japanese government approved a revised implementation deal for Osaka’s IR project, construction phase has officially commenced.
This project is a powerhouse between Orix Corporation and the well-known global gaming company MGM Resorts. The official deal, which went into effect in September, gave the project’s construction the green light.
Initial efforts will focus on fortifying the territory to ensure its ability to support the intricate structure. The preparatory work is estimated to cost approximately $173 mln, a financial responsibility currently shouldered by the property owners. However, the government has pledged reimbursement once the project reaches completion.
The estimated cost of developing the Osaka IR is $8.6 bln, in accordance with the agreement from September. The resort, spanning 52 acres, will be situated on Yumeshima, an artificially created island measuring 700 acres in Osaka Bay.
Upon completion, the IR will feature three distinct hotels, each representing a distinguished brand, suggesting a combined total of 2,500 rooms for guests. With an expansive 730,000 sq ft of conference hall, the facility aims to significantly enhance tourism. Notably, only 3% of the entire indoor space at the resort will be dedicated to the casino.
Barring unforeseen delays, the IR anticipates hosting its inaugural guests in the year 2030.
