The boss for American casino operator, MGM Resorts International, has reportedly declared that his firm is interested in attracting even more partners to help it win the right to bring an integrated casino resort to the Japanese city of Osaka.
According to a report from GGRAsia, the Las Vegas-headquartered operator inked a deal with local financial services firm Orix Corporation late last month that is to see the pair endeavor to win the right to build and operate an envisioned multi-billion-dollar gambling facility for Japan’s third-largest metropolis.
Despite the signing of this alliance, James Murren (pictured), Chairman and Chief Executive Officer for MGM Resorts International, reportedly used a Monday conference call regarding his firm’s most recent first-quarter financial results to declare that he remains eager to entice even more partners.
“We have been clear from day one that we believe it is essential to work with Japanese companies to develop a uniquely Japanese resort and we have found a like-minded and natural partner in Orix [Corporation]. We are forming a robust consortium that is anchored by but not exclusive to Orix [Corporation].”
A city of some twelve million inhabitants, Osaka officially launched the request-for-concept portion of its casino tendering process last week and is now expecting numerous consortiums put forward their visions for what the proposed integrated casino resort should look like and feature. Murren proclaimed that his firm has adopted ‘an Osaka first strategy’ and intends to focus its ‘considerable resources on creating a breath-taking resort to celebrate the entire Kansai region.’
“On Japan, our company has had a team there for roughly six years. We continue to deploy exceptional resources to that market and we expect to win and get a great return on all of it.”
GGRAsia reported that Makoto Inoue, Chief Executive Officer for Tokyo-based, Orix Corporation, detailed in March that his firm’s consortium with MGM Resorts International is due to see both parties hold an equal amount of equity with ‘Osaka corporations’ being responsible for the remainder.
In related news, the Chief Executive Officer for MGM Resorts International’s MGM China Holdings Limited subsidiary, Grant Bowie, detailed yesterday that his firm’s first-quarter adjusted earnings before interest, tax, depreciation and amortization had risen by almost 27% year-on-year to hit just over $206.37 million.
Hong Kong-listed MGM China Holdings Limited is responsible for the MGM Macau venue and opened its $3.4 billion MGM Cotai property in mid-February of last year with Bowie disclosing that both Macau properties have recorded ‘very strong’ demand for the upcoming four-day Labor Day holiday period.