The boss for the MGM Resorts Japan arm of American casino operator MGM Resorts International has reportedly announced that his company remains committed to bringing a large Las Vegas-style gambling development to the city of Osaka.
According to a report from Inside Asian Gaming, the pledge from the subordinate’s Chief Executive Officer, Ed Bowers, comes after local financial services firm Orix Corporation expressed concerns over the suitability of the site for the proposed multi-billion-dollar project. The source explained that this second company had earlier agreed to spend a minimum of $2.4 billion on helping MGM Resorts International to realize an integrated casino resort for a 121-acre portion of Osaka’s man-made Yumeshima Island.
Prominent partner:
Osaka-headquartered Orix Corporation reportedly inked a development arrangement with MGM Resorts International in February that contains an escape clause that may be triggered up to 30 days following the proposed project’s certification. This provision can purportedly be executed should the former firm feel market conditions have changed or if the entire scheme has become commercially unattractive due to rules put in place by the Japan Casino Management Board regulator.
Concerning capacity:
Inside Asian Gaming reported that the alliance between MGM Resorts International and Orix Corporation could moreover be annulled should local authorities fail to address soil contamination issues on Yumeshima Island, which currently hosts a pair of container terminals. This latter stipulation was purportedly discussed at a recent Osaka City Council committee meeting where both firms were asked about the potential of it being triggered.
Bowers reportedly declared…
“We have been working on this for years and just simply giving up is not something we are considering. We have already invested a great deal of money and personnel and will continue to do so.”
Submerging spot:
Despite expressing similar sentiments, the Chief Executive Officer for Orix Corporation, Toyonori Takahashi, reportedly acknowledged that the matter might be taken out of the hands of his firm should Yumeshima Island be found to be an unsuitable site for the proposed integrated casino resort.
Reportedly read a statement from Takahashi…
“Yumeshima Island is already sinking and we are now conducting additional boring surveys. The next step is to figure out whether or not we can design a building based on the expert findings that the island can withstand. We have no intention of giving up but there may come a time when this is unavoidable.”
Coming cut-off:
Japan reportedly passed legislation in the summer of 2018 that is to see the nation of approximately 126 million people issue a trio of disparate communities with 40-year integrated casino resort licenses. Runners are purportedly being asked to submit their final plans to a panel of federal selectors by an April 28 deadline with Osaka alongside Wakayama Prefecture and Nagasaki Prefecture being seen as leaders in the race to secure one of these certifications.