A little over a week after selecting the consortium being led by MGM Resorts International to serve as the preferred operating partner for its tilt at securing an integrated casino resort license and the Japanese city of Osaka has reportedly released further details concerning the winning proposition.
According to a report from Inside Asian Gaming, the community of approximately 2.7 million people revealed that the syndicate secured the win after its request for proposal bid racked up 788.5 of the possible 1,000 points available under its scoring system. However, the source detailed that this proposition was the sole scheme up for consideration after earlier potential runners including the likes of Galaxy Entertainment Group Limited, Las Vegas Sands Corporation and Wynn Resorts Limited pulled out ahead of an April 6 deadline.
Although most gambling is currently illegal in Japan, the coalition government of former Prime Minister Shinzo Abe passed legislation in July of 2018 that will see the nation of some 126 million inhabitants license a trio of integrated casino resorts featuring hotels, exhibition facilities and large gaming floors. To be in the race to host one of these Las Vegas-style developments and locales are first being obliged to select a foreign firm to operate their proposed gambling-friendly venue in advance of submitting their completed license applications to a panel of federal selectors before the conclusion of an April of 2022 cut-off.
Osaka is now reportedly hoping that its plan to bring an integrated casino resort to a 121-acre portion of the man-made Yumeshima Island in partnership with MGM Resorts International and local financial services firm Orix Corporation will win one of these 40-year licenses so as to help boost the local economy through an expected swell in tourism.
Reportedly read an official statement from Osaka…
“Currently, the global expansion of the coronavirus pandemic is having a serious impact on socio-economic and tourism-related industries but the proposal from MGM Resorts International and Orix Corporation shows a deep understanding of the purpose of this project. In the future, we will steadily proceed with the project in full cooperation with Osaka Prefecture, Osaka city and related parties to form an international tourism base on Yumeshima Island and revitalize the Osaka Bay area.”
For its part and GGRAsia reported that Osaka went on to predict that its envisioned integrated casino resort would be expected to chalk up annual revenues of almost $4.85 billion with some $3.87 billion of this tally coming from gambling. This source explained that the Honshu city moreover purportedly estimated that the entire project is set to cost slightly over $9.69 billion to complete although providing full-time employment for approximately 15,000 people and attracting upwards of 20.5 million visitors every year including roughly 6.5 million from abroad.