MGM said to have forfeited right to withdraw from Osaka USD 10B IR project
Monday 09 de September 2024 / 12:00
⏱ 2 min read
(Osaka).- MGM Resorts International is reported to have forfeited its right to withdraw from its near US$10 billion Osaka integrated resort development within the next two years in order to clarify its commitment to the project.
According to the Nikkei, MGM has agreed to forego the withdrawal option, which had allowed the company to pull out at any time until September 2026 pending certain conditions such as tourism to Japan falling short of pre-pandemic levels, investment requirements spiralling or unexpected issues emerging with the Yumeshima Island site.
It is also reported that builders have expressed reservations about signing onto the project due to uncertainty around its future.
MGM declined to comment when contacted by Inside Asian Gaming on Sunday and it is unclear whether the reported forfeiture of withdrawal rights is related to a recent request by organizers of next year’s World Expo to pause construction of the Osaka IR for six months due to concerns around noise and visuals.
As previously reported by Inside Asian Gaming, MGM began land preparatory work on the 21-hectare site late last year with the goal of preventing liquefaction and firming up the land base. Those liquefaction measures are expected to continue throughout the Osaka Expo and be completed by April 2027 at a cost of JPY25.5 billion ($173 million).
Other preparatory work such as setting up fences, offices and laying out power lines, will be completed by spring of 2025, the Nikkei said.
Completion and opening of the IR itself has already been pushed back by a year to 2030.
Osaka IR Corporation, the joint venture between MGM Resorts International and local partner ORIX Corporation, officially signed the Implementation Agreement for development of an Osaka IR in late September 2023, paving the way for construction works to begin.
Once complete, the IR is projected to include 2,500 hotel rooms across three hotel brands, 730,000 square feet of MICE space and tourism facilities to showcase the best of Osaka and Japan.
Categoría:Casino
Tags: Sin tags
País: Japan
Región: Asia
Event
PERU GAMING SHOW – PGS 2026
17 de June 2026
APADELA and the Future of Sports Betting in Peru Following Regulation
(Lima, SoloAzar Exclusive).- During the Peru Gaming Show 2026, Gonzalo Rosell, President of the Peruvian Association of Online Sports Betting and Related Activities (APADELA), analyzed the current state of the Peruvian remote gaming and sports betting market following the implementation of the regulatory framework. In his presentation, “Current Situation of the Remote Gaming and Sports Betting Industry Post-Regulation in Peru,” the executive highlighted the tax challenges facing the formal industry and called for a review of the selective consumption tax.
Friday 10 Jul 2026 / 12:00
Beyond Compliance: New Challenges in Anti-Money Laundering for the Gaming Industry
(Lima, SoloAzar Exclusive).- At Peru Gaming Show (PGS) 2026, Carlos Hermoza Horna, Founder & Managing Partner at CompliLab Legal Latam, delivered a conference focused on how anti-money laundering (AML) compliance in the gaming sector must evolve beyond regulatory obligations. His presentation highlighted the growing sophistication of financial crime, the importance of technology, and the need to build a genuine compliance culture across gaming organizations.
Thursday 09 Jul 2026 / 12:00
Matías Magallón, CEO of ALPS after PGS 2026: "The industry's conversations are becoming more mature"
(Lima, SoloAzar Exclusive).- Following its participation at Peru Gaming Show 2026, ALPS CEO Matías Magallón discusses the company's objectives in Peru, the industry's evolving priorities and the opportunities emerging across Latin America.
Wednesday 08 Jul 2026 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.
