MGM Resorts International on Tuesday said MGM Japan, together with its joint-venture partner ORIX, has been selected by Osaka as the region’s integrated resort partner.
According to a statement from MGM, Osaka’s selection of the MGM-ORIX consortium marks an “important step” in MGM's long-term bid to develop one of Japan's first integrated resorts.
The parties unveiled details of the proposed approximately $10 billion development, which they said is designed to “transform the region into one of the world's top entertainment and hospitality destinations and that will serve as a hub for tourism across Japan.”
Japan passed the Integrated Resort Implementation Act in 2018. MGM said the next step in the licensing process will be a collaboration of the Osaka prefecture/city and ORIX to submit an Area Development Plan to Japan's central government during the October 2021 to April 2022 application period.
MGM said it expects the central government to issue integrated resort licenses in 2022. If selected to receive a license, MGM anticipates an opening date for the Osaka project in the second half of the 2020s.
The parties said the project will include three hotels, MGM Osaka, MGM Villas and MUSUBI Hotel, comprising a total of 2,500 guest rooms, a variety of dining and food and beverage offerings, retail space, a spa, fitness center and banquet halls.
For meetings and conventions, the resort will feature approximately 400,000 square feet of conference facilities, with capacity to accommodate more than 6,000 visitors. In addition, there will be approximately 330,000 square feet of exhibition space, including an Innovation Laboratory.
Entertainment will be featured at the Yumeshima Theater, which will seat approximately 3,500 guests.
All told, the project is expected to attract some 20m visitors per year, and employ 15,000 people.
“It is an honor to be selected as Osaka's partner in developing an integrated resort,” MGM Resorts CEO and president Bill Hornbuckle said in a statement. “I commend the city in undertaking a comprehensive and thoughtful process to meet its goal of developing a world-class integrated resort in Osaka. We will work closely with prefectural/city municipal governments to deliver an iconic, uniquely Japanese destination warranting Osaka's selection as home to one of Japan's first integrated resorts.”
Regarding the emerging opportunity in Japan, Hornbuckle added: “Nowhere is the future of tourism and hospitality more exciting than Japan, and Osaka is the perfect location for that future to begin. We couldn't be more excited for the opportunity to help enhance and grow Osaka’s reputation as a world-class destination and gateway for the world to the wonders and rich history of Japan.”
MGM Resorts International is an S&P 500 global entertainment company with 31 hotel and destination gaming offerings in the United States and Macau, including brands such as Bellagio, MGM Grand, ARIA and Park MGM.
