Integrated Resorts in Osaka, Japan?
MGM Resorts International, a U.S.-based casino operator, has announced its plans to open its integrated resort in Osaka, Japan. Their plan is in the first half of 2029. MGM Resorts International expects to break ground on the project by the later part of the year or the beginning of 2024.
Bill Hornbuckle is the chief executive officer and US-based casino MGM Resorts president. He confirmed that the company must finalize the land lease and other agreements with Osaka authorities. He was doing it before moving forward with the project. The casino resort complex is a $8.1 billion project. The firm plans to resort to bank financing to pay for construction.
The casino resort complex will be located at Yumeshima, an artificial island in Osaka Bay. It will host the World Expo 2025. Japan’s central government approved Osaka’s IR District Development Plan last month. It was related to a tourism complex with a casino to be developed by a consortium, including MGM Resorts and Orix.
The CEO also discussed the significant recovery of MGM China Holdings Ltd., MGM Resorts’ Macau-based casino operator. Before the Covid-19 pandemic, the company’s adjusted property earnings before interest, taxation, depreciation, amortization, and restructuring or rent costs (EBITDAR) in Q1 2021 were 88% of 2019 levels. The President and COO of MGM China stated that the properties’ daily mass gross gaming revenue had already surpassed 2019 levels.
MGM Resorts also discussed their involvement in a Dubai project and interest in related developments in Abu Dhabi. Wynn Resorts Ltd, a rival U.S.-based casino operator, is developing a $3.9-billion Middle East casino complex—the first major resort in the United Arab Emirates to offer casino gaming.
Overall, MGM Resorts’ plans for the integrated resort in Osaka, Japan, demonstrate its strategy to increase its geographic diversification. It is expanding its global reach. Although the launching date has been delayed, MGM Resorts is confident in completing the project and delivering an immersive and high-quality casino experience in Japan. Additionally, the success of MGM China and the expansion of the company’s interests into Dubai and Abu Dhabi suggest that MGM Resorts is positioned for expansion and success in the coming years.
Who is MGM Resorts International?
MGM Resorts International is a multinational hospitality and entertainment company in the United States. The company was founded in 1986 as MGM Grand, Inc. It was later renamed MGM Mirage in 2000 before finally adopting its current name in 2010. MGM Resorts International operates hotels and casinos in numerous international locations, including Las Vegas, Macau, and Japan. The company’s well-known properties include the Bellagio, MGM Grand, Mandalay Bay, The Mirage in Las Vegas, and MGM Cotai and MGM Macau in Macau, China. The company also operates online gaming platforms and is involved in real estate development projects.