(Construction) - Osaka Prefecture and Osaka City announced on September 5 a draft implementation agreement for a project to develop an integrated resort including a casino at Yumeshima in Osaka City.
The construction of the facilities was scheduled to start in spring or summer of 2023 when the zoning plan was approved in April, but now the preparation work is scheduled to start in summer 2024 and the construction of the facilities in spring 2024. The opening date, originally scheduled for fall or winter 2029, has been changed to fall 2030. The initial investment amount has also been increased from approximately 1.08 trillion yen to 1.27 trillion yen. With government approval, the city aims to conclude an agreement with the IR operator by the end of this month.
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| Construction of Japan’s first casino resort planned in Osaka to begin in summer 2024 |
In April 2022, the Osaka Prefectural Government and the City of Osaka applied to the national government for approval of the development plan for the Osaka IR zone. The time required for government approval was originally expected to be approximately six months, but since the government approval was granted in April, the timing of the start of construction and opening of the IR has also been delayed.
The initial investment amount has increased by approximately 17% due to rising construction material prices and other factors. Additional funds will be provided by MGM Resorts Japan, the major shareholder of the operator "Osaka IR," and ORIX. They will continue to make efforts to reduce project costs.
Osaka IR was established with MGM Resorts Japan and ORIX as core shareholders. Twenty companies including construction companies Obayashi Corporation, Takenaka Corporation and Daiwa House Industry have also invested in the company. The planned Yumeshima site will cover an area of approximately 492,361 square meters. It will include a group of facilities such as casinos, MICE facilities, and hotels. (2023/09/07)
The Daily Engineering and Construction News of Japan
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