According to Ed Bowers, President and CEO of MGM Resorts International’s Japanese subsidiary, the proposed integrated resort by MGM Resorts International in Japan would generate more revenue than the majority of other IRs in Asia as well as tax revenue of approximately US$1.5 billion on an annual basis.
During his keynote address at the G2E Asia Special Edition: Singapore conference on Wednesday, MGM CEO James Bowers provided some insights into the company’s plans for an integrated resort (IR) in Osaka.
Should the company be granted a concession by the central government later this year, Bowers said he expects the property to provide a significant financial boost for the Kansai region as well as for the country as a whole.
He stated that this will be the most expensive IR that has ever been constructed in Asia. The project is expected to employ approximately 15,000 people.
We anticipate that the project will contribute approximately JPY106 billion annually to the city and prefecture of Osaka. This amount, depending on the current exchange rate, will be equivalent to between US$800 million and US$900 million (the amount is currently US$773 million).
“Between casino taxes and entry fee payments, we anticipate that the project will contribute approximately JPY106 billion annually to the city and prefecture of Osaka.
“The national government of Japan will also receive a contribution of an equivalent amount.”
Bowers predicted that revenue at MGM’s Osaka integrated resort would “exceed that of most other IRs in Asia.”
This prediction was based on the fact that the Kansai region has a population base of approximately 25 million people, is located near three major airports, and is connected via high-speed rail to other major metropolitan centres throughout Japan, specifically Tokyo.
Bowers has expressed confidence in what MGM has presented, even though the business has not yet been given approval for its IR proposal. A final decision is anticipated to be made as soon as the beginning of the next month.
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To provide an update about the approach, he stated that “at the present time, our primary focus is on the completion of geological investigations of the site in addition to the preparation of schematic design drawings.”
This was done to provide an update regarding the method. To provide an up-to-date explanation regarding the procedure, this was carried out.
After we have gained authorization from the central government, we intend to move through with the whole design work, and we aim to begin construction on the site no later than the middle of 2023 at the very latest.
We anticipate that, if this proposition is approved, the IR will be fully operational by the end of the year 2029, at which point construction will have come to a close.
This will mark the completion of the project. This timetable makes the assumption that the plan will be approved.
