Japan’s tourism agency under the Ministry of Land, Infrastructure and Transport said Friday it approved an implementation plan to develop an integrated resort (IR) in Osaka, Japan’s first casino-related property.
Earlier this month, authorities in Osaka, Japan, confirmed that the initial investment cost increased 190 billion yen ($1.29 billion) to 1.27 trillion yen due to a year delay in the scheduled opening of IR (filmed by artist rendering) and submitted the “Osaka IR District Development Plan” to the government on September 8.
The Japan Tourism Authority, one of the agencies coordinating the IR approval process at the national level, said on Friday it had approved an implementation plan to be signed by Osaka authorities and private companies to develop casino resorts in the city. Once the two sides sign the implementation plan, known locally as the “performance agreement,” the outline of the agreement will be made public by the Osaka Ministry as required by Japanese IR law.
Private sector partners are MGM Resorts International, a U.S.-based casino operator, and Orix Corp. of Japan, as well as small investors in the MGM Osaka Development Consortium.
MGM Resorts CEO and President Bill Hornbuckle said earlier this month that he was supposed to travel to Japan on “September 29” and “sign the final two contracts” for the casino plans. “Performance agreements and leases”.
A panel of experts helping Japan’s tourism agency evaluate the Osaka IR district development plan at the national level already issued a statement from the central authorities saying there were no changes to the revised plan “inconsistent with the requirements.”
The expert evaluation team also said, “There has been no significant change so that the panel has to review whether the plan meets the evaluation criteria.”