MGM Resorts and Orix Corporation have formed a partnership in its bid to be chosen by the Osaka prefectural government for an integrated resort (IR) development at Yumeshima.
This is the very first time that an international IR operator has revealed to the public the identity of one of its Japanese consortium partners. Apparently, the partnership between MGM and Orix was made around three months ago (December 2018).
MGM Resorts is the parent company of Macau casino operator MGM China Holdings Ltd.
While the Las Vegas casino operator MGM has initially stated it wanted to be a majority owner in a Japanese integrated resort development, its partner ORIX Group said on March 22, Friday that the end deal may have them hold even stakes in the IR consortium. It has also been revealed that a few Osaka corporations will participate as well in the consortium.
Representative Officer and CEO of MGM Resorts Japan Ed Bowers said, "MGM Resorts confirms that we are working in equal partnership with Orix to create Japan's first integrated resort in Osaka."
Osaka will most likely be one of the hosts of Japan's first casino resorts. The first wave of casino gambling liberalization shall involve the issuance of three gaming licenses. With an obviously strong support from local legislators, the already available venue for a future integrated resort, and its winning bid to host World Expo 2025, Osaka has been considered one of the favorite places in the roster to host a MICE property.
This team up is going to be a very powerful one - MGM Resorts is the IR operator that has openly committed itself to an Osaka bid, whereas Orix is a big financial group with wide interests in the Kansai region, including the operation of Kansai Airports.