The green light for Japan’s first integrated hotel casino entertainment complex represents the culmination of years of work. In 2018, the Diet – the Japanese parliament – enacted legislation allowing for the construction of such facilities. Following a number of delays, the law eventually went into effect in July 2021.
The development was authorised following a meeting today of Headquarters for the Promotion of Integrated Resort, led by Kishida. The project is to be undertaken by a number of contractors, including MGM Resorts – who previously won the contract the develop the site – as well as Japanese business Orix Corporation, who will be working in partnership with the US-based casino operator.
The JPY1.8tn (£10.85bn/ $13.49bn/ €12.26bn) project will be built on Yumeshima, an artificial island near Osaka which will host the World Expo in 2025. Governor Ichirō Matsui of the Osaka prefecture first proposed the site as a possible location of IR development in 2014.
At the meeting, the Prime Minister called the construction of IRs an “important initiative” in promoting the development of both domestic and international tourism.
“[The IR] is expected to contribute to the development of the Kansai region and the growth of Japan after the Osaka-Kansai Expo in 2025, and to become a tourist base that spreads the charm of Japan to the world,” said Prime Minister Kishida.
“Based on the IR Development Law, examinations of casino licences will be conducted. We ask that relevant organisations work to improve the environment, including measures to prevent addiction.”
Original article: https://igamingbusiness.com/legal-compliance/japan-approves-osaka-ir/
