Osaka will host the country's first IR with the casino.
The IR Promotion Agency was jointly established by the Osaka Prefecture and the Osaka City Government. Each contributes 50 percent of the country's expenses. The Osaka IR will open in the early years of the next decade.
The allocation amount was mentioned in the draft budget of the Osaka Prefecture for fiscal 2024. Current information submitted and reviewed online by GGRAsia's Japan correspondent showed that the IR promotion bureau's request for funding from the entire metropolitan area was fully supported by prefectural governor Hirofumi Yoshimura.
In the new IR promoter's budget, about 83 percent, or N546 million, will be used for labor costs for 49 employees. The remaining 17 percent, or N110 million, will be used for "project costs."
The latter amount is 73 million yen for monitoring IR progress, IR evaluation committee work, and communication with the government. There are 33 million yen for public relations work related to the IR project and 900,000 yen for the Gambling Addiction Countermeasures.
In December, Osaka Mayor Hideyuki Yokoyama talked about some of the expected economic benefits from Osaka IR, which will be called the MGM Osaka brand. They included helping the event to attract 20 million foreign visitors each year.
The promoter of the plan, Osaka IRKK, is a U.S.-based casino operator MGM Resorts International, Japan's Orix Corporation, and other small investors. MGM Resorts is the parent of MGM China Holdings Ltd., a Macau casino concession company.
In early September, Osaka authorities said it would be "fall 2030" as early as MGM Osaka opens, with an initial investment cost of 1.08 trillion yen ($7.59 billion now) up by 190 billion yen.
In early December, work began at the site to prevent the risk of soil liquefaction and to deal with other land problems, according to an announcement by Osaka City and prefectural authorities.
On Feb. 13 of this year, at MGM Resorts' fourth-quarter earnings call, the casino company's chief executive and president, Bill Hornbuckle, said MGM Osaka promoters "successfully launched liquefaction measures in the fourth quarter" and maintained the schedule that "construction preparation work will begin in 2025 in time for the opening in 2030."
BY: 바카라 필승법
