Osaka IR: MGM Resorts reveal plans following bid approval

MGM Resorts and ORIX plan to incorporate 2,500 hotel rooms between three hotel brands, 730 thousand square feet of MICE space and tourist amenities to exhibit the finest of Osaka and Japan

MGM and Orix announced their plans after Osaka Prefecture and Osaka City gave the go-ahead to select an IR partner.

In its own press release, MGM described the IR, which will be built on Yumeshima, an artificial island adjacent to Osaka Port, as "a project to establish Japan as a leading tourist destination and Osaka as a world-renowned international business city. It will provide world-class travel, amenities and entertainment."

"For over seven years, the company has been operating in Japan with a dedicated development team, working with the Japanese business community and laying the foundations for a project that is immersed in Japanese culture and embodies Japan's unique history and heritage."

The three hotels in the IR, MGM Osaka, MGM Villas and Musubi Hotel, will include a variety of dining options, shopping areas, spas, training facilities and banquet halls.

It will have meeting space for more than 6, 000 people, 30, 000 square meters of exhibition space, and a total area of ​​approximately 400, 000 square meters, including the innovation lab. The Yumeshima Theater can accommodate up to 3, 500 people.

Finally, the IR will develop a "Japan Tourism Showcase" plan that will create a gateway for Japanese tourism in the area surrounding the resort, including the Kansai Tourism Center, Garden Theater, Japanese Cuisine Pavilion, and the Kansai Culture and Academic Research City Museum of Art.

The total cost of the project is announced to be approximately $10 billion, with 15, 000 jobs and 20, 000 visitors per year.

"We are honored to have been selected as a partner with the City of Osaka in building an integrated resort," said Bill Hornbuckle, CEO and President of MGM Resorts.

"We commend the City of Osaka for the comprehensive and thoughtful process they have taken to achieve their goal of building a world-class integrated resort in Osaka. We will work closely with the prefecture and city to create a unique, iconic destination that justifies our choice of Osaka as the home of Japan's first integrated resort."

"The future of tourism and hospitality is nowhere more exciting than Japan. We look forward to helping enhance and grow Osaka's reputation as a world-class destination and a global gateway to the wonders and rich history of Japan."

Osaka’s approval

The Osaki Prefecture Evaluation Committee, through its RFP evaluation system, gave MGM and ORIX an overall rating of 788 points out of 5 possible points, and the prefecture and city have determined that the consortium is qualified as an integrated resort (IR) partner.

"Currently, the global coronavirus pandemic is having a serious impact on the socio-economy and tourism industry, but the MGM/ORIX consortium has a deep understanding of the purpose of this project.

"The realization of an IR that utilizes the potential of Osaka and Kansai's tourism resources, as well as industrial and cultural resources, will be an engine for the economic growth of Osaka and Kansai. Osaka's city brand will become a new city brand with international competitiveness. This is an ambitious proposal that aims to raise "Osaka" to a new level.

In the future, Osaka Prefecture, Osaka City, and related parties in the area will continue to work together to steadily promote the project, aiming to create an international tourism hub in the Osaka Bay Area and revitalize the Osaka Bay Area. Form an international tourism hub in Kokshim and revitalize the Osaka Bay Area.

"The Osaka IR is expected to contribute to the growth of the Osaka-Kansai economy and the development of the tourism sector, as well as the development of tourism and the Japanese economy as a whole."

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