Casino operator MGM Resorts International expects Japanese national authorities to make an announcement regarding Japan's first casino license in the fall. According to the company's chief financial officer, Jonathan Halkyard, he says the group expects to become one of the pioneering operators of Integrated Resorts (IR) in Japan.
Mr. Halkyard spoke at the Jefferies Global Consumer Conference on Monday.
On April 26, Osaka Prefecture and Nagasaki Prefecture announced that they each submitted their IR district development plans to the government in time for the April 28 deadline. They were the only municipalities to make bids.
MGM Resorts International Inc MGM and Japan's Orix Corp are private sector partners in Osaka for local inclinations for IR. The resort complex (pictured with an artist's rendering) requires an initial investment of 1.80 trillion yen ($8 billion at current exchange rates) according to previous statements, with an opening target date of 2029.
The MGM resort has been "working on Japan for many years" and a decision will be made on whether the Osaka plan has been approved by the government within September, Halkiyadh said in a speech on Monday.
"[We] expect to be licensed in the fall. We'll be in the works as we enter 2023," the group's CFO said. "This is a big project. It will take years to complete."
The executive also said MGM Resorts "will wait until things move forward a little bit before we outline the cost of the project and the details of the program."
He added: "We believe it's a tremendous market opportunity for the company and it's going to be a phenomenal integrated resort that generates strong revenue."
Earlier this month, a civic group in Osaka said it had gathered 208,552 signatures and submitted them to the current election commission, with the goal of a referendum on procedures in large cities for IR. The referendum at the current level needs the support of the current council.
Osaka City Council, another local government agency in the big city, has already rejected previous attempts by anti-casino groups to hold a referendum on the IR topic.
BY: 릴게임사이트