Certification paves way for MGM Japan and its joint-venture partner ORIX to finalize development of $10 billion integrated resort in Osaka
LAS VEGAS, April 14, 2023 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) ("MGM Resorts" or the "Company") today announced that Japan's Ministry of Land, Infrastructure, Transport and Tourism has officially certified the Area Development Plan submitted last year by Osaka Prefecture/City and by Osaka IR KK, a joint venture between MGM Resorts Japan and ORIX Corporation ("ORIX"). The certification is one of the final steps in the licensing process under Japan's Integrated Resort Development Act and paves the way for MGM Resorts Japan and ORIX to finalize agreements with Osaka Prefecture/City on the construction of a new approximately $10 billion development project.
"It is an honor to be selected by the Government of Japan to develop a tourism project of this scale," said MGM Resorts CEO & President Bill Hornbuckle. "We couldn't be more excited to get started on the development of one of Japan's first Integrated Resorts in the great City of Osaka, and we look forward to working with our partner ORIX and Osaka Prefecture/City to realize this long-held goal."
Details of the proposed development in Osaka were unveiled last year as part of the licensing submission process and showcase MGM's vision to bring a world-class resort experience to Osaka. The proposed development is designed to transform the region into one of the world's top entertainment and hospitality destinations and to serve as a hub for tourism across Japan.
MGM and ORIX, together with Osaka Prefecture/City, submitted an Area Development Plan to the Government of Japan during the October 2021 to April 2022 application period.
About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary LeoVegas AB offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. Through its "Focused on What Matters: Embracing Humanity and Protecting the Planet" philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on Twitter as well as Facebook and Instagram.
Forward Looking Statements:
Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. Forward-looking statements can be identified by the use of forward-looking terminology such as "believes," "expects," "could," "may," "will," "should," "seeks," "likely," "intends," "plans," "pro forma," "projects," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the Company's expectations regarding the development of an integrated resort in Japan, the expected opening date and expected cost of the development project'. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise, and the Company may not be able to realize them. The Company does not guarantee that the development project or other events described herein will happen as described (or that they will happen at all). These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the continued impact of the COVID-19 pandemic on the Company's business, the effects of economic conditions and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, including the proposed integrated resort in Japan, risks relating to international development, operations, permits, licenses, financings, approvals and other contingencies described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.
MGM RESORTS CONTACTS
Investment Community:
SARAH ROGERS, Senior Vice President of Corporate Finance
(702) 730-3942, srogers@mgmresorts.com
ANDREW CHAPMAN, Director of Investor Relations
(702) 693-8711, achapman@mgmresorts.com
News Media:
BRIAN AHERN, Executive Director of Communications
media@mgmresorts.com
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SOURCE MGM Resorts International
