MGM Resorts Selected By Osaka As Integrated Resort Partner
MGM Resorts International (NYSE: MGM) announced that it has been selected as the integrated resort partner for Osaka, in collaboration with joint-venture partner ORIX. This selection marks a significant milestone in MGM's pursuit to develop one of Japan's first integrated resorts, with an initial investment of approximately $10 billion. The project aims to attract around 20 million annual visitors and generate 15,000 jobs. The next step involves submitting an Area Development Plan to Japan's government by April 2022, with potential licensing in 2022.
- Selected as integrated resort partner for Osaka, enhancing MGM's market presence in Japan.
- Proposed project involves a significant initial investment of approximately $10 billion.
- Projected to attract around 20 million annual visitors, boosting local tourism.
- Expected to create approximately 15,000 jobs, positively impacting local employment.
- The timeline for licensing and approval may face delays, affecting development pace.
- Potential risks associated with international operations could impact project execution.
LAS VEGAS, Sept. 28, 2021 /PRNewswire/ -- MGM Resorts International (NYSE: MGM) today announced that MGM Japan, together with its joint-venture partner ORIX, has been selected by Osaka as the region's integrated resort partner. Osaka's selection of the MGM-ORIX consortium marks an important step in MGM's long-term bid to develop one of Japan's first integrated resorts.
Details of the proposed approximately
"It is an honor to be selected as Osaka's partner in developing an integrated resort. I commend the city in undertaking a comprehensive and thoughtful process to meet its goal of developing a world-class integrated resort in Osaka," said MGM Resorts CEO & President Bill Hornbuckle. "We will work closely with prefectural/city municipal governments to deliver an iconic, uniquely Japanese destination warranting Osaka's selection as home to one of Japan's first integrated resorts."
Regarding the emerging opportunity in Japan, Hornbuckle added: "Nowhere is the future of tourism and hospitality more exciting than Japan, and Osaka is the perfect location for that future to begin. We couldn't be more excited for the opportunity to help enhance and grow Osaka's reputation as a world-class destination and gateway for the world to the wonders and rich history of Japan."
Osaka's selection of MGM-ORIX is one of several steps in the licensing process following the 2018 passage of Japan's Integrated Resort Implementation Act. The next step is for MGM, together with Osaka prefecture/city and ORIX, to submit an Area Development Plan to Japan's central government during the October 2021 to April 2022 application period. Integrated resort licenses are expected to be issued by the central government in 2022. If selected to receive a license, MGM anticipates an opening date in the second half of the 2020s for the Osaka project.
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Overview: Osaka Yumeshima Integrated Resort Project
Proposed to be located along the water on Osaka's Yumeshima island, the project is designed to help establish Japan as a top global tourist destination, with Osaka serving as an internationally celebrated city for international business, travel and world-class amenities and entertainment. The company has had a full-time development team in Japan for more than seven years, engaging with Japan's business communities, immersing in Japanese culture and laying the foundation for a project that embodies Japan's unique history and heritage.
Renderings of the project can be found HERE.
RESORT DETAILS
MGM Resorts is focused on bringing world-class entertainment and an unparalleled resort experience to Japan in a way that only MGM can deliver, through exciting cultural events, convention expertise and premium dining and retail experiences with broad appeal both nationally and internationally.
- Hotel & Amenities: MGM Osaka, MGM Villas, and MUSUBI Hotel (2,500 total guest rooms). Variety of dining and food & beverage offerings, retail space, spa, fitness center, banquet halls.
- Meetings and Conventions: Approximately 400,000 square feet of conference facilities, with capacity to accommodate more than 6,000 visitors. In addition, approximately 330,000 square feet of exhibition space, including an Innovation Laboratory.
- Entertainment: Yumeshima Theater (Approximately 3,500 seats).
TOURISM & ECONOMIC DEVELOPMENT
MGM is focused on generating significant economic activity for the region and increase employment opportunities.
- Initial investment: Approximately
$10 billion . - Projected number of annual visitors: Approximately 20 million.
- Projected number of employees: Approximately 15,000.
- Promotion of tourism throughout Japan: Support and facilitate the formation of a "Showcase of Japanese Tourism" plan for the area surrounding the resort to establish Osaka as a gateway for wider tourism in Japan. Facilities to include Kansai Tourism Center, Garden Theater, Japan Food Pavilion, and Kansai Art & Culture Museum.
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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 destination gaming offerings in the United States and Macau, including some of the most recognizable resort brands in the industry such as Bellagio, MGM Grand, ARIA and Park MGM. The Company's 50/50 venture, BetMGM, LLC, offers U.S. sports betting and online gaming through market-leading brands, including BetMGM and partypoker. 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.
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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 and involve risks and/or uncertainties, including those described in the Company's public filings with the Securities and Exchange Commission. 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, including the expected opening date, the expected resort details and the expected investment amounts. 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 resorts in Japan, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties 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.
SOURCE: MGM Resorts International
MGM RESORTS CONTACTS:
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Director, Media Relations | Executive Director, Investor Relations |
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SOURCE MGM Resorts International
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