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Japan’s Ministry of Land, Infrastructure, Transport and Tourism has officially certified the Area Development Plan submitted by Osaka Prefecture/City and Osaka IR KK, a joint venture entity between MGM Resorts Japan and ORIX Corporation. This certification is one of the final steps in the licensing process for MGM Resorts Japan and its joint venture partner to start the new $10 billion development project in Osaka.
The Area Development Plan was submitted during the October 2021 to April 2022 application period. MGM has had a full-time development team in Japan for more than seven years to prepare for this development plan.
The new hotel is estimated to have 2,500 guest rooms with a variety of dining and food and beverage offerings, retail space, space, fitness center, banquet halls. Approximately 400,000 square feet will be conference facilities, with capacity to accommodate more than 6,000 visitors. In addition, approximately 330,000 square feet will be exhibition space, including an Innovation Laboratory. A 3,500-seats theater will also be part of this integrated resort.
The projected initial investment of this development is $10 billion. The projected number of annual visitors is 20 million and the projected number of employees is 15,000.