MGM Resorts International and Orix are eyeing to develop first-ever casino in Japan, tapping opportunity after the Asian nation recently legalised gambling.
Japan passed a legislation in 2018, but provisions of the ‘Act on Promotion of Development of Specified Complex Tourist Facilities Areas’ were only put into effect on 19 July.
Japanese financial services firm Orix, in a filing to US Securities and Exchange Commission on Wednesday, said that it submitted documents to both Osaka city and prefecture in tandem with MGM Resorts International for the gaming project.
Orix did not provide details of the proposal in the filing document. Dow Jones reported that MGM Resorts and Orix will invest JPY1trn ($9.1bn) in the casino resort.
The newswire cited Osaka governor Hirofumi Yoshimura saying that the proposal would be reviewed until September before an application is submitted to the national government. If approved, the casino might open its doors in the latter half of the decade.
The move to legalise gambling is part of Japan’s efforts to boost tourism, particularly with the Tokyo Olympics being held behind closed doors.