Japan review finds MGM Osaka meeting plan requirements but asks for more detail

MGM Osaka’s integrated resort project continues to meet the requirements of its approved development plan, Japan’s Ministry of Land, Infrastructure, Transport and Tourism said in an assessment covering fiscal-year 2025. The ministry also asked the project’s promoters to produce refined consumer-demand estimates and plans for reinvesting casino earnings into non-gaming operations as the scheme moves towards its planned 2030 opening.

Progress, funding and remediation

The assessment, published by the Japan Tourism Agency earlier this month, covers fiscal-year 2025, which ended on March 31 this year. It acknowledged progress on construction, shareholder funding and work to address soil liquefaction at the project site on Yumeshima, an artificial island in Osaka Bay.

MGM Osaka is scheduled to open around autumn 2030. MGM Resorts International and Japan’s Orix Corp are the main partners in the JPY1.51-trillion (US$9.56-billion) project, alongside other Japanese businesses as minority investors. The implementation report prepared by Osaka’s prefectural and city governments said no factors had been identified that required revisions to the demand estimates underpinning the approved plan.

Ministry requests on demand and visitor mix

The ministry said work during the reporting period had been limited to confirming that the underlying assumptions in demand forecasts remained unchanged. It called for further refinement of the data used in estimates, asking promoters to take account of demand from specific customer segments, including business travellers, and any changes in market conditions. The ministry also emphasised the importance of developing promotional and visitor-attraction efforts to achieve the forecasts set out in the approved plan.

The ministry urged efforts to attract a broad visitor base without excessive reliance on particular nationalities or customer groups.

Financial contributions and borrowing

The implementation report said the project’s core shareholders contributed a combined JPY112.6 billion during fiscal-year 2025. Those funds supported construction, site remediation, financing-related expenses and design work.

Approximately JPY2 billion was also borrowed in December 2025 through a consumption-tax loan under an existing financing agreement with a banking syndicate including MUFG Bank and Sumitomo Mitsui Banking Corp.

For fiscal-year 2026, the document outlined continued construction, design work on interiors and equipment, and preparation of opening plans.

Project company self-monitoring

A separate self-monitoring report from the project company, MGM Osaka Corp, said construction had progressed according to the agreed plan and schedule following its commencement in April 2025. The company reported no obstacles to continuation of the project during the reporting period and said no corrective measures had been necessary. It added that removal of underground obstructions had been completed in May 2025, while liquefaction and soil contamination countermeasures continued.

"MGM Osaka remained " on time and on budget as the only licensee in Japan," said Bill Hornbuckle on MGM Resorts' second-quarter earnings call on July 29.

The project was described on the same call as the "greatest greenfield opportunity in the world," by Bill Hornbuckle.

The ministry requested promoters to begin identifying specific uses for future casino earnings in non-gaming operations, taking account of the project’s financial position.