Akihabara News (Tokyo) — Orix Corporation estimates that it will cost about ¥1.08 trillion (US$9.5 billion) of investment funds to open the Osaka Yumeshima Integrated Resort (IR), including a casino.
As Orix’s own contribution, it expects to spend about ¥270 billion (US$2.4 billion) in the initial stage.
Orix still anticipates that it and MGM Resorts will each hold a roughly 40% stake in the IR consortium, with a variety of other firms holding the remaining 20%.
Cited as likely partners are France’s Vinci Airports, Kansai Electric Power Company, Kintetsu Group Holdings, and Panasonic.
Orix President and Chief Executive Officer Makoto Inoue anticipates that the Osaka government will submit its IR proposal to the central government for licensing in April next year. If permission is granted—as is widely expected—the Yumeshima IR would open its doors to the public “around 2029.”
At present, Orix’s income projections are not counting on the possibility that large numbers of foreign visitors will return to Japan, even at the end of the decade. Indeed, Orix’s conservative income projections are only about half of what has been estimated by its main partner, MGM.
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