TOKYO, April 14 — Japan will approve a plan to build the country’s first casino in the western city of Osaka, Jiji news agency cited Prime Minister Fumio Kishida as saying today, paving the way for a resort aimed at attracting tourist dollars.
Put forth by the city and Osaka prefecture, the project aims to open a casino, conference centre and other facilities in 2029 with 1.8 trillion yen (RM59.6 billion) of initial investment.
Casinos were previously illegal in Japan along with other private gambling, but a 2018 integrated resort (IR) law provided exception to casino games such as poker or baccarat at officially-approved establishments as part of an effort to attract tourists.
US casino operator MGM Resorts International and local partner Orix Corp have spearheaded the Osaka IR project, with each owning a 40 per cent stake in the company set up to manage the complex.
Another 20 companies including Osaka-based Panasonic , Kansai Electric Power and West Japan Railway hold the remaining 20 per cent stake, according to a local government document.
MUFG Bank and Sumitomo Mitsui Banking Corp will provide 550 billion yen in project financing for the resort, the document showed.
The 492,000-square-metre resort complex is located on Yumeshima, a reclaimed island in Osaka Bay, and will also include a hotel, shopping mall and ferry terminal. Japan will host the World Expo on the island in 2025.
The government’s decision came after the pro-casino Japan Innovation Party retained both the office of prefectural governor and city mayor in Osaka on Sunday. — Reuters