Osaka Integrated Resort Project Expects Approval Soon

Casino resorts are proven to bring economic stimulus and drive tourism growth. Many countries around the world have identified the potential of those resorts and the benefits they bring on a local and national level. Macau, China’s special administrative region, is currently a major hub for casino gambling and entertainment. The Philippines is also a popular gambling destination, but soon, another country within the Asia region may introduce casino gambling.

For years, Japan has looked into different options for casino gambling. A casino location within one of the major cosmopolitan cities of the country is expected to drive tourism and help increase the influx of foreign visitors.

Now, that plan is getting closer by the day, given that Prime Minister Fumio Kishida is expected to greenlight a proposal calling for the creation of a new integrated resort (IR) in Osaka, a report released by Bloomberg reveals. Reportedly, ministers may decide the faith of the new resort on Friday this week.

IR Project Is Expected to Boost Tourism, Bring Economic Stimulus

If lawmakers vote for the approval, this will mark an important milestone for the integrated resort. Besides casino gambling, the new entertainment destination, which is expected to be located in Osaka, would offer conferences, as well as convention halls and hotel accommodation.

Besides gambling, similar to other such destinations, the integrated resort will likely include other amenities such as restaurants, food outlets and entertainment venues. The Osaka IR project, if approved, is expected to be located on the artificial island of Yumeshima in Osaka Bay. Given that the government gives the green light, the prefecture in the city targets opening at some point near the end of 2029.

The price tag of the Osaka IR project is set at approximately $8.1 billion. The ambitious project is expected to help attract some 20 million visitors annually. The project will likely boost the overall visitation of the country and help it surpass the figures recorded before the pandemic.

The recent report explains that in light of the announcement about the possible approval, shares of the gambling companies in Tokyo increased. Companies that will likely be involved in the process such as Universal Entertainment saw its shares go up by 6.9%, while the company that collaborates with MGM Resorts International for the Osaka IR project, Orix Corp, saw its shares increase by 2.1%.