The Prime Minister of Japan, Fumio Kishida, told local media on Friday morning that the government has officially approved a plan by Osaka prefecture and city to develop an integrated resort on Osaka’s Yumeshima Island.
According to local media reports, his comments followed a meeting of the Ministry of Land, Infrastructure, Transport and Tourism this morning to discuss the proposals submitted by Osaka and Nagasaki. As previously reported by IAG, it is likely that officials will seek more time to further clarify details around Nagasaki’s bid.
Speaking to reporters after the meeting, Prime Minister Kishida said, “The Minister of Land, Infrastructure, Transport and Tourism has decided to certify Osaka’s area development plan.
“Osaka’s IR will contribute to the development of the Kansai region after the 2025 Osaka-Kansai Expo and to the growth of Japan. It is expected that it will become a tourist base that spreads the charm of Japan to the world.”
It is understood that the Minister of Land, Infrastructure, Transport and Tourism, Tetsuo Saito, has also given his official approval to Osaka’s IR and will address local media later today.
The Osaka IR will be developed by a consortium led by US casino giant MGM Resorts International and its local partner ORIX at a total cost of around US$9 billion. The project is expected to open in 2029.
IAG also understands that the government is likely to approve Nagasaki’s IR bid in the coming months, pending the results of this weekend’s mayoral election in Sasebo and further analysis of the planned takeover of troubled investment bank Credit Suisse by UBS. Credit Suisse was last year named one of the financiers of the Nagasaki IR project.
If certified, Nagasaki is promising a total investment of around US$3.2 billion into its IR, to be located in Sasebo City alongside Huis Ten Bosch theme park.
Both Osaka and Nagasaki submitted their IR submissions to the central government in April 2022.
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