Osaka is Japan’s third most populated city. This has put it on the front line for fighting for the Integrated Resort licensure. Yokohama and Tokyo are its very strong competitors. In this line, Osaka has come out publicly to declare that its sole goal is to ensure that the multi-billion dollar establishment is completed in time for the 2025 World Expo.
Several casino operators are already lining up to be awarded the license to build the much-awaited casino resort complex in Japan. MGM Resorts is one of the companies that has made known its interest and it has gone ahead to put all its hopes on Osaka. Other companies include Galaxy Entertainment and Genting Singapore.
Other than the competition is stiff, the Osaka prefecture and city have to ensure that the proposal which will be accepted will not only add economic value to the City but will also protect the City’s social beliefs and culture. It is in this light that the Osaka prefecture and city formed a committee, which will be responsible for selecting the company to build the casino resort complex.
According to casino.org, the committee is made up of seven persons and will receive the proposals from each of the competitors. This must be followed with a detailed report as to what each casino is intending to do.
Confirmed reports hint that it is headed by Yoshiki Nishizawa. In fact, Nishizawa is also officially the president of Osaka City University. The other members are specialists when it comes to government policies, gambling, and economics, and this is what gives the whole team the diversity.
The government of Japan still has not let the competitors know what the requirements of the proposal are. In addition, it said it will be reviewing any proposals until 2021, statement that was backed by the Ministry in charge of the process by saying the likely dates for accepting proposals is Jan 2021 through July 2021.
This has not sat well with Ichiro Matsui who is the current Osaka mayor. He feels that time is running out and it might not be possible to have the casino opened by 2025. Though the official regulations have not yet been released, Osaka officials have given a heads up to those interested in building the resort.
In their proposals, the companies should ensure they quote a land area not less than 148 acres and have a total floor area of 10.7 million square feet. The investment should be not less than 8.5 billion dollars and the annual expected income should be approximately $3.5 billion and $900 million coming from other sources other than gambling.
This is because the Integrated Resort is expected to stimulate economic growth in the region by attracting investors from all over the world into the region. The total space available should be capable of hosting not less than 12,000 people at once. It should also have a venue that can host social functions.