Osaka city authorities and developers have decided to move forward with the plan for the development of the artificial Yumeshima Island in Osaka Bay, The Japan Times reported. A ¥824-billion ($7.35 billion) investment is expected to be put into the project. The island is planned to be home to an integrated casino resort and to host World Expo 2025.
Late in 2016, Japanese lawmakers approved a bill that allowed for the legalization of casino gambling in the country. A separate legislative piece, which is presumably in the making, will set the explicit regulatory framework for the construction and operation of integrated resorts with casino facilities. According to people with knowledge of the matter, the Japanese Diet (the country’s government) may sign that second bill into law by the end of the year.
Up to two integrated resorts may open doors in Japan, when and if lawmakers approve their construction. It is still unknown where they will be located, but it is believed that the country’s larger metropolitan areas will be the likely candidates for hosts.
A port city and an important commercial center, Osaka will certainly be considered as a potential host to a casino complex. And as mentioned above, the city is one of the bidders for hosting World Expo 2025, along with Paris and Manchester.
The Yumeshima Island is seen as a project that may boost significantly Osaka’s chances to win the fierce competition for the 2025 world’s fair host. And the construction of an integrated casino resort may further help the city emerge as the winning bidder.
According to a development plan released by city authorities earlier today, the multi-purpose casino complex will spread over a 70-hectare site on the island, while another 60-hectare portion will be reserved for the Expo. It is believed that the integrated resort can be completed by 2024.
Osaka officials told media that they believe the project will attract international casino developers. The city’s Mayor – Hirofumi Yoshimura – said that the winning bidder for the construction and operation of the gambling venue will probably be required to contribute funds to partially finance the necessary transport infrastructure to the artificial island. Osaka authorities will need around ¥70 billion to build a subway line to Yumeshima.
If Osaka is selected as the preferred home to a casino complex, the development of the island’s resort area will be considered a priority, officials pointed out.
