The western Japanese prefecture has begun accepting proposals from companies interested to operate a casino resort on a man-made island in Osaka Bay
Osaka Prefecture will select the preferred developer of an integrated resort with a casino on the man-made Yumeshima island near the city of Osaka in the spring of 2020, news outlet Nippon reported citing information by the government of the Japanese prefecture.
City and prefectural officials hope that the future integrated resort will be completed and will become operational ahead of the World Expo 2025 that Osaka was chosen to host.
While a number of Japanese cities and prefectures have expressed interest in hosting an integrated resort, Osaka is believed to be a favorite both with interested developers and with the central Japanese government.
Japan legalized casino gambling in late 2016 and has been working to craft the rules and regulations under which its casino industry will be managed since then. Under the newly implemented law, casinos must be part of larger integrated resorts. The gaming facilities must occupy no more than 3% of the total area of the larger properties.
The Japanese government will award three gaming licenses to three preferred developers. The approved companies will be expected to build MICE properties that, aside from casinos, will also include some of the nation’s largest hotels, conference and exhibition facilities, non-gambling attractions, and multiple other amenities.
Start of Request-for-Concept Process
The government of Osaka began accepting today proposals from companies that are interested in building an integrated resort on the artificial Yumeshima island. The man-made island will also host the World Expo in 2025.
Gambling news outlet GGRAsia reported Wednesday that through the so-called request-for-concept application process, developers are expected to present Osaka officials with their basic idea of what their potential integrated resorts would include.
Interested companies will have to submit information about important features of the properties, including convention and exhibition space, attractions and how those would promote Japan’s culture to international visitors, and large-scale hotels.
The developers will also have to submit information about their strategies for tackling problem gambling and ensuring the safety of the host community. The interested bidders for an integrated resort in Osaka will have to submit their concept proposals by May 24, it also became known.
As mentioned above, Osaka is expected to announce its decision on the preferred developer of an integrated resort sometime next spring. However, it will be the central government that will decide whether the city should host a large-scale hotel and casino complex.
Several major gaming and hospitality companies have already revealed their preferences for Osaka as home to their integrated resorts, if they are granted a license. MGM Resorts International has recently revealed that it is focusing all its energy on its Osaka bid. The Las Vegas company has also announced not long ago that it has formed a consortium with Japanese financial services firm ORIX to bid jointly for a license in the city.
Melco Resorts & Entertainment, the Lawrence Ho-managed hotel and casino powerhouse, is too expected to be among those pursuing an Osaka license.
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