Osaka Prefecture and City are set to formally start the selection process for a developer and operator of an integrated resort with dedicated casino space in December, Osaka Prefecture Governor Hirofumi Yoshimura has announced.
The winning bidder will be revealed in the spring of 2020, it has also become known. The winner in the IR bidding process will be expected to build a multi-purpose property with a casino, among a number of other facilities, on the man-made Yumeshima Island in Osaka Bay.
Osaka officials are currently drafting the IR implementation policy that will outline the criteria for selecting the preferred developer of the integrated resort. The framework is expected to be released by the end of November.
Osaka held earlier this year a request for concept process that saw seven major international gaming and hospitality companies submit company information. However, four of them have abandoned their Osaka plans since then, with those being Las Vegas Sands, Wynn Resorts, Melco Resorts & Entertainment, and Caesars Entertainment Corp.
Sands and Melco said that they would pursue development opportunities in Yokohama, while Wynn has focused its attention on the Kanto region, which includes the Japanese capital Tokyo. Caesars dropped its Japanese expansion plans altogether.
There are three companies left to compete in the Osaka IR race, with those being MGM Resorts International and its local partner Orix Group, Galaxy Entertainment Group, and Genting Singapore, a subsidiary of Malaysian gaming and hospitality giant Genting Malaysia.
When Will Osaka’s IR Open Doors?
After the expected publication of the IR implementation policy this month, Osaka is set launch the formal selection process in December and select the winning bidder by next spring. City and prefecture officials have previously said that they would like to see the integrated resort complete and operational by the end of 2024, or ahead of World Expo 2025, which Osaka’s Yumeshima Island will host.
However, operators that took part in the request for concept process warned Osaka officials that the 2024 deadline would not be as manageable as originally expected, considering the schedule and development criteria.
World Expo 2025 is scheduled to kick off in April 2025 under the theme “Designing Future Society for Our Lives.” Osaka officials have previously said that a fully operational resort would benefit significantly from the traffic that the Expo would bring. According to early projections, the exhibition is expected to attract up to 26 million visitors over the six months that it would take place.
City and prefecture officials are now believed to be considering allowing the winning developer to partially open the property in 2024. On the other hand, Osaka’s Mayor, Ichiro Matsui, said earlier this month that there were still too many uncertainties surrounding the IR development process, but they had not abandoned a full opening ahead of the Expo.
Source: Osaka’s IR operator recruitment process to begin in December, Inside Asian Gaming
Follow us on Facebook and Twitter to stay up to date on the day’s top casino news stories
