Japan is set to approve Osaka as the nation’s first casino location, local media reported, marking a major step in ambitions of turning the country into an Asian gambling destination.
(Bloomberg) — Japan is set to approve Osaka as the nation’s first casino location, local media reported, marking a major step in ambitions of turning the country into an Asian gambling destination.
Prime Minister Fumio Kishida’s government is expected to sign off on the proposal submitted by local authorities for an integrated resort including hotels and conference halls scheduled to open in late 2029, according to a Jiji report Wednesday. Cabinet ministers will decide on the move as early as Friday, the newswire said. Delays in the screening process mean it may start operations in the western Japan prefecture much later.
Shares of gaming-related companies climbed in Tokyo. Orix Corp., which has been working on the Osaka plan with MGM Resorts International, rose as much as 2.1%, while gaming machine maker Universal Entertainment Corp. jumped 6.9%.
Japan Gaming-Related Stocks Advance After Report of Osaka Casino
Building a casino is key to Japan’s hopes of capturing resurgent tourism demand and doubling the number of foreign visitors compared with pre-pandemic levels to 60 million by 2030. The government is slated to approve up to three integrated resort locations, according to the report, with a rival bid submitted by Nagasaki prefecture still under review.
According to the Osaka plan, the resort will be built on the Yumeshima man-made island at an initial cost of 1.08 trillion yen ($8.1 billion), attracting an estimated 20 million visitors per year. The companies would still need additional approval to operate the casino.
(Updates with gaming share moves in third paragraph)
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