Osaka Moves Closer to IR after Operator Waives Right to Withdraw
Osaka, Sept. 11 (Jiji Press)--The operator of the project to open a casino-featuring integrated resort, or IR, in the western Japan city of Osaka around autumn 2030 has waived its right to withdraw without penalty, moving the project significantly forward.
Osaka IR K.K. and the Osaka prefectural and city governments on Tuesday signed a document confirming the company's waiver of the right to withdraw.
The right to withdraw from the IR project without penalty until the end of September 2026 was included in an agreement signed last autumn by Osaka IR and the Osaka prefectural government.
The operator, mainly owned by the Japanese arm of U.S. casino giant MGM Resorts International and Japanese financial services firm Orix Corp., was allowed to exercise the right under certain conditions, including if tourism demand had not recovered to levels before the COVID-19 pandemic.
Now that the operator has relinquished the right, preparations to build the IR facility are expected to swing into full gear, including the transfer of the land plot for the facility from the city of Osaka.
(2024/09/11-16:47)
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