Q3 Earnings Alert! Plan early for this week’s stock reports with all key data in 1 placeSee list

MGM resorts, Orix submit proposal to build first casino in Japan

Published 07/21/2021, 07:13 AM
Updated 07/21/2021, 07:15 AM
© Reuters. FILE PHOTO: The Bellagio hotel and casino is seen along the Las Vegas strip after MGM Resorts International announced it was selling the resort and Circus Circus in separate deals in Las Vegas, Nevada, U.S. October 15, 2019.  REUTERS/David Becker
MGM
-
IX
-

(Reuters) - U.S. Casino operator MGM Resorts (NYSE:MGM) International and partner Orix (NYSE:IX) Corp have submitted a proposal to build their first casino resort in Japan, the financial services group said on Wednesday.

The proposal to develop a casino complex at Osaka will be reviewed by regulatory authorities and an operator will be selected at a later date, Orix said in a filing with the U.S. Securities and Exchange Commission. (https://

Last year, a consortium comprising MGM and Orix was selected as the sole qualified applicant for the development of the Osaka resort. (https://reut.rs/3iBAPlT)

MGM Resorts International will spend 1 trillion yen ($9.08 billion) to build the resort, the Wall Street Journal reported earlier on Wednesday. (https://on.wsj.com/3wPYt2R)

© Reuters. FILE PHOTO: The Bellagio hotel and casino is seen along the Las Vegas strip after MGM Resorts International announced it was selling the resort and Circus Circus in separate deals in Las Vegas, Nevada, U.S. October 15, 2019.  REUTERS/David Becker

Japan, which legalized gambling in 2018, is planning to approve several integrated resorts that include casinos, shopping arcades and conference centres, similar to ones in Las Vegas, to boost tourism after the Tokyo Olympics.

($1 = 110.1200 yen)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.