MGM Osaka GFA Downgrades, No Casino Changes: Hornbuckle

MGM Resorts International’s president says he will “not allow budget changes” for Japan’s first Osaka casino project from $10 billion already mentioned.

However, Bill Hornbuckle, chief executive and president of the U.S.-based casino operator, said the “range has changed” over the MGM Osaka plan (file rendering photo), which is currently scheduled to begin in the fall of 2030.

“We spent a lot of time to reorganize the project,” he said. “The original project has about 20 to 25 percent less GFA [total floor area] (compared to now),” he added.

But Mr. Hornbuckle said, “We refused to move the budget. It’s complicated because we refused to downsize the casinos, but we got there.”

The CEO spoke at the 2023 Bank of America Game and Accommodation Conference on Thursday.

He added that he will fly to Japan later this month to sign an implementation agreement for the project and lease the land on Yume-Shima Island, a landfill in Osaka Bay.

“It’s supposed to fly to Japan on Sept. 29 and sign the last two agreements. That means we can get started in earnest, and to the extent that we can do that this will take place in 2030.”

That’s a year later than the Osaka authorities had previously hoped.

“It was a journey,” said Mr. Hornbuckle. It was a clear reference to the processes needed to advance the plan.

MGM Resorts has consistently referred to MGM Osaka as a “$10 billion” project.

Osaka authorities on Tuesday announced a draft implementation agreement with MGM Resorts, Japan’s Orix and a number of smaller private partners, saying the initial development cost would be 1.27 trillion yen ($8.6 billion), up 17.6% from previous expectations.

The revised draft investment plan still requires approval from the Japanese government.

BY: 바카라사이트 순위

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