Post by Blitz on Apr 25, 2024 5:55:50 GMT -5
MGM’s Osaka IR secures US$3.4 billion in funding via loan agreement with banks
by Newsdesk Thu 25 Apr 2024 at 05:38
www.asgam.com/index.php/2024/04/25/mgms-osaka-ir-secures-us3-4-billion-in-funding-via-loan-agreement-with-banks/
The joint venture entity developing Japan’s first integrated resort in Osaka has secured a loan agreement with a group of banks reported to be worth JPY530 billion (US$3.4 billion).
According to the Nikkei, Osaka IR Corporation – the joint venture between US casino giant MGM Resorts International and local partner ORIX – will work with MUFG Bank Ltd and Mitsui Banking Corporation on what has been described as the largest co-financing arrangement in Japan from a group of banks.
Nikkei said another two companies linked to Hankyu Hanshin Holdings have also decided to invest. Hankyu Hanshin is a Japanese multinational holding company whose interests include private railway companies Hankyu Corp and Hanshin Electric Railway Co Ltd.
Under an implementation agreement approved by Japan’s central government last year, initial investment in the Osaka IR is expected to be around JPY1.27 trillion (US$8.18 billion) with opening currently scheduled for 2030.
As reported by IAG, land preparatory works on the Yumeshima Island site began in December by way of first concrete being poured into the ground with the goal of preventing liquefaction and firming up the base. The liquefaction measures are expected to continue throughout the upcoming Osaka Expo in 2025 and be completed by April 2027 at a cost of JPY25.5 billion ($173 million).
MGM will also be sponsoring the United States Pavilion at the 2025 World Expo in Osaka, being held on the same Yumeshima site, with US officials taking part in a ground-breaking ceremony for their pavilion this week, Nikkei reported separately.
MGM’s Osaka integrated resort will, once complete in 2030, include Japan’s only legal casino, 2,500 hotel rooms across three hotel brands, 730,000 square feet of MICE space and tourism facilities to showcase the best of Osaka and Japan.
by Newsdesk Thu 25 Apr 2024 at 05:38
www.asgam.com/index.php/2024/04/25/mgms-osaka-ir-secures-us3-4-billion-in-funding-via-loan-agreement-with-banks/
The joint venture entity developing Japan’s first integrated resort in Osaka has secured a loan agreement with a group of banks reported to be worth JPY530 billion (US$3.4 billion).
According to the Nikkei, Osaka IR Corporation – the joint venture between US casino giant MGM Resorts International and local partner ORIX – will work with MUFG Bank Ltd and Mitsui Banking Corporation on what has been described as the largest co-financing arrangement in Japan from a group of banks.
Nikkei said another two companies linked to Hankyu Hanshin Holdings have also decided to invest. Hankyu Hanshin is a Japanese multinational holding company whose interests include private railway companies Hankyu Corp and Hanshin Electric Railway Co Ltd.
Under an implementation agreement approved by Japan’s central government last year, initial investment in the Osaka IR is expected to be around JPY1.27 trillion (US$8.18 billion) with opening currently scheduled for 2030.
As reported by IAG, land preparatory works on the Yumeshima Island site began in December by way of first concrete being poured into the ground with the goal of preventing liquefaction and firming up the base. The liquefaction measures are expected to continue throughout the upcoming Osaka Expo in 2025 and be completed by April 2027 at a cost of JPY25.5 billion ($173 million).
MGM will also be sponsoring the United States Pavilion at the 2025 World Expo in Osaka, being held on the same Yumeshima site, with US officials taking part in a ground-breaking ceremony for their pavilion this week, Nikkei reported separately.
MGM’s Osaka integrated resort will, once complete in 2030, include Japan’s only legal casino, 2,500 hotel rooms across three hotel brands, 730,000 square feet of MICE space and tourism facilities to showcase the best of Osaka and Japan.
