LAS VEGAS, Sept. 28, 2021 /PRNewswire/ -- MGM Resorts
International (NYSE: MGM) today announced that MGM Japan, together
with its joint-venture partner ORIX, has been selected by
Osaka as the region's integrated
resort partner. Osaka's selection
of the MGM-ORIX consortium marks an important step in MGM's
long-term bid to develop one of Japan's first integrated resorts.
Details of the proposed approximately $10
billion development were also unveiled, showcasing MGM's
vision to bring a world-class resort experience to Osaka that is designed to transform the region
into one of the world's top entertainment and hospitality
destinations and that will serve as a hub for tourism across
Japan.
"It is an honor to be selected as Osaka's partner in developing an integrated
resort. I commend the city in undertaking a comprehensive and
thoughtful process to meet its goal of developing a world-class
integrated resort in Osaka," said
MGM Resorts CEO & President Bill
Hornbuckle. "We will work closely with prefectural/city
municipal governments to deliver an iconic, uniquely Japanese
destination warranting Osaka's
selection as home to one of Japan's first integrated resorts."
Regarding the emerging opportunity in Japan, Hornbuckle added: "Nowhere is the
future of tourism and hospitality more exciting than Japan, and Osaka is the perfect location for that future
to begin. We couldn't be more excited for the opportunity to help
enhance and grow Osaka's
reputation as a world-class destination and gateway for the world
to the wonders and rich history of Japan."
Osaka's selection of MGM-ORIX
is one of several steps in the licensing process following the 2018
passage of Japan's Integrated
Resort Implementation Act. The next step is for MGM, together with
Osaka prefecture/city and ORIX, to
submit an Area Development Plan to Japan's central government during the
October 2021 to April 2022 application period. Integrated resort
licenses are expected to be issued by the central government in
2022. If selected to receive a license, MGM anticipates an opening
date in the second half of the 2020s for the Osaka project.
* * *
Overview: Osaka Yumeshima Integrated Resort
Project
Proposed to be located along the water on Osaka's Yumeshima island, the project is
designed to help establish Japan
as a top global tourist destination, with Osaka serving as an internationally celebrated
city for international business, travel and world-class amenities
and entertainment. The company has had a full-time development team
in Japan for more than seven
years, engaging with Japan's
business communities, immersing in Japanese culture and laying the
foundation for a project that embodies Japan's unique history and heritage.
Renderings of the project can be found HERE.
RESORT DETAILS
MGM Resorts is focused on bringing world-class entertainment and
an unparalleled resort experience to Japan in a way that only MGM can deliver,
through exciting cultural events, convention expertise and premium
dining and retail experiences with broad appeal both nationally and
internationally.
- Hotel & Amenities: MGM Osaka, MGM Villas, and MUSUBI
Hotel (2,500 total guest rooms). Variety of dining and food &
beverage offerings, retail space, spa, fitness center, banquet
halls.
- Meetings and Conventions: Approximately 400,000 square
feet of conference facilities, with capacity to accommodate more
than 6,000 visitors. In addition, approximately 330,000 square feet
of exhibition space, including an Innovation Laboratory.
- Entertainment: Yumeshima Theater (Approximately 3,500
seats).
TOURISM & ECONOMIC DEVELOPMENT
MGM is focused on generating significant economic activity for
the region and increase employment opportunities.
- Initial investment: Approximately $10 billion.
- Projected number of annual visitors: Approximately 20
million.
- Projected number of employees: Approximately
15,000.
- Promotion of tourism throughout Japan: Support and facilitate the
formation of a "Showcase of Japanese Tourism" plan for the area
surrounding the resort to establish Osaka as a gateway for wider tourism in
Japan. Facilities to include
Kansai Tourism Center, Garden Theater, Japan Food Pavilion, and
Kansai Art & Culture Museum.
***
ABOUT MGM RESORTS INTERNATIONAL
MGM Resorts International (NYSE: MGM) is an S&P 500® global
entertainment company with national and international locations
featuring best-in-class hotels and casinos, state-of-the-art
meetings and conference spaces, incredible live and theatrical
entertainment experiences, and an extensive array of restaurant,
nightlife and retail offerings. MGM Resorts creates immersive,
iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts
portfolio encompasses 31 unique hotel and destination gaming
offerings in the United States and
Macau, including some of the most
recognizable resort brands in the industry such as Bellagio, MGM
Grand, ARIA and Park MGM. The Company's 50/50 venture, BetMGM, LLC,
offers U.S. sports betting and online gaming through market-leading
brands, including BetMGM and partypoker. The Company is currently
pursuing targeted expansion in Asia through the integrated resort opportunity
in Japan. Through its "Focused on
What Matters: Embracing Humanity and Protecting the Planet"
philosophy, MGM Resorts commits to creating a more sustainable
future, while striving to make a bigger difference in the lives of
its employees, guests, and in the communities where it operates.
The global employees of MGM Resorts are proud of their company for
being recognized as one of FORTUNE® Magazine's World's Most Admired
Companies®. For more information, please visit us at
www.mgmresorts.com. Please also connect with us @MGMResortsIntl on
Twitter as well as Facebook and Instagram.
* * *
Statements in this release that are not historical facts are
forward-looking statements, within the meaning of the Private
Securities Litigation Reform Act of 1995 and involve risks and/or
uncertainties, including those described in the Company's public
filings with the Securities and Exchange Commission. The Company
has based forward-looking statements on management's current
expectations and assumptions and not on historical facts. Examples
of these statements include, but are not limited to, the Company's
expectations regarding the development of an integrated resort in
Japan, including the expected
opening date, the expected resort details and the expected
investment amounts. These forward-looking statements involve a
number of risks and uncertainties. Among the important factors that
could cause actual results to differ materially from those
indicated in such forward-looking statements include the continued
impact of the COVID-19 pandemic on the Company's business, the
effects of economic conditions and market conditions in the markets
in which the Company operates and competition with other
destination travel locations throughout the United States and the world, the design,
timing and costs of expansion projects, including the proposed
integrated resorts in Japan, risks
relating to international operations, permits, licenses,
financings, approvals and other contingencies in connection with
growth in new or existing jurisdictions and additional risks and
uncertainties described in the Company's Form 10-K, Form 10-Q and
Form 8-K reports (including all amendments to those reports). In
providing forward-looking statements, the Company is not
undertaking any duty or obligation to update these statements
publicly as a result of new information, future events or
otherwise, except as required by law. If the Company updates one or
more forward-looking statements, no inference should be drawn that
it will make additional updates with respect to those other
forward-looking statements.
SOURCE: MGM Resorts International
MGM RESORTS CONTACTS:
Media:
|
Investment
Community:
|
BRIAN
AHERN
|
CATHERINE
PARK
|
Director, Media
Relations
|
Executive
Director, Investor Relations
|
media@mgmresorts.com
|
cpark@mgrmesorts.com
|
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SOURCE MGM Resorts International