Salem Radio Network News Wednesday, July 28, 2021

Business

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

(Reuters) – U.S. Casino operator MGM Resorts International and partner Orix 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://bit.ly/3xXUKSh)

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)

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)

(Reporting by Abhijith Ganapavaram in Bengaluru; Editing by Ramakrishnan M.)

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