Kishida says he will approve Osaka as site of Japan's first casino
The spinning wheel on a roulette table is seen at Japan Casino School in Tokyo, Aug. 4, 2018. Reuters-Yonhap
Japan's Prime Minister Fumio Kishida speaks during a meeting of the government's integrated resort (IR) promotion headquarters at the prime minister's office in Tokyo on April 14. AFP-Yonhap
Japan will approve a plan to build the country's first casino in the western city of Osaka, Jiji news agency cited Prime Minister Fumio Kishida as saying on Friday, paving the way for a resort aimed at attracting tourist dollars.
Put forth by the city and Osaka prefecture, the project aims to open a casino, conference centre and other facilities in 2029 with 1.8 trillion yen ($13.5 billion) of initial investment.
Casinos were previously illegal in Japan along with other private gambling, but a 2018 integrated resort (IR) law provided exception to casino games such as poker or baccarat at officially-approved establishments as part of an effort to attract tourists.
U.S. casino operator MGM Resorts International and local partner Orix Corp have spearheaded the Osaka IR project, with each owning a 40 percent stake in the company set up to manage the complex.
Another 20 companies including Osaka-based Panasonic, Kansai Electric Power and West Japan Railway hold the remaining 20 percent stake, according to a local government document.
MUFG Bank and Sumitomo Mitsui Banking Corp will provide 550 billion yen in project financing for the resort, the document showed.
The 492,000-square-metre resort complex is located on Yumeshima, a reclaimed island in Osaka Bay, and will also include a hotel, shopping mall and ferry terminal. Japan will host the World Expo on the island in 2025.
The government's decision came after the pro-casino Japan Innovation Party retained both the office of prefectural governor and city mayor in Osaka on Sunday. (Reuters)