After several years of waiting, the Japanese government finally made it official on Friday: Osaka will be home to the country’s first casino resort.
The venue, slated to open in 2029 and carries an estimated price tag of $8.1 billion, will be 40% owned by MGM Resorts International (NYSE: MGM), 40% by Japanese financial services firm Orix and 20% by a local investment consortium.
Shares of the gaming company closed modestly higher this week, indicating there was some benefit to reports that surfaced prior to official approval of the Osaka gaming property. From here, it could be a while before Japan is material to MGM shares, but analysts believe that will happen in the future.
The venue, slated to open in 2029 and carries an estimated price tag of $8.1 billion, will be 40% owned by MGM Resorts International (NYSE: MGM), 40% by Japanese financial services firm Orix and 20% by a local investment consortium.
Shares of the gaming company closed modestly higher this week, indicating there was some benefit to reports that surfaced prior to official approval of the Osaka gaming property. From here, it could be a while before Japan is material to MGM shares, but analysts believe that will happen in the future.