Osaka IR In Depth: Timeline, MGM Osaka, Shareholders and the Yumeshima Plan
The Osaka IR is Japan's first integrated resort (IR) with a casino. It is being built on Yumeshima, a man-made island in Osaka Bay, and is scheduled to open around fall 2030. The operator is MGM Osaka Corporation, owned mainly by MGM Resorts International's Japanese unit and ORIX Corporation. The total initial investment is approximately JPY 1.513 trillion.
This article takes a deep dive into the project's journey from 2016 through its projected 2030 debut, breaking down the financials, project blueprint, and its economic impact.
For IR overview read this article first ▶Japan Casino & Integrated Resorts (IR) Guide [2026]
Key facts (as of October 21, 2026)
Location: Yumeshima, Konohana Ward, Osaka City.
Operator: MGM Osaka Corporation
Main shareholders: MGM Resorts Japan LLC (approx. 44%) and ORIX Corporation (approx. 44%), plus 22 minority shareholders (approx. 13% in total).
Initial investment: approx. JPY 1.513 trillion (approx. JPY 983 billion equity, approx. JPY 530 billion bank loans).
Construction began: April 24, 2025.
Planned opening: Fall 2030
Expected annual visitors: approx. 20 million.
Casino licence: not yet issued. MGM Osaka must obtain one from the Japan Casino Regulatory Commission before the casino can open.
What is the Osaka IR?
An integrated resort (IR) is one large complex that combines a casino with hotels, conference and exhibition space, theaters, restaurants and shops. In Japan, a casino is only allowed as part of a government-certified IR. The law allows up to three IR areas nationwide, and Osaka is the only one certified so far.
The Osaka IR plan is prepared jointly by Osaka Prefecture, Osaka City and the operator. The official name of the plan is the "Osaka IR area development plan." Its latest version was filed on July 31, 2026.
Where is Yumeshima?
Yumeshima ("dream island") is a man-made island in Osaka Bay, in the western part of Osaka City. The island was also the site of Expo 2025 Osaka-kansai.
Details | |
Address | Yumeshima, Konohana Ward, Osaka City |
IR site area | Approx. 492,000 m² (about 49 hectares) |
Landowner | Osaka City (land leased to the operator) |
Train access today | Yumeshima Station, Osaka Metro Chuo Line (opened January 2025) |
Rail access under study | Extensions of the JR Sakurajima Line and the Keihan Nakanoshima Line (study results announced August 6, 2025; no opening year set) |
Other planned access | A large bus terminal, a ferry terminal, and piers for small passenger boats to Kansai International Airport and Kobe Airport |
MGM Osaka does not own the land but leases it from Osaka City under a fixed-term business agreement signed in 2023, securing an initial 35-year term until April 13, 2058, with the option to extend the lease by an additional 30 years.
Osaka IR timeline (2016–2030)
Osaka IR overcame years of major roadblocks to secure its future on Yumeshima Island.
Date | Event |
December 2016 | IR Promotion Act passed and enacted (December 26) |
July 2018 | IR Implementation Act passed and enacted (July 27) |
January 7, 2020 | Japan Casino Regulatory Commission established |
September 28, 2021 | Osaka selects the MGM and ORIX consortium as the planned operator |
December 23, 2021 | Osaka IR Co., Ltd. established; draft area development plan published |
February 2022 | Base agreement signed; plan finalized |
April 27, 2022 | Plan submitted to the national government for IR certification |
April 14, 2023 | Plan certified by the Minister of Land, Infrastructure, Transport and Tourism |
September 28, 2023 | Implementation agreement and land lease signed (agreement approved by the Minister on September 22) |
December 4, 2023 | Liquefaction countermeasure work starts on the site* |
September 6, 2024 | The operator (MGM) 's right to cancel the implementation agreement expires, locking in their commitment to build the resort |
April 24, 2025 | Groundbreaking ceremony; construction starts |
May 1, 2025 | Osaka IR Co., Ltd. renamed "MGM Osaka" |
September 12, 2025 | Official plan changes push the Osaka IR’s initial investment up to JPY 1.513 trillion (approx USD9.46 billion at 1USD=160JPY) |
May 1, 2026 | Nobuki Watanabe of ORIX becomes Chairman; Edward Bowers continues as President |
Summer 2030 | Planned completion |
Fall 2030 | Planned opening |
*Built entirely on reclaimed land in Osaka Bay, Yumeshima sits on a soft, water-logged foundation. This loose soil is highly prone to liquefaction. To eliminate this risk, the city launched massive ground-stabilization countermeasures in late 2023 to reinforce and secure the entire site.
MGM Osaka: company profile
MGM Osaka Corporation is the company that builds and will operate the Osaka IR.
Item | Details | |
Company name | MGM Osaka Corporation (MGM大阪株式会社) | |
Former name | Osaka IR Co., Ltd. (until April 30, 2025) | |
Established | December 23, 2021 | |
Head office | 3-3-23 Nakanoshima, Kita-ku, Osaka | |
Capital | JPY 120,162,500,000 | |
Representative directors | Nobuki Watanabe (Chairman) Edward Bowers (President) | |
Main shareholders | MGM Resorts Japan LLC, ORIX Corporation |
MGM Osaka is not a publicly listed company, however, its two main shareholders are both listed on public stock exchanges :
MGM Resorts International
MGM Resorts International trades under the ticker NYSE: MGM, and is a global casino resort company headquartered in Las Vegas and publicly traded on the New York Stock Exchange. The enterprise operates some of the world's most iconic entertainment destinations such as Bellagio, MGM Grand, and Mandalay Bay on the Las Vegas Strip. Beyond the United States, the MGM maintains a massive footprint in Asia through its majority-owned subsidiary MGM China Holdings, which operates the mega-resorts MGM Macau and MGM Cotai.
ORIX Corporation
ORIX Corporation trades under the ticker TYO: 8591, and NYSE: IX, and is a financial services conglomerate and one of Japan's largest commercial leasing and real estate development firms.The company manages a highly diversified global portfolio that includes corporate financing, international asset management, and major domestic infrastructure operations like the management of Kansai International Airport. Orix is also a majority owner of ORIX Buffaloes baseball team in Nippon Professional Baseball.
Who are the Osaka IR shareholders?
Majority shareholders
Shareholder | Investment | Share |
MGM Resorts Japan LLC | Approx. JPY 428 billion (approx. USD 2.68 billion) | Approx. 44% |
ORIX Corporation | Approx. JPY 428 billion (approx. USD 2.68 billion) | Approx. 44% |
22 minority shareholders | Approx. JPY 127 billion in total (approx. USD 794 million) | Approx. 13% in total (each under 5%) |
Note: USD figures are approximate, at USD 1 = JPY 160.
The shares do not add up to exactly 100% because of rounding
Minority shareholders
These 22 local minority shareholders represent a diverse cross-section of Japan's business landscape, spanning major utility providers, major transportation networks, leading construction firms, and global consumer giants like Panasonic and Suntory
Iwatani (industrial gas and energy)
NTT West (telecommunications)
Osaka Gas (gas and energy)
Obayashi (construction)
Kansai Electric Power (electric power)
Kintetsu Group Holdings (railways and transportation)
Keihan Holdings (railways)
Suntory Holdings (beverages)
JTB (travel)
Daikin Industries (air conditioning)
Taisei (construction)
Daiwa House Industry (housing and construction)
Takenaka (construction)
NANKAI (railways)
West Japan Railway (JR West) (railways)
NIPPON EXPRESS HOLDINGS (logistics)
Panasonic Holdings (electronics)
Hankyu Hanshin Properties (real estate)
Hanwa (steel trading)
Maruichi Steel Tube (steel pipes)
Mitsubishi Electric (electrical equipment)
Rengo (paperboard and packaging)
How is the Osaka IR financed?
Item | Amount |
Total initial investment | Approx. JPY 1.513 trillion (approx. USD 9.46 billion) |
Construction costs | Approx. JPY 1.195 trillion (approx. USD 7.47 billion) |
Other initial costs | Approx. JPY 318 billion (approx. USD 1.99 billion) |
Equity from shareholders | Approx. JPY 983 billion (approx. USD 6.14 billion; approx. 65%) |
Bank loans (project finance)* | Approx. JPY 530 billion (approx. USD 3.31 billion; approx. 35%) |
Note: USD figures are approximate, at USD 1 = JPY 160.*The loans come from a group of banks led by MUFG Bank and Sumitomo Mitsui Banking Corporation (SMBC).
Before the September 2025 update, the plan put the initial investment at approx. JPY 1.27 trillion (approx. JPY 740 billion equity and approx. JPY 530 billion loans). The increase was covered by more equity from shareholders. The bank loan amount did not change.
What will the Osaka IR include?
Facility | Details (plan as of July 2026) |
Casino | Gaming area approx. 23,000 m² (range approx. 21,900–25,500 m²); approx. with 470 table games and approx. 6,400 electronic games* |
Hotels | Approx. 2,500 rooms in 3 hotels, including MGM Osaka (1,829 rooms) and MGM Osaka Villa (10 rooms); more than 20% of rooms are suites |
International conference center | Largest hall holds 6,000+ people; all rooms combined hold approx. 12,000 people |
Exhibition halls | Approx. 20,100 m² (Halls A and B) |
Yumeshima Theater | Approx. 3,500 seats |
Other | Attractions introducing Japanese culture, a tourism center for the Kansai region, restaurants and shops, bus and ferry terminals |
Total floor area | Approx. 780,000 m² |
Note: Estimated figures
*Under the IR Implementation Act, the casino gaming area cannot exceed 3% of the IR's total floor area.
Official economic estimates
These are the estimated annual figures from the Osaka IR area development plan, for when the resort is in full operation.
Item | Annual estimate |
Visitors | Approx. 20 million
|
Revenue | Approx. JPY 520 billion (approx. USD 3.25 billion):
|
Payments to Osaka Prefecture and Osaka City | Approx. JPY 106 billion (approx. USD 663 million):
|
Economic ripple effect (operation) | Approx. JPY 1.14 trillion (approx. USD 7.13 billion) |
Jobs created (operation) | Approx. 93,000 |
IR staff employment | Approx. 15,000 |
Note: USD figures are approximate, at USD 1 = JPY 160.
The plan also estimates an economic ripple effect of approx. JPY 2.37 trillion and approx. 175,000 jobs during construction.
Casino entry rules at the Osaka IR
Japan is taking a careful approach to its first IR Casino implementing strict rules and guidelines. one of them is the entry restriciton on Japanese citizens and residents.
Rule | Foreign tourists | Japanese citizens and foreign residents of Japan |
Entry fee | None | JPY 6,000 per entry (valid for 24 hours) |
Entry limit | None | 3 entries in 7 consecutive days 10 entries in 28 consecutive days |
Minimum age | 20 | 20 |
Note: Must be 20 or older to drink or smoke in Japan
What's next for Osaka IR?
Construction
continues, with completion planned around summer 2030.
Casino licence
MGM Osaka must receive a casino business licence from the Japan Casino Regulatory Commission. The implementation agreement sets November 2033 as the deadline for obtaining required licences and approvals, unless the parties agree on another date. As of October 21, 2026, no licence has been issued.
Gambling Addiction Spport
Osaka is currently designing a specialized gambling addiction prevention and treatment center in the area.
Rail access
Osaka Prefecture and Osaka City are studying new rail links to Yumeshima. No opening year has been set.
Casino Opening
planned for fall 2030 and project is reported to be on track.
Frequently asked questions
When will the Osaka IR open?
The Osaka IR is scheduled to open around autumn 2030. Construction started on April 24, 2025, and completion is planned around summer 2030.
Who owns the Osaka IR?
The Osaka IR is operated by MGM Osaka Corporation. Its main shareholders are MGM Resorts Japan LLC and ORIX Corporation, with approx. 44% each. 22 minority shareholders, mainly Kansai-based companies, hold approx. 13% in total.
How much does the Osaka IR cost?
The total initial investment is approx. JPY 1.513 trillion. It is funded by approx. JPY 983 billion in equity and approx. JPY 530 billion in bank loans led by MUFG Bank and SMBC.
Can I buy shares in MGM Osaka?
No. MGM Osaka Corporation is not listed. Its main shareholders' parent companies are listed: MGM Resorts International on the New York Stock Exchange and ORIX Corporation on the Tokyo Stock Exchange.
Does MGM Osaka have a casino licence?
Not yet. As of October 21, 2026, MGM Osaka has not received a casino business licence. It must obtain one from the Japan Casino Regulatory Commission before the casino can open.
Who owns the land on Yumeshima?
Osaka City owns the land. MGM Osaka leases it for 35 years, until April 13, 2058, at JPY 428 per m² per month.
Sources
Written by Prism Solutions Inc. (Las Vegas)
Prism Solutions, the Las Vegas–based U.S. subsidiary of Techfirm Holdings, provides system development and consulting for Japan's integrated resort (IR) casino development.
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