MGM Resorts International reveals minority Osaka stake

The newly appointed boss of the American casino operator MGM Resorts International has reportedly announced that his company will hold a minority stake in the player-friendly development it plans to bring to the Japanese city of Osaka.

According to a GGRAsia report, Bill Hornbuckle (pictured) was officially named the youngest president and chief executive officer of the Las Vegas-based operator on Wednesday, announcing a subsequent discussion of the company’s second-quarter financial results.

Main partnership:

MGM Resorts International signed a contract with the Japanese financial services company Orix Corporation in March of last year in the hope of realizing an integrated Las Vegas-style casino resort for a 121-piece reclaimed land on Osaka’s Yumeshima Island. The source stated that this consortium was the only potential runner However, to take part in the first RFC (Request-for-Concept) chapter of the city’s application process, it still has to go through the remaining phases of the selection race, including the upcoming race Request for Proposal (RFP) Stage.

Future factors:

Hornbuckle allegedly proclaimed that MGM Resorts International is destined to40% to 45% of the shares“In the planned Honshu development, however, refused to go further than claiming that this interest would ultimately exist.”in relation to the total investment and the risk-return‘Premium related to the implementation of such a project for Japan is this largest city.

Corona Virus Considerations:

In addition, Osaka recently extended the RFP phase of its selection process due to the coronavirus pandemic by another six months, which means that the final winner may not be known see you sometime next year. Hornbuckle reportedly announced that his company is only interested in bringing an integrated casino resort to Japan if such an investment ‘prudent“and is guaranteed”to pay the kind of return it has to pay. ‘

Hornbuckle is said to have said …

It is still a long way. We like that we are not complete. ‘All in‘on this investment. We like the fact There will likely be a delay in the casino licensing process and a reopening of some talks that will hopefully make this a better investment for everyone, especially us. “

Request for Conceptmgm Resorts InternationalrfRequest for Proposososakahonshuyumeshima Island-integrated casino resort bill Hornbuckleorix Corporationrfccoronavirus

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