MGM Resorts has confirmed it is working with Japanese financial services group Orix Corporation as a partner for its IR casino bid in the country.
In doing so, MGM has become the first international operator to formally enter into a consortium with a Japanese company looking for a casino licence.
The consortia deal pitches Orix as equal partners in MGM’s bid to operate in Osaka. A Memorandum of Understanding was signed by the two entities towards the end of 2018.
Orix is also believed to be in contact with several Kansai businesses to join the consortium.
MGM Chairman and CEO Jim Murren confirmed his company was taking an ‘Osaka First’ approach at the beginning of 2019.
“We want to build an IR in Yumeshima, Osaka,” he said. “We want to work with local business to build an IR unique to Japan so that the world will know what this country has to offer.”
Makoto Inoue, President and CEO of Orix, said of his company: “Since making our start in the leasing business upon our foundation, we have constantly expanded the scope of our operations into adjacent fields and have grown into a global company encompassing a variety of businesses. The diversity of our businesses makes Orix a unique company without peers worldwide. It may be difficult to understand, but the unique Orix business model transcends industry categories. Orix has thrived by quickly recognising changes in society and markets and turning them into opportunities. Going forward, we will continue to change. As a global company, we will accelerate further development of our operations by bringing business from abroad to Japan.”