The budget for the next fiscal year has all been set by the Osaka Prefecture and city authorities. Officials have agreed to distribute 600 million yen, or $4.5 million. They plan to spend part of the budget on promoting integrated resorts that also include casinos, and it will be allocated to Osaka's Integrated Resorts Promotion Bureau.
Casino Resort Plan:
Fiscal 2023 budget is confirmed to have decreased by 6.4% year-over-year.
On the other hand, the amount that will be used to implement some "political measures" is 115 million yen. Others are mostly labor costs.
Osaka Prefecture made the announcement and shared it with the audience on Wednesday when the draft budget for the next fiscal year is completed.
The county and municipal authorities will share the operating costs needed to reveal the integrated casino resort, as it is currently responsible for the slope of the casino resort in this regulated market.
In April of last year, the city applied to the national government for an integrated resort, but there is still no answer. It's not the only city waiting for a response - Nagasaki promised it, but Lee didn't get a response either.
Osaka recently signed contracts with famous casino operators MGM Resorts International and Japan's Orix. The companies have partnered to build a casino resort in Osaka, which will require an initial investment of 1.80 trillion yen (US$8.02 billion).
According to the plan, the resort complex is set to open in 2029. MGM Resorts CEO Bill Hornbuckle said the deadline was "difficult" and would be even more difficult if authorities delayed their response.
Hon. Buckle said, "We were hoping to hear in October. Obviously, we sat here in February and didn't hear. The process is at MLIT [Ministry of Land, Infrastructure and Transport, Ministry of Tourism], the government agency that is constantly asking us questions about the project, about the contract with the Osaka government, today."
Japan's Ministry of Land, Infrastructure, and Transport will consider both Osaka and Nagasaki's applications. Nagasaki set aside about 1.52 billion yen for planned casino resorts, adjusting its budget for the next fiscal year.
For More Details:
