The Osaka authorities have reportedly confirmed that the first integrated resort in this region will be opened in the summer of 2030 to cast away the speculations about an earlier launch of the luxurious property set to bring massive income. As reported by GGRAsia, the initial investment costs of the project have meanwhile risen by JPY190 billion (US$1.29 billion) thus seemingly indicating extensive works to be done within the time frame of seven years.
Feasibility Concerns
The main feasibility concerns reportedly refer to the artificial island of Yumeshima as the location where the resort will be built by multiple partners led by MGM Resorts, Oryx and the Osaka city officials. As reported, the development has been estimated to be generating around US$3.6 billion in annual revenues upon the launch. For this reason, the commissioning of the infrastructural projects related to the Osaka IR development, such as Osaka Metro, have been sped up to bring the Yumeshima project completion closer.
Plan Revision Increases Investments
But, according to the source, the plans are now revised and the works are set to complete by summer 2030 rather than in 2029 which was announced earlier as an option for the long-expected launch. The same announcements reportedly included the JPY1.08 trillion (US$7.33 billion) investment projected when the bid for the resort was accepted by the Osaka authorities. These costs are now reported as growing to JPY1.27 trillion (US$8.62 billion) which represents a 17.6% or US$1.29 billion higher investment estimate than the initial one.
Equity Portion Changes Await Approval
GGRAsia also reports that the latest plan revision also referred to the funding for the resort and rose the equity part JPY530 billion to about JPY720 billion (US$4.89 billion), with the increase to be borne by the leading two partners. But MGM and Oryx’s shares will reportedly increase from 40 percent each to 42.5 percent each while the minority investors’ collective share will reduce from 20 percent to 15 percent. As reported, the new draft plan will keep the loan portion already set at JPY550 billion (US$3.73 billion).
The revised draft reportedly awaits approval of the Japanese government.
Development Proves Initial Estimates
With the latest revision, the project has reached the investment level of US$8.62 billion to exceed the initial estimates targeting the US$ 7.33 billion value. The update reportedly provided by the local Second Capital Promotion Bureau jointly governed by Osaka prefecture and Osaka city is thus bringing the estimates closer to the MGM Resorts’ projections referring to the Osaka Integrated Resort venture as a US$10-billion project from the beginning of the deal.
The IR District Development Plan for Osaka was agreed in April 2022 between Osaka city and Osaka prefecture from one side, and MGM Resorts International, Japan’s Orix Corp, and some smaller investors from the other.
The legal status of online casinos in India is complex and varies by state. While there is no federal law that explicitly addresses online gambling, the legality depends on state regulations and the type of gambling involved.
Key Points:
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No National Law: India does not have a specific national law regulating online casinos. However, the Public Gambling Act of 1867 prohibits operating physical casinos and gambling houses, but it doesn't cover online platforms, leaving a legal grey area for online gambling.
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State-Specific Laws: Some Indian states, like Goa, Sikkim, and Daman, have legalized land-based casinos, and others, such as Sikkim, have also licensed online gambling. Many states have banned gambling altogether, including online gambling.
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Online Sports Betting: Betting on sports, particularly cricket, is very popular in India. However, it's only explicitly legal in some states like Sikkim and Nagaland, which have laws permitting online gaming and betting.
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Legal Gray Area: Many international online casinos accept Indian players and operate legally under licenses from offshore jurisdictions (like Curacao or the UK Gambling Commission). As long as players are gambling on licensed platforms, the risk is minimal, but local authorities may still choose to regulate or restrict online gambling.
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Cryptocurrency: Some Indian players prefer using cryptocurrencies (like Bitcoin) for online gambling, as it provides a layer of anonymity and security.
While online casinos aren't explicitly legal across all of India, many international casinos accept Indian players, and online gambling continues to grow in popularity. Players should ensure they use licensed platforms and understand local laws before engaging in online gaming.
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