Initial costs to Japanese Osaka authorities to counter the risk of liquefaction of land with integrated resorts (IRs) with casinos fell 37.8% to 25.5 billion yen ($172.5 million). The previous estimate was 41 billion yen.
The rationale for the change is the reduction in land area to be treated to 21 hectares (51.9 acres) related to land just under the structure to be built, compared to 38 hectares previously applied by such measures.
Another factor has been a shift in land improvement from sand piles to cement solidification, following results presented by GGRAsia's Japan correspondent at an expert meeting hosted by Osaka authorities on Tuesday.
The cost of the entire restoration of the casino resort site on the artificial island of Yumeshima (file photo) in Osaka Bay was previously estimated at 78.8 billion yen.
Osaka's private sector partners in the IR project are led by U.S. casino operators MGM Resorts International and Orix Japan.
Earlier this month, MGM Resorts chief executive and president Bill Hornbuckle told an investment conference that MGM Osaka's gross floor area would be about 25% less than previously expected, but he did not specify why. It was also not clear whether any floor area reductions related to the ultimate size of IR would occur later on.
MGM Osaka, which MGM Resorts described as a $10 billion plan, will open in 2030, a year later than the Osaka authorities had originally expected.
At the investment event, Mr. Hornbuckle noted that he expected the piling work to begin in spring 2024.
According to a recent report, the six-hectare site in Yumeshima was designed for future expansion of IR to be used in practice, but there are currently 14 additional hectares for parking and landscaping, but it could also be used for facility expansion. The Osaka metropolitan area may have to use public funds of N25.7 billion to improve the land, as well as being used for initial sites.
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