MGM Resorts to break ground Japan’s first IR in April, report says

February 13, 2025

MGM Resorts to break ground Japan’s first IR in April, report says

MGM Resorts International has confirmed that the groundbreaking ceremony for its Osaka integrated resort (IR), Japan’s first casino complex, will take place on 24 April. According to a report by GGR Asia, MGM Resorts CEO Bill Hornbuckle stated that preparation work for the site is expected to be completed this year, with the main construction beginning shortly after.

The project, valued at JPY1.27 trillion (€7.89 billion), is located on Yumeshima, an artificial island in Osaka Bay. The development is led by a consortium that includes MGM Resorts and Japan’s Orix Corp as key partners, alongside several minority investors. The resort remains on track for a late 2030 opening. Additionally, the recent opening of the Yumeshima subway station in January has improved transportation access, supporting future visitor flow to the resort.

Strong post-Chinese New Year demand in Macau

Meanwhile, MGM Resorts reported robust gaming demand in Macau following the Chinese New Year holiday. Hornbuckle noted that the company’s market share in December exceeded 16 percent of casino gross gaming revenue (GGR), with similar levels sustained through the end of the year. He attributed this to strong product innovation and a focus on the premium mass market.

MGM China President Kenneth Xiaofeng Feng highlighted increased traffic at MGM Macau and MGM Cotai during the holiday period, with visitor numbers 18 percent higher than last year. Gaming volume also surpassed last year’s levels, and many players continued to visit after the official holiday period ended. The business volume in the second week of the Year of the Snake was nearly as substantial as the first week, reflecting extended holiday demand.

MGM China has also introduced new non-gaming attractions to diversify its revenue streams. These include the residency show Macau 2049 at MGM Cotai and the Poly MGM Museum at MGM Macau, which attracted over 10,000 visitors in a single day during the holiday period.

MGM Resorts reports record full-year revenue

Moreover, MGM Resorts announced its highest-ever full-year consolidated net revenues in 2024, driven by a record-breaking performance from MGM China. The company recorded $17.2 billion in net revenue, a 7 percent increase from the previous year, primarily due to Macau’s post-pandemic recovery.

Despite a 1 percent decline in fourth-quarter revenue, net income for the year was $747 million. Hornbuckle expressed optimism about 2025, citing strong convention bookings and growth in the company’s Las Vegas and regional operations. December marked the company’s highest convention booking month on record, while January saw continued revenue growth across various segments.