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MGM Resorts reaffirms commitment to pursue Osaka, Japan, integrated resort

MGM Resorts International on Aug. 22 said it remains committed to developing an integrated resort in Osaka, Japan, shortly after Las Vegas Sands Corp. announced its withdrawal from the race to open Osaka's first integrated resort.

"We announced our 'Osaka First' strategy and have not wavered from that plan. We have always had confidence in our position, as what we will bring to Osaka is something only MGM Resorts can deliver," MGM Resorts CEO and Chairman Jim Murren said in a statement.

The Osaka government has been in talks with hospitality and gaming operators such as Wynn Resorts Ltd., Melco Resorts & Entertainment Ltd., Galaxy Entertainment Group Ltd. and Genting Singapore Ltd. over a license to develop an integrated resort ahead of the city's hosting of the 2025 World Expo.

In May, it was reported that MGM and financial services group Orix Corp. were looking for up to 10 local partners to shoulder the costs of their proposed ¥1 trillion integrated resort project in Osaka.

MGM said it is looking forward to the next steps in the process.

As of Aug. 22, US$1 was equivalent to ¥106.48 yen.