Saturday, August 13, 2022

Osaka might rent, not sell, Yumeshima land


Osaka Mayor Ichiro Matsui is leaning toward a policy that would see the 49 hectares of land utilized for IR development at Yumeshima rented to the operator rather than sold.

“It is important that the IR be operated in a stable fashion over a long period of time,” Mayor Matsui has stated, “By holding ownership of the land, the municipal government can maintain a leading position and ensure the smooth operation of the project.”

Mayor Matsui indicated that he understands that choosing to rent Yumeshima land for the IR will mean that the operator’s initial investment will be reduced, but he also hopes that without having to make the large expense for land, the operator will invest more in non-gaming aspects of the IR.

According to Osaka’s calculations, selling the land would bring in almost JPY59 billion (about $545 million), while the rental price is likely to be in the range of JPY2.5 billion (about $23 million) annually.

 

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